STATE BANK OF INDIA Vs. MERCHEM LTD

JUDGEMENT

(1.) Counsel for Applicant present. No representation on behalf of the Corporate Debtor. As seen from the order dated 09.01.2018, the direction was given to the Applicant to send private notice to the Corporate Debtor. Pursuant to the said order, the Applicant has sent notice which was delivered by hand on 16.01.2018. But there is no representation on behalf of the Corporate Debtor. The service against the Corporate Debtor is held sufficient. The Corporate Debtor is proceeded ex parte.

(2.) Counsel for the Applicant submitted that the Corporate Debtor is already under the CIR process as reflects from the order dated 15.01.2018 passed by this Bench in CP/689/2017. Therefore, the Applicant is directed to file the claim before the IRP.

(3.) However, it has been submitted by the Applicant that in the event the order dated 15.01.2018 is challenged/set aside by the higher Courts, then the Applicant will be remediless. Therefore, in the event the order dated 15.01.2018 is challenged/set aside, the Applicant is given liberty to revive the Petition. Accordingly, the Application stands disposed of.