50 (S.C. ), AIR2023 SC 3250 , 2023 (4 )ALD53 , III (2023 )BC102 (SC ), 2023 INSC 521 , (2023 )8 SCC387 , [2023 ]178 SCL517 (SC ), [2023 ]5 SCR387 , ,MANU/SC/0561/2023Abhay Shreeniwas Oka#Rajesh Bindal#217SC3020Judgment/OrderAIC#AIR#ALD#BC#INSC#MANU#SCC#SCL#SCRAbhay Shreeniwas Oka,Banks#BanksSUPREME COURT OF INDIAAct#Adjudicating Authority#Admission#Aggrieved person#Appeal#Appellate Authority#Appellate Tribunal#Application#Application of#Application Under#Arbitration#Arbitration Proceeding#Asset#Assets#Authority#Award#Bank#Bank Guarantee#Bankruptcy#Bench#Case#Claim#Claims#Commission#Company#Competent Authority#Concern#Conduct#Consent#Consideration#Contract#Contrary#Copy#Cost#Credit#Credit Facility#Date#Debt#Debt Recovery Tribunal#Debtor#Decision#Decree#Default#Defect#Demand#Demand Draft#Demand Notice#Deposit#Director#Discretion#Discretionary#Discretionary Power#Dispute#Disputed Claim#Draft#Due#Electricity#Enforcement of Security#Engineer#Error#Evidence#Executive Engineer#Exercise of Discretion#Facility#Finding#Form#Good#Government#Grant#Ground#Guarantee#Hearing#Information#Insolvency#Instalment#Interest#Interim Order#Investor#Invocation of Bank Guarantee#Invoice#Issue#Judgment#Jurisdiction#Letter#Liability#Liberty#Month#Moratorium#National#Non-Payment#Notice#Notice Under#Obligation#Office#Order#Ordinarily#Original#Overdraft#Part IV#Part V#Parties#Pass#Payable#Payment#Pendency#Pending#Period#Person#Petition#Post#Pre-Closure#Prescribed#Print#Procedure#Procedure under#Proceeding#Proceedings#Process#Proposal#Reason#Reconstruction#Record#Recovery#Refused#Rejection#Scheme#Secure#Security#Settlement#Speed Post#State#Statement#Statute#Successor#Suit#Terms#The Executive#Title#Tribunal#Unpaid#Utility#Utterances#Valid#Verify#Warrant2023-5-12692388,692395,692389,692381,26277 -->

MANU/SC/0561/2023

IN THE SUPREME COURT OF INDIA

Civil Appeal No. 7121 of 2022

Decided On: 11.05.2023

Appellants: M. Suresh Kumar Reddy Vs. Respondent: Canara Bank and Ors.

Hon'ble Judges/Coram:
Abhay Shreeniwas Oka and Rajesh Bindal

JUDGMENT

Abhay Shreeniwas Oka, J.

FACTUAL ASPECTS

1. The Respondent-Bank filed an application Under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short, 'the IB Code') before the National Company Law Tribunal, Hyderabad, Telangana. The said application was filed against a Corporate Debtor M/s. Kranthi Edifice Pvt. Ltd. The present Appellant claims to be a suspended Director of the Corporate Debtor. National Company Law Tribunal (for short, 'NCLT'), by an Order dated 27th June 2022, admitted the application filed by the Respondent- Bank and declared a moratorium for the purposes referred in Section 14 of the IB Code. The Appellant claiming to be an aggrieved person preferred an appeal against the said Order before the National Company Law Appellate Tribunal (for short, 'NCLAT'). By the impugned judgment dated 5th August 2022, NCLAT has dismissed the appeal.

2. The first Respondent, Canara Bank is the successor of Syndicate Bank, which made application Under Section 7 of the IB Code to NCLT. Syndicate Bank was merged into the first Respondent-Canara Bank. A letter of sanction dated 2nd........