# in the matter of Karvy Forde Search Private Limited

> NCLT judgment dated 2024-03-05. Citation: TCN-2024-NCLT-02194. The case involves an application (IA No.491/2024) filed by the financial creditor to re-open a…

- **Court:** NCLT
- **Order date:** 5 Mar 2024
- **Citation:** TCN-2024-NCLT-02194
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karvy-forde-search-private-limited-9b1fa6ae

## Summary

### Background

The case involves an application (IA No.491/2024) filed by the financial creditor to re-open a Company Petition that was already posted for orders. The corporate debtor challenged the locus standi of the signatory to the Company Petition, arguing that the power of attorney was insufficient. The petitioner then filed another IA (490/2024) to bring on record a Board Resolution authorizing Shri Raghuram Moguluru to file the applications. Both applications were opposed by the corporate debtor, who argued that re-opening the matter was not maintainable since it was already reserved for orders.

## Facts

The financial creditor, Axis Bank Limited, filed a Company Petition against the corporate debtor, Karvy Forde Search Private Limited. During the hearing, the corporate debtor challenged the locus standi of the signatory to the petition, arguing the power of attorney was insufficient. The financial creditor then filed IA 490/2024 to submit a Board Resolution authorizing the signatory. The corporate debtor opposed the re-opening of the case, citing that it was already reserved for orders. The financial creditor filed IA 491/2024 to re-open the company petition. The date of the power of attorney is 2017-08-23. The Company Petition was filed under Section 7 of IBC. The hearing was held on 2024-02-16.

## Issues and analysis

### Issue 1: Whether the present petition to re-open the matter when the same is posted for orders, is …

**Ratio:** An application cannot be moved after final arguments have been heard and the case has

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**Reasoning:** The court relied on the NCLAT's ruling in Loramitra Rath vs JM Financial Asset

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**Interpretation:** This principle ensures procedural propriety and prevents parties from

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**Application:** In this case, the court applied the principle to dismiss the applications

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Axis Bank L…
- **Respondents:** Karvy Forde…

## Timeline

- **2017-08-23 — Power of Attor…**: Date of the power of attorney on which the agent/signatory Shri Raghuram Moguluru claimed…
- **2024-02-16 — Hearing…**: Hearing held where the respondent/corporate debtor challenged the locus standi 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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