# In the matter of Kunj Forgings Ltd. CP No. (IB)-20-ALD-2018

> NCLT judgment dated 2019-01-31. Citation: TCN-2019-NCLT-05083. The case pertains to CP No.(IB) 20/ALD/2018 before the Allahabad Bench of the National Company…

- **Court:** NCLT
- **Order date:** 31 Jan 2019
- **Citation:** TCN-2019-NCLT-05083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kunj-forgings-ltd-cp-no-ib-20-ald-2018-595d6405

## Summary

### Background

The case pertains to CP No.(IB) 20/ALD/2018 before the Allahabad Bench of the National Company Law Tribunal. The matter involves Punjab National Bank V/s Kunj Forgings Pvt Ltd. The case was heard on January 31, 2019. The Respondent filed proof of service of copy of this order on the financial creditor and RP. The Respondent also filed an affidavit giving the status of the CIRP process.

## Facts

The case CP No.(IB) 20/ALD/2018 was heard by the Allahabad Bench of the National Company Law Tribunal on January 31, 2019. The case involves Punjab National Bank V/s Kunj Forgings Pvt Ltd, with Section 7 of the IBC being relevant. Ashok K Gupta, R.P and Anil Kansl, AGM for the PNB, and R.P Agarwal, Advocate for the Respondent, were present. The Respondent filed proof of service of the order on the financial creditor and RP, and also filed an affidavit giving the status of the CIRP process. Due to orders passed by the Hon'ble Supreme Court and Hon'ble NCLAT, the matter was remanded to NCLT CIRP and cannot proceed. The learned counsel for the Financial Creditor and Respondent requested time for hearing, and the matter was listed for March 14, 2019.

## Issues and analysis

### Issue 1: Whether the CIRP process can continue in light of the orders passed by the Hon'ble Supreme Court …

**Ratio:** Orders of higher courts (Supreme Court and

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**Reasoning:** The court acknowledges the binding nature of the orders passed by the Hon'ble Supreme

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**Interpretation:** The interpretation is that if a higher court remands a matter, the lower court

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**Application:** Since the Supreme Court and NCLAT have remanded the matter, the NCLT CIRP

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## Parties

- **Judges:** Saroj Ra…; BIKKI RAVEENDRA…
- **Appellants:** Punjab National…
- **Respondents:** Kunj Forgings Pvt…

## Timeline

- **2019-01-31 — Hearing…**: Hearing of Allahabad Bench of the…
- **2019-03-14 — Next Hearin…**: Matter listed for…

## 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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