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

> NCLT judgment dated 2019-01-31. Citation: TCN-2019-NCLT-05093. 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-05093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kunj-forgings-ltd-cp-no-ib-20-ald-2018-dc2093be

## 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 31.01.2019. 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 is CP No.(IB) 20/ALD/2018 before the Allahabad Bench of the National Company Law Tribunal, involving Punjab National Bank V/s Kunj Forgings Pvt Ltd. The hearing took place on 31.01.2019. Ashok K Gupta, R.P, 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 providing the status of the CIRP process. The Hon'ble Supreme Court and Hon'ble NCLAT passed orders remanding the matter to NCLT. The learned counsel for the Financial Creditor and Respondent requested time for hearing, and the matter was listed for 14th March, 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 passed by higher courts (Supreme Court and NCLAT) are binding on lower courts

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**Reasoning:** The court acknowledged the orders passed by the Hon'ble Supreme Court and Hon'ble NCLAT.

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**Interpretation:** The interpretation is that the NCLT must adhere to the directions and

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**Application:** Given that the Supreme Court and NCLAT remanded the matter, the NCLT cannot

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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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