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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 ..... sly, 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 has challenged the order of admission under Section 7 who cannot be held to be an aggrieved person. No case has been made out by the Appellant - appeal dismissed. - Company Appeal (AT) (Insolvency) No. 666 of 2019 - - - Dated:- 25-9-2019 - Mr. S.J. Mukhopadhaya Chairperson, Mr. A.I.S. Cheema Member (Judicial) and Kanthi Narahari Member (Technical) For Appellant: - Mr. Abhijeet Sinha, Mr. Arijit Mazumdar, Mr. Aditya Sukla, Mr. Shambo Nandy, Mr. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority, M/s. SREI Infrastructure Finance Limited opposed the application only on the ground that they also gave loan of ₹ 136.50 Crore to the Corporate Debtor on the basis of the Business Transfer Agreement. However, such submission was not accepted by the Adjudicating Authority. 5. Learned counsel for the Appellant contended that the claim of the IDBI Bank Limited was considered by the Resolution Professional in the Corporate Insolvency Resolution Process which was initiated against Essar Steel India Limited and was pending before the Adjudicating Authority. Therefore, according to learned counsel for the Appellant, for the same claim amount the IDBI Bank Limited cannot file application under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said Business Transfer Agreement , it is clear that Odisha Slurry Pipeline Infrastructure Limited - ( Corporate Debtor ) was treated as integral part for functioning of Essar Steel India Limited . However, the Agreement shows that the two entities i.e. Essar Steel India Limited and Odisha Slurry Pipeline Infrastructure Limited - ( Corporate Debtor ) remained separate entities (companies) under the Companies Act, therefore, separate application under Section 7 was maintainable against Odisha Slurry Pipeline Infrastructure Limited - ( Corporate Debtor ). 10. The application under Section 7 in Form 1 has also been enclosed by the Appellant- SREI Multiple Asset Investment Trust , wherein the details of loan taken by Odish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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