2023 (2) TMI 240 - AT - Insolvency & Bankruptcy

Maintainability of petition - aggrieved person being IBBI - lack of authorization in favour of the authorized signatory of the Respondent No. 2 - HELD THAT:- The present appeal has been filed by the Insolvency and Bankruptcy Board of India impleading GTL Infrastructure Limited as Respondent and Canara Bank as Performa Respondent. It is averred in the appeal that the Appellant is responsible for the enforcement of various rules and regulations concerning the corporate insolvency resolution and amongst others. Therefore, it becomes imperative for the Appellant to file the instant appeal as the impugned order is based on an incorrect interpretation of the provisions of Insolvency & Bankruptcy Code, inter alia Section 7.

At the outset, Counsel for the Appellant has been asked as to how the Appellant Board is an aggrieved person especially when the aggrieved person (Canara Bank) has already filed the appeals i.e. CA (AT) (Ins) No. 68 & 69 of 2023. In merely requested that the present appeal may be renotified to be heard alongwith aforesaid two appeals on 17.03.2023. However, from the perusal of the memorandum of appeal, we could not find the cause of concern much less the grievance of the Appellant for preferring the present appeal especially when the appeals have already been filed by the aggrieved person.

The Appellant has nothing to do with the litigation between two parties i.e. ‘Financial Creditor’ and ‘Corporate Debtor’, in order to challenge the impugned order by which the petition filed by the Financial Creditor has been dismissed for whatever reasons.

The appeal is thus totally misconceived and not maintainable and hence, the same is hereby dismissed.