TMI Blog2020 (2) TMI 1303X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Bank which has declared 'NPA' to proceed and file proceedings under Section 7 of the 'I B Code, 2016', notwithstanding consortium agreement between Banks. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 1251 of 2019 - - - Dated:- 11-2-2020 - [Justice A.I.S. Cheema] Member (Judicial) [Justice A.B. Singh] Member (Judicial) [Kanthi Narahari] Member (Technical) For Appellant: Mr. Siddhartha Jain, Advocate. For Respondent: Ms. Anjali Sharma and Ms. Ragini Vinaik, Advocates ORDER Heard learned counsel for the Appellant Mr. Siddhartha Jain and Ms. Anjali Sharma, Advocate on behalf of Respondent No. 2 - 'Interim Resolution Professional' 2. The Appellant has filed Appeal against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39; on 11th March, 2019, which it was bound to. 8. Learned counsel for the Respondent is relying on the Judgment of this Tribunal in the matter of Oriental Bank of Commerce Vs. M/s Ruchi Global Limited in Company Appeal (AT) (Insolvency) No. 387 of 2019 passed on 31.01.2020 : ........ 7. Heard Counsel for both sides. The Inter-se Agreement between the Banks was restricted to the Banks and Corporate Debtor was not part of the Inter-se Agreement. This fact is not in dispute. Learned Counsel for the Appellant has pointed out para 7 (xxii) of the Appeal to submit that the account of the Respondent Corporate Debtor remained out of order in the books of Appellant Bank who was regular in the books of other member Banks. Appellant state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal has held in para 7 of the Judgment as under: 7. Apart from that the Inter-se Agreement between different Banks is not binding in nature, the 'Corporate Debtors' not being signatories cannot derive advantage of such Inter se Agreement. This apart, the 'financial creditors' having right to file application under Section 7 of the I B Code, individually or jointly on behalf of Company Appeal (AT) (Insolvency) No. 1251 of 2019 other 'financial creditors' as quoted below, the Inter se Agreement between the 'financial creditors' cannot override the said provision, nor can take away the right of any Financial Institution to file application under Section 7 of the I B Code. 9. We are in Agreement with th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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