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TMI Blog2019 (9) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... . Jasveen Kaur, Advocates. JUDGMENT 'IDBI Bank Limited' ('Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) for initiation of the 'Corporate Insolvency Resolution Process' against 'M/s. Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') alleging default in paying financial debt of Rs. 471,59,37,171/- (Rupees Four Hundred Seventy-One Crore Fifty-Nine Lakh Thirty-Seven Thousand One Hundred and Seventy-One only), which has been admitted. 2. 'M/s. SREI Infrastructure Finance Limited' filed an intervention petition to oppose the prayer. However, it was not entertained by the Adjudicating Authority (National Company Law Tribunal), Cuttack Bench, Cuttac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Appellant). The Adjudicating Authority admitted the application under Section 7 by impugned order dated 14th May, 2019 which is under challenge. 7. In the present appeal, the Appellant has taken similar plea as was taken by 'M/s. SREI Infrastructure Finance Limited' before the Adjudicating Authority. However, as we find that 'IDBI Bank Limited' had also granted loan to the 'Corporate Debtor'- 'M/s. Odisha Slurry Pipeline Infrastructure Limited', we hold that the application under Section 7 filed by the 'IDBI Bank Limited' has been rightly admitted. 8. Similar plea was taken by the 'Corporate Debtor' that the 'IDBI Bank' had filed its claim before the 'Resolution Professional' of 'Essar Steel India Limited. However, from the record and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tember, 2015 which was reached between 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') and 'IDBI Bank Limited' also show that a sum of Rs. 400 Crores was borrowed by the 'Corporate Debtor' from 'Financial Creditor'. The terms of repayment have been shown therein. Admittedly, the 'Corporate Debtor' has failed to pay the debt. 12. This apart, curiously, the Promoters/ Directors of the 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') who are aggrieved parties have not preferred any appeal under Section 61 of the 'I&B Code'. One of the 'Financial Creditors', namely- 'SREI Multiple Asset Investment Trust' (Appellant herein) has challenged the order of admission under Section 7 who cannot be held to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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