# In the matter of Surender Singh vs. Yes Bank Ltd. & Anr. Company Appeal (AT)(Insolvency) No. 179 of 2023

> NCLAT judgment dated 2023-02-16. Citation: TCN-2023-NCLAT-00718. This is a Company Appeal (AT)(Insolvency) No. 179 of 2023 filed against an order dated…

- **Court:** NCLAT
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-NCLAT-00718
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/surender-singh-vs-yes-bank-ltd-anr-company-appeal-bd0db480

## Summary

### Background

This is a Company Appeal (AT)(Insolvency) No. 179 of 2023 filed against an order dated 10.02.2023 passed by the Adjudicating Authority (NCLT Mumbai), which admitted Section 7 Application filed by Yes Bank. The Appellant defaulted on financial facilities extended by the Financial Creditor, leading to the initiation of the application alleging a default of Rs. 4,689,990,947.45. The Adjudicating Authority heard the parties on 14.12.2022 and reserved the order. Subsequently, an Interlocutory Application was filed by the Corporate Debtor. Yes Bank assigned the debt to JC Flowers Asset Reconstruction Company.

## Facts

Surender Singh (Appellant) defaulted on financial facilities extended by Yes Bank Ltd. (Respondent No. 1), leading to a Section 7 application under the Insolvency and Bankruptcy Code (IBC) for a default of Rs. 4,689,990,947.45. The Adjudicating Authority (NCLT Mumbai) heard the matter on 14.12.2022 and reserved its order. Before the order was pronounced, the Corporate Debtor filed an Interlocutory Application (I.A. No. 210/2023) seeking dismissal of the Section 7 application. Yes Bank assigned the debt to JC Flowers Asset Reconstruction Company. The Adjudicating Authority admitted the Section 7 application on 10.02.2023. The Appellant contends that the Adjudicating Authority should have considered the consequences of the assignment and the application for dismissal

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting the Section 7 application despite the …

**Ratio:** The ratio is based on the principle that the Adjudicating Authority should consider all

…

**Reasoning:** The NCLAT reasoned that the Adjudicating Authority, having issued notice on the

…

**Interpretation:** This implies that the Adjudicating Authority has a duty to consider all

…

**Application:** In this case, the Adjudicating Authority should have considered the Corporate

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Surender…
- **Respondents:** Yes Bank…
- **Advocates:** Krishnendu…; Utsav Muk…; +10 more

## Timeline

- **2022-12-14 — Hearing by Adjudicating…**: The Adjudicating Authority heard the…
- **2022-12-13 — Letter from Y…**: Letter dated 13.12.2022 sent…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/surender-singh-vs-yes-bank-ltd-anr-company-appeal-bd0db480