# In the matter of Vindhya Vasini Industries Ltd. MA-1500-2018 & MA-742 & 1069-2019 In CP(IB)-1170-(MB)-2017

> NCLT judgment dated 2019-04-08. Citation: TCN-2019-NCLT-04057. The case involves an order under Section 7 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 8 Apr 2019
- **Citation:** TCN-2019-NCLT-04057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vindhya-vasini-industries-ltd-ma-1500-2018-ma-742-1069-2019-in-cpib-1170-mb-2017-6c6701b8

## Summary

### Background

The case involves an order under Section 7 of the Insolvency and Bankruptcy Code (IBC) admitting a petition, which was already passed on August 29, 2017. Corporate Insolvency Resolution Process (CIRP) proceedings were in progress. Punjab National Bank filed an Interim Application (M.A. 1500/2018) seeking the transfer of the case record to the National Company Law Tribunal (NCLT) Cuttack due to the constitution of a bench there.

## Facts

An order was previously passed under Section 7 of the IBC admitting a petition on August 29, 2017, initiating CIRP proceedings. Punjab National Bank filed Interim Application M.A. 1500/2018 seeking the transfer of the case record to NCLT Cuttack due to the establishment of a bench there. The court directed the placement of the Committee of Creditors' resolution for the transfer on record. The court also directed the placement of a 'No Objection' from the Resolution Professional regarding the ratification of CIRP costs on record. The matter was adjourned for due compliance.

## Issues and analysis

### Issue 1: Whether the case record should be transferred to NCLT Cuttack based on the application by Punjab …

**Ratio:** The transfer of a case record to another NCLT bench is permissible based on

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**Reasoning:** The court considered the application by Punjab National Bank and the fact that a bench

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**Interpretation:** This issue involves the interpretation of procedural rules governing the

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**Application:** The court's direction to place the Committee of Creditors' resolution on record

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Punjab National…
- **Respondents:** Vindhya Vasini…

## Timeline

- **2017-08-29 — Order under Section 7…**: An order was passed admitting the petition under Section 7 of the Insolvency and…
- **2019-04-08 — Hearing…**: Hearing of the Mumbai Bench of the…

## 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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