# In the matter of Worldwide Machinery Solutions Private Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00042. The application IA (IBC) No. 527/JPR/2023 was filed by Worldwide Machinery Solutions Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/worldwide-machinery-solutions-private-limited-580d93c1

## Summary

### Background

The application IA (IBC) No. 527/JPR/2023 was filed by Worldwide Machinery Solutions Pvt. Ltd. seeking dismissal of the Company Petition bearing CP No. (IB)-18/7/JPR/2023. The main application CP No. (IB) 18/7/JPR/2023 was preferred by SREI Equipment Finance Limited under Section 7 of the Code seeking initiation of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. Earlier, an Application under Section 227 read with Section 239(2)(zk) of the Code read with Rules 5 & 6 of the Insolvency & Bankruptcy (Insolvency and Liquidation Proceedings for Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 was filed before the NCLT, Kolkata Bench by Reserve Bank of India (RBI) against the Financial Creditor. The NCLT

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## Facts

SREI Equipment Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Worldwide Machinery Solutions Private Limited under Section 7 of the IBC. During the CIRP of SREI Equipment Finance Limited, initiated by the Reserve Bank of India (RBI) before the NCLT Kolkata Bench, an administrator was appointed. The administrator continued the Section 7 application against Worldwide Machinery Solutions Private Limited. Worldwide Machinery Solutions Private Limited filed an application (IA No. 527/JPR/2023) seeking dismissal of the Company Petition. The Resolution Plan of SREI Equipment Finance Limited was approved, and National Asset Reconstruction Company Limited (NARCL) took over the management. Worldwide Machinery Solutions Private Limited argued that

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor seeking dismissal of the Company Petition is …

**Ratio:** The principle of locus standi dictates that only a party with a direct and tangible

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**Reasoning:** The court reasoned that the Financial Creditor is under new management of NARCL after the

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**Interpretation:** The interpretation of locus standi in the context of CIRP proceedings involves

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**Application:** The court applied the principle of locus standi to the facts of the case,

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Respondents:** Worldwide…; SREI Equipment…

## Timeline

- **2023-08-11 — Resolution Plan…**: NCLT Kolkata Bench approved the…
- **2023-08-17 — Ratification…**: Implementation and Monitoring Committee (IMC) of the Financial Creditor issued a…

## 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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