# In the matter of Fort BIotech Pvt. Ltd. IA No. 109-JPR-2019 in IB No. 81-7-JPR-2018

> NCLT judgment dated 2019-06-07. Citation: TCN-2019-NCLT-03018. The Corporate Debtor filed an application seeking restoration of a Company Petition where an…

- **Court:** NCLT
- **Order date:** 7 Jun 2019
- **Citation:** TCN-2019-NCLT-03018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fort-biotech-pvt-ltd-ia-no-109-jpr-2019-in-ib-no-81-7-jpr-2018-6fccd6fe

## Summary

### Background

The Corporate Debtor filed an application seeking restoration of a Company Petition where an admission order had initiated the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition by the Financial Creditor. The Corporate Debtor had availed a housing loan facility of Rs.1,06,20,000/- from the Financial Creditor, and the mortgaged property was repossessed after the account was declared a non-performing asset (NPA). The Corporate Debtor claimed they believed the property had been sold and proceeds appropriated. They learned of the CIRP initiation later through the appointed Resolution Professional (RP).

## Facts

M/s Fort Biotech Pvt. Ltd. (Corporate Debtor) sought the restoration of a Company Petition after an order of admission initiated CIRP against them. DCB Bank Limited (Financial Creditor) had sanctioned a housing loan of Rs. 1,06,20,000/- to the Corporate Debtor. The Financial Creditor repossessed the mortgaged property after the account was declared an NPA. The Corporate Debtor claimed they were unaware of the CIRP until informed by the Resolution Professional (RP). The Corporate Debtor argued they did not receive notice of the initial application and sought an opportunity to contest it. The Corporate Debtor's registered office address had changed, and they were under a notice of eviction from the landlord. The Financial Creditor argued that the application was an

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## Issues and analysis

### Issue 1: Whether the Tribunal has the power to review or recall an order admitting a petition under the …

**Ratio:** The adjudicating authority generally lacks the power to review or recall an order passed

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**Reasoning:** The Tribunal relied on the Hon'ble NCLAT's judgment, which held that the adjudicating

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**Interpretation:** The interpretation of IBC, 2016, and related rules suggests that once an order

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**Application:** In this case, the Tribunal found that the Corporate Debtor's application was

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## Parties

- **Judges:** R. VARADH…
- **Respondents:** M/s Fort Biotech…; DCB Bank L…
- **Advocates:** Ajatshatr…; Ms.Aish…; +2 more

## Timeline

- **2018-10-01 — Eviction of Corporate…**: The Corporate Debtor was evicted from its registered office premises in the first week of…
- **2019-02-21 — Order in IA No.…**: Reference to an order dated 21.02.2019 in IA No. 09/JPR/2019 in IB 746/ND/2018 (TA No.…

## 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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