# In the matter of Steel Konnect (India) Private Limited Vs. Hero Fincorp Limited CA (AT) No. 51-2017

> NCLAT judgment dated 2017-08-29. Citation: TCN-2017-NCLAT-00129. The respondent, M/s Hero Fincorp Limited, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLAT
- **Order date:** 29 Aug 2017
- **Citation:** TCN-2017-NCLAT-00129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/steel-konnect-india-private-limited-vs-hero-fincorp-limited-ca-150d7769

## Summary

### Background

The respondent, M/s Hero Fincorp Limited, initiated Corporate Insolvency Resolution Process (CIRP) against the appellant, Steel Konnect (India) Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, admitted the application through an order dated 19th April 2017, appointed an Interim Resolution Professional, and declared a moratorium. The appellant challenged this order, arguing that the Adjudicating Authority violated the rules of natural justice by not providing proper notice and that required documents were not filed.

## Facts

M/s Hero Fincorp Limited, the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Steel Konnect (India) Private Limited, the 'Corporate Debtor'. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, admitted the application on April 19, 2017, appointed an Interim Resolution Professional, and declared a moratorium. Steel Konnect (India) Private Limited appealed the order, claiming a violation of natural justice due to lack of proper notice and failure to file required documents. The appellant argued that no post-filing notice under Rule 4(3) of the Adjudicating Authority Rules was given, and the notice served was a pre-filing

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## Issues and analysis

### Issue 1: Whether the impugned order was passed by the Adjudicating Authority in violation of Rules of …

**Ratio:** The principle of natural justice requires that parties be given a fair opportunity to be

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**Reasoning:** The Appellate Tribunal found that even if no separate notice was issued by the

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**Interpretation:** The court interpreted the principles of natural justice in the context of the

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**Application:** In this case, the appellant's counsel had appeared before the Adjudicating

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## Parties

- **Judges:** S.J. Mukhop…; Balvinder…
- **Respondents:** Steel Konnect…; M/s Hero Fincorp…

## Timeline

- **2017-04-19 — Order by Adjudicating…**: The National Company Law Tribunal, Ahmedabad Bench, admitted the application under…
- **2017-04-10 — Matter Listed Before…**: The matter was listed before the Adjudicating Authority a day earlier than the date of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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