# In the matter of Volkswages Finance Pvt. Ltd. Vs. Shree Bala Printopack Pvt. Ltd. & Ors. CA(AT)(Ins) No. 02 of 2020

> NCLAT judgment dated 2020-01-06. Citation: TCN-2020-NCLAT-00583. The case involves an appeal regarding the interpretation of 'Secured Creditor' under the I&B…

- **Court:** NCLAT
- **Order date:** 6 Jan 2020
- **Citation:** TCN-2020-NCLAT-00583
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/volkswages-finance-pvt-ltd-vs-shree-bala-printopack-pvt-ltd-ors-ca-1b3dadb5

## Summary

### Background

The case involves an appeal regarding the interpretation of 'Secured Creditor' under the I&B Code, specifically concerning the registration of motor vehicles under the Motor Vehicles Act prior to Section 77(3) of the Companies Act, 2013. The appellant is Volkswages Finance Pvt. Ltd., and the respondents are Shree Bala Printopack Pvt. Ltd. & Ors. The appeal also addresses a delay of 1 day in preferring the appeal.

## Facts

Volkswages Finance Pvt. Ltd. filed an appeal against Shree Bala Printopack Pvt. Ltd. & Ors. The appeal involves a delay of 1 day, which the court condoned. The core issue is whether the registration of motor vehicles under the Motor Vehicles Act before Section 77(3) of the Companies Act, 2013, should be considered when determining if Volkswages Finance Pvt. Ltd. is a 'Secured Creditor' under Section 3 (30) and (31) of the I&B Code. The court issued notice to the respondents and scheduled the case for further consideration along with another related appeal. An interim order was issued preventing the liquidator from selling the vehicles in question without prior permission.

## Issues and analysis

### Issue 1: Whether the registration under Motor Vehicles Act prior to Section 77(3) of the Companies Act, 2013 …

**Ratio:** The legal principle revolves around the definition and scope of a 'Secured Creditor'

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**Reasoning:** The court seeks to determine if the prior registration under the Motor Vehicles Act, in

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**Interpretation:** The interpretation involves understanding the definition of 'Secured Creditor'

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**Application:** The application involves examining the specific facts of the case, including

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Volkswages…
- **Respondents:** Shree Bala…

## Timeline

- **2020-01-06 — Appeal Delay…**: The court condoned the 1-day…
- **2020-01-06 — Notice Issued to…**: The court ordered notice to be issued to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 77(3) — Punishment for providing false information in…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-77)

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