PUNJAB NATIONAL BANK Vs. JAMES HOTELS LTD

JUDGEMENT

(1.) Cp (IB) No.15/Chd/CHD of 2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') filed by Punjab National Bank, the Financial Creditor was admitted by this Tribunal on 27.04.2017 and the Interim Resolution Professional was appointed vide order dated 08.05.2017.

(2.) The instant application has been filed under Section 75 read with Section 236 of the code to re-call the above orders of admission and appointment of Interim Resolution Professional (IRP) on the ground that the charge held by the Punjab National Bank/Financial Creditor has been assigned to the Asset Reconstruction Company (India) Limited (for brevity ARCIL). The charge was modified on 31.07.2017 w.e.f. 20.01.2015 and copy of the certificate issued by the Registrar of Company regarding modification of the charge is at page No.369.

(3.) It is thus, contended that Punjab National Bank had fraudulently filed application before this Tribunal on 31.03.2017 and obtained the orders of admission and appointment of the IRP by concealing the most material fact that the charge over the property has been assigned by Punjab National Bank in favour of ARCIL. Copy of Form CHG-1 filed with the Registrar of Companies on 20.01.2015 is at page No.326, which is admittedly signed by the official of the Bank and that of ARCIL. It is alleged that this fact was deliberately concealed by Punjab National Bank in the petition filed before this Tribunal despite the fact that the Bank has lost its status as a Financial Creditor. This charge was not even brought to the notice of this Tribunal by either the Bank or the Resolution Professional despite the certificate dated 31.07.2017 of modification having been issued by the ROC.