# In the matter of Alstrong Enterprises India Pvt. Ltd. IA-1615(ND)2021 in (IB) 913(ND)-2020

> NCLT judgment dated 2021-07-02. Citation: TCN-2021-NCLT-01861. The present application was filed by Punjab National Bank (PNB) under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 2 Jul 2021
- **Citation:** TCN-2021-NCLT-01861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alstrong-enterprises-india-pvt-ltd-ia-1615nd2021-in-ib-913nd-2020-0eecb3c8

## Summary

### Background

The present application was filed by Punjab National Bank (PNB) under Section 60(5) of the Insolvency & Bankruptcy Code (IBC), 2016, read with Rule 11 of the National Company Law Tribunal (NCLT) Rules, 2016, seeking to intervene in Company Petition No. IB-913/ND/2020 filed by SREI Infrastructure India Pvt Ltd against Alstrong Enterprises India Pvt. Ltd. PNB sought to dismiss the company petition and impose costs on SREI Infrastructure Finance Limited. PNB claimed to be a leader of the Consortium of Banks, including the State Bank of India, and sought to protect the banks' interests.

## Facts

SREI Infrastructure India Pvt Ltd filed a company petition (IB-913/ND/2020) against Alstrong Enterprises India Pvt. Ltd, the Corporate Debtor. Punjab National Bank (PNB) filed an application (IA-1615/2021) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to intervene in the company petition. PNB claimed to be the leader of a Consortium of Banks, including the State Bank of India, that had extended credit facilities to Alstrong Enterprises India Pvt Ltd. Alstrong Enterprises India Pvt Ltd had mortgaged three properties to secure the credit facilities granted by the Consortium. PNB sought to dismiss the company petition filed by SREI Infrastructure India Pvt Ltd and impose exemplary costs on SREI Infrastructure Finance Limited. The credit

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## Issues and analysis

### Issue 1: Whether the applicant/intervener (Punjab National Bank) is a necessary party in the proceeding of …

**Ratio:** Under Section 7 of the IBC, 2016, only the Financial Creditor and the Corporate Debtor

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**Reasoning:** The Adjudicating Authority examined the scope of Section 7 of the IBC, 2016, and

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**Interpretation:** Section 7 of the IBC, 2016, is interpreted to limit the parties involved in the

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**Application:** In this case, Punjab National Bank (PNB) sought to intervene in the company

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; SHRI. L. N.…
- **Appellants:** M/s. SREI…
- **Respondents:** M/s. Alstrong…; M/s. Alstrong…

## Timeline

- **2020-01-01 — Company Petiti…**: SREI Infrastructure India Pvt Ltd filed Company Petition No. IB-913/ND/2020 against…
- **2021-01-01 — Intervention Application…**: Punjab National Bank (PNB) filed an application (IA-1615/2021) under Section 60(5) of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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