# In the matter of Gurudev Financial Services Pvt. Ltd. IB-805-PB-2019

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02885. The case pertains to an application under Section 7 of the IBC Code, 2016. The order was…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gurudev-financial-services-pvt-ltd-ib-805-pb-2019-19c6fdb1

## Summary

### Background

The case pertains to an application under Section 7 of the IBC Code, 2016. The order was delivered on 04.05.2022 during a virtual hearing. The matter involves M/s. Modland Wears Pvt. Ltd. as the petitioner and M/s. Gurudev Financial Services Pvt. Ltd. as the respondent.

## Facts

M/s. Modland Wears Pvt. Ltd. filed a petition against M/s. Gurudev Financial Services Pvt. Ltd. under Section 7 of the IBC Code, 2016. The court heard submissions from the Proxy Counsel for the Financial Creditor and directed the Financial Creditor's counsel to appear on the next hearing date to provide a comprehensive background of the matter. The court also directed the Financial Creditor's counsel to inform the Corporate Debtor and its counsel to appear on the next hearing date. The Court Officer was instructed to serve e-notices to both the Financial Creditor and the Corporate Debtor. Failure to appear on the next hearing date would result in the dismissal of the matter. The next hearing was scheduled for 20.05.2022.

## Issues and analysis

### Issue 1: Whether the Counsel for the Financial Creditor should be directed to appear on the next date of …

**Ratio:** The Tribunal has the power to direct parties to appear before it and provide necessary

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**Reasoning:** The court reasoned that it is necessary for the Counsel for the Financial Creditor to

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**Interpretation:** This reflects the Tribunal's authority to manage proceedings and gather

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**Application:** The court applied this principle by directing the Counsel for the Financial

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** M/s. Modland…
- **Respondents:** M/s. Gurudev…
- **Advocates:** Aditya…; Sahil Ch…

## Timeline

- **2022-05-04 — Order Del…**: Order delivered on…
- **2022-05-20 — Next Hearin…**: Matter listed on…

## 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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