Sandeep Jain Vs IDBI Trusteeship Services Ltd. & Anr. (NCLAT Delhi)
NCLAT Delhi held that any dispute even pending in the arbitration does not in any manner prohibit the financial creditor to take remedy under Section 7. Thus, appeal dismissed and held that application u/s. 7 duly admitted.
Facts-This Appeal by a Suspended Director of the Corporate Debtor- M/s. Shree Vardhman Infraheights Private Limited has been filed challenging the order dated 08.01.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi admitting Section 7 application filed by IDBI Trusteeship Services Limited, the Financial Creditor. The Appellant aggrieved by the impugned order has come up in this Appeal.
Conclusion- It is well settled proposition that any dispute even pending in the arbitration does not in any manner prohibit the financial creditor to take remedy under Section 7.
Held that we do not find any infirmity in the findings returned by the Adjudicating Authority that the financial creditor succeeded in proving the debt and default and the ingredients under Section 7 are fulfilled. In view of the facts brought on the record, it is clearly proved that there is a debt and default which has been acknowledged from time to time by the corporate debtor. Corporate debtor has failed to honour its repayment obligations as per financial document. Adjudicating Authority after considering all submissions of the parties have rightly returned the finding of debt and default. Thus, we are of the view that no ground has been made out to interfere with the impugned order dated 08.01.2025 passed by the Adjudicating Authority admitting Section 7 application. There is no merit in the appeal. The Appeal is dismissed.
