Piramal Finance Limited And Anr vs Mani Square Limited And Ors
2025 Latest Caselaw 2823 Cal/2

Calcutta High Court

Piramal Finance Limited And Anr vs Mani Square Limited And Ors on 26 September, 2025

Author: Arijit Banerjee

Bench: Arijit Banerjee

OCD-4

                               ORDER SHEET
                      IN THE HIGH COURT AT CALCUTTA
                      COMMERCIAL APPELLATE DIVISION
                               ORIGINAL SIDE

                                APOT/252/2025
                                     WITH
                               CS-COM/93/2025
                            IA NO: GA-COM/1/2025

                     PIRAMAL FINANCE LIMITED AND ANR
                                    VS
                       MANI SQUARE LIMITED AND ORS.


  BEFORE:
  The Hon'ble JUSTICE ARIJIT BANERJEE
                AND
  The Hon'ble JUSTICE OM NARAYAN RAI
  Date : September 26, 2025.


                                                                          Appearance:
                                                         Mr. Tilak Kr. Bose, Sr. Adv.
                                                          Mr. K. R. Thaker, Sr. Adv.
                                                                  ..for the appellants

                                                       Mr. Ratnanko Banerji, Sr. Adv.
                                                             Mr. Aditya Kanodia, Adv.
                                                     ..for the respondent nos.1 and 2

                                                       Mr. S. N. Mookherjee, Sr. Adv.
                                                            Mr. Rajarshi Dutta, Adv.
                                                              Ms. Saloni Kumar, Adv.
                                                                Mr. Yash Singhi, Adv.
                                                            ..for the respondent no.3

                              Dictated by Arijit Banerjee, J.

The Court: There will be an order in terms of prayer (a) of the Notice of

Motion.

This appeal is directed against a judgment and order dated August

19, 2025, passed on an application made by the respondent nos.1 and 2

herein, in its suit being CS-COM/93/2025. The operative portion of the said

order reads as follows:

"45. In view of the above, the respondent nos.1 and 2, their men, agents, servant and assigns are restrained from giving any effect or further effect to the notices dated 28th May, 2025; 8th June, 2025; 13th June, 2025 and 16th June, 2025 till 17th September, 2025. It is made clear that this Court has passed the interim order as the application filed by the respondent no.1 under Section 7 of the IBC is not admitted till date. The Learned Tribunal is free to take decision with regard to admission of the application filed by the respondent no.1 under Section 7 of the IBC."

The effect of the aforesaid order is that the notices issued by the

appellants herein recalling the entire loan have been stayed.

Being aggrieved, the respondent nos.1 and 2 before the Learned

Single Judge have come up by way of this appeal.

Accommodation is prayed for on behalf of the respondent nos.1 and 2

in this appeal. This is opposed by learned Senior Counsel appearing for the

appellants. Learned Senior Counsel expresses his concern that because of the

impugned order staying the demand/recall notices, the appellants' applications

under Sections 7 and 95 of the Insolvency and Bankruptcy Code, before the

National Company Law Tribunal would be rendered infructuous. The said

applications would not be admitted.

Today is the last day before the puja vacation. There is no sufficient

time to hear out this matter at length. However, certain issues are involved

and hearing of this matter is likely to take some time.

Till we decide the issues involved in this appeal, the National

Company Law Tribunal is requested defer consideration of the appellants'

applications that have been filed before it.

Learned Senior Counsel for the appellants tells us that all papers that

were available before the Learned Single Judge have been filed with the stay

application. We shall treat the stay application as an informal paper-book. All

formalities are dispensed with. Notice of appeal is deemed to be waived since

all the respondents are represented.

The appellants shall file an index of the papers.

Learned Advocate for the respondent nos.1 and 2 says that some

pages are missing in the stay petition. The respondent nos.1 and 2 will be at

liberty to file supplementary paper-book incorporating such pages.

List the matter on October 27, 2025.

(ARIJIT BANERJEE, J.)

(OM NARAYAN RAI, J.)

bp