# In the matter of T. Prabhakar Vs. S Krishnan & Ors. Company Appeal (AT)(CH)(INS) NO.217 OF 2021

> NCLAT judgment dated 2021-12-03. Citation: TCN-2021-NCLAT-00024. The appeal was filed against the order dated 12th August 2021 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 3 Dec 2021
- **Citation:** TCN-2021-NCLAT-00024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/t-prabhakar-vs-s-krishnan-ors-company-appeal-05806066

## Summary

### Background

The appeal was filed against the order dated 12th August 2021 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench II, Chennai) in IBA/149/2020. The appellant, a shareholder of Green Valley Sheltors Pvt Ltd (Corporate Debtor), filed the appeal being dissatisfied with the order initiating CIRP. The appellant argued that the Adjudicating Authority passed the order without providing an opportunity to file additional written submissions and by countermanding its own order. The appellant also contended that the CIRP should be limited to specific projects funded by the 2nd and 3rd respondents, and not extend to all assets of the Corporate Debtor.

## Facts

Mr. T. Prabhakar, a shareholder of Green Valley Sheltors Pvt Ltd (Corporate Debtor), filed an appeal against the order dated 12th August 2021 passed by the National Company Law Tribunal (NCLT), Division Bench II, Chennai, in IBA/149/2020. The NCLT order initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on an application filed by Nippon Life India AIF Management Ltd and Nippon Life India Asset Management Ltd (2nd and 3rd Respondents), who are financial creditors. The appellant argued that the NCLT passed the order without allowing the Corporate Debtor to file additional written submissions, violating principles of natural justice. The appellant also contended that the CIRP should be limited to specific projects funded by the 2nd

…

## Issues and analysis

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

**Ratio:** The principles of natural justice require that parties be given a fair opportunity to

…

**Reasoning:** The tribunal noted that the Corporate Debtor had filed written submissions and was heard

…

**Interpretation:** The interpretation of the principles of natural justice in the context of

…

**Application:** In this case, the tribunal found that the Corporate Debtor had already been

…

## Parties

- **Judges:** M. Venu…; KanthiNar…
- **Appellants:** T. PRAB…
- **Respondents:** Green Valley…; S. Kris…
- **Advocates:** A. S. Sathish…; S. Sathiyanarayana…; +3 more

## Timeline

- **2016-08-10 — Trustee Agr…**: Corporate Debtor entered into a Trustee…
- **2016-08-01 — Trustee Agr…**: The Debenture Trustee and the Company…

## 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/t-prabhakar-vs-s-krishnan-ors-company-appeal-05806066