Anil Singh Vs SREI Equipment Finance Ltd. & Anr. (NCLAT Delhi)
NCLAT Delhi held that order rejecting application for intervention under section 65 of the Insolvency and Bankruptcy Code is set aside and intervention petition is revived since application is not filed to derail CIRP. Accordingly, appeal disposed of.
Facts- A Section 7 application has been filed by SREI Equipment Finance Ltd. against the Corporate Debtor (“CD”) – Kitply Industries Ltd. The CD – Kitply Industries Ltd. was admitted to Corporate Insolvency Resolution Process (“CIRP”) by an order dated 01.05.2018 passed in company petition filed by IDBI Bank Ltd., in which CIRP a Resolution Plan was approved.
This Appeal has been filed challenging order dated 10.06.2025 passed by National Company Law Tribunal, Guwahati Bench, Guwahati rejecting Intervention Petition filed by the Appellant in Section 7 proceedings initiated by Respondent No.1 against Respondent No.2.
Conclusion- It is not a case that Adjudicating Authority has returned any finding that Intervention Application has been filed to derail the CIRP. It was open for the Adjudicating Authority to consider the application under Section 65 on merits even at the time of hearing of Section 7 application.
Held that order impugned cannot be sustained. In result, the impugned order dated 10.06.2025 rejecting Intervention Petition is set aside. The Intervention Petition is revived, which may be heard by the Adjudicating Authority and decided in accordance with law. It shall be open for the Adjudicating Authority to hear the Intervention Petition. We make it clear that we are not expressing any opinion on the merits of the Intervention Petition and it is for the Adjudicating Authority to consider the application and decide the same in accordance with law. The Appeal is disposed of accordingly.
