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TMI Blog2020 (6) TMI 755X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority, accepted the material pointed out by the said Director, which was found to be relevant. We do not intend to interfere. The Appellants may deny that they were not signatories to the Subordination Agreement but in the face of Affidavit of the Officer of Canara Bank and Subordination Agreement pointed out by the Officer, it can be said that the Appellants cannot maintain the Application under Section 7. The Adjudicating Authority need not settle and decide the claim of the Appellants denying the signatures in the Subordination Agreement of 2014. That is not necessary for the Adjudicating Authority to decide in proceeding under Section 7 of IBC. Considering the documents executed in favour of Canara Bank in ordinary cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicating Authority) having CP(IB)No.30/7/HDB/2019 claiming to be Financial Creditors against Respondent - Manasadevi Bakers Pvt. Ltd. Corporate Debtor. In the Application, one Vishnu Dutt Gupta, Director of the Corporate Debtor filed counter, claiming to be MD of the Respondent Corporate Debtor. One Ajay Kumar Agarwal also filed counter statement claiming to be MD and stating that Vishnu Dutt Gupta was not authorized. Vishnu Dutt Gupta has in the Appeal also filed Interlocutory Application for intervention impleadment. He claims that he is still Director of the Corporate Debtor and has opposed the Application before Adjudicating Authority and this Appeal. 2. The Appellants claim that Vishnu Dutt Gupta had appeared before the Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me, filed extract of minutes of meeting dated 7th December, 2009 which shows Vishnu Dutt Gupta as Managing Director and authorized person. Vishnu Dutt Gupta filed Subordination Agreement (Page 202) dated 26.08.2014 executed by the Appellants as well as Directors of the Corporate Debtor which states that the Appellants will not claim their dues without first dues of Canara Bank being paid. For this and other reasons, Vishnu Dutt Gupta opposed the Application. 5. Ajay Kumar Agarwal had also filed counter (Annexure P-8 Page 272) before the Adjudicating Authority and claimed that Petitioners had not executed Subordination Agreement with Canara Bank but he himself has executed the same as Director. He admitted the dues of the Appellants and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioners that they had not signed the Agreement. For such reasons, the Application came to be rejected. 7. We have heard the parties and perused the record. At the time of oral arguments, the counsel for Appellants after making oral submissions also filed written submissions across the Bar on 12th March, 2020. With the written submissions, certified copy of counter filed before Adjudicating Authority by Canara Bank as I.A. 432 of 2019 has also been filed. The counter filed by the Officer of Canara Bank shows that when Corporate Debtor availed loan facilities from Canara Bank, the Corporate Debtor was called upon to execute necessary documents and charge of Canara Bank was registered with ROC on 25th September, 2014. The loan facility ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... need not reconcile the different stands taken by rival groups. While admitting Application under Section 7 if it appears to the Adjudicating Authority that the object is not resolution but object is different, the Adjudicating Authority would have discretion not to act upon the Application and leave the parties to other remedies available. In the present mater, the Appellants have tried to block Vishnu Dutt Gupta from bringing on record material relevant to the Application claiming that he had no authority or that after filing of the Application under Section 7 of IBC, the said Vishnu Dutt Gupta has been removed from the post of MD. The fact remains that Vishnu Dutt Gupta still appears to be Director of the Corporate Debtor and the Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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