# In the matter of KSS Petron Pvt. Ltd. IA 481,611,614,678,1152,1161,1659 & 2152-2021 in CP(IB) 1202-MB-2017

> NCLT judgment dated 2021-10-04. Citation: TCN-2021-NCLT-00882. The case involves multiple Interlocutory Applications (IAs) filed in connection with a…

- **Court:** NCLT
- **Order date:** 4 Oct 2021
- **Citation:** TCN-2021-NCLT-00882
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kss-petron-pvt-ltd-ia-481611614678115211611659-2152-2021-in-cpib-1202-mb-2017-5d69e196

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in connection with a Corporate Insolvency Resolution Process (CIRP). IA 481/2021 concerns the recovery of money owed by Oil and Natural Gas Corporation (ONGC) to the Corporate Debtor, KSS Petron Pvt. Ltd. IA 611/2021 relates to the avoidance of preferential transactions involving Kotak Mahindra Bank Limited. IA 614/2021 involves a similar application against JSC-OGCC Kazstroy Service. IA 1161/2021 involves a reply filed by the respondent, with the liquidator seeking time to file a rejoinder.

## Facts

The Corporate Insolvency Resolution Process (CIRP) is ongoing for KSS Petron Pvt. Ltd. Several Interlocutory Applications (IAs) have been filed. IA 481/2021 was filed by the liquidator seeking recovery of Rs. 5,54,29,436.78 from ONGC, which ONGC allegedly owed to the Corporate Debtor. Notice was served to ONGC, but no one appeared on their behalf. IA 611/2021 was filed by the liquidator for avoidance of preferential transactions against Kotak Mahindra Bank Limited. IA 614/2021 was filed by the liquidator against JSC-OGCC Kazstroy Service. IA 1161/2021 involves a reply filed by the respondent, with the liquidator seeking time to file a rejoinder. The relevance of these facts lies in the court's attempt to consolidate the assets of the Corporate Debtor and ensure fair

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## Issues and analysis

### Issue 1: Whether ONGC should be directed to remit the outstanding amount of Rs. 5,54,29,436.78 to the …

**Ratio:** When a party is served notice and fails to appear or provide a defense, the court may

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**Reasoning:** The court noted that ONGC was served notice but did not appear or file any response.

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**Interpretation:** This issue involves the interpretation of procedural fairness and the

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**Application:** The ratio and reasoning were applied to the specific facts of IA 481/2021,

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Vineet K Ch…
- **Respondents:** KSS Petron Pvt.…; Kotak Mahindra…

## Timeline

- **2021-10-04 — Hearing…**: Hearing of Mumbai Bench of the…
- **2021-09-02 — Notice Served…**: Notice served to ONGC…

## 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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