A publication titled “Judicial Pronouncements under Insolvency and Bankruptcy Code (IBC) 2016- Series 4” has been released by ICAI to help professionals better understand the respective provisions thereof.
Since its inception, the ‘Insolvency and Bankruptcy Code (IBC) 2016′ has been a discussion topic. The main goal of the IBC is to implement the insolvency resolution process in a timely manner, maximise the value of stakeholders’ assets, promote entrepreneurship, increase credit availability, and balance the interests of all stakeholders, thereby increasing the expectations and interest of all concerned.
The country is witnessing the outcome of the effective implementation of ‘IBC 2016’, which has been achieved as a result of the establishment of an effective institutional set-up and the various judgements issued by the Supreme Court, High Courts, NCLT and NCLAT. The judicial pronouncements are an important source for understanding the practical aspects of implementation and providing clarification on key requirements and issues under the IBC.
As part of its ongoing initiative to bring Judicial Pronouncements under the ‘IBC 2016’ in the form of a Series, the ICAI has published “Judicial Pronouncements under the Insolvency and Bankruptcy Code, 2016 – Series 4” to assist professionals in understanding the respective provisions.
ICAI Publication on Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 (Series 4: February 2023)
| S.No. | Case | Page No. |
| 1. Orders Passed by Supreme Court of India | ||
| 1 | Orator Marketing Private Ltd Vs Samtex Desinz Private Ltd (Date of Order: 26-07-2021) | 1 |
| 2 | Sunil Kumar Jain and others Vs Sundaresh Bhatt and others (Date of Order: 19-04-2022) | 3 |
| 3 | Consolidated Construction Consortium Limited Vs Hitro Energy Solutions Private Limited (Date of Order: 04-02-2022) | 9 |
| 4 | Kotak Mahindra Bank Limited Vs A. Balakrishnan & Another (Date of Order: 30-05-2022) | 14 |
| 5 | Laxmi Pat Surana Vs Union Bank of India & Another (Date of Order: 26-03-2021) | 17 |
| 6 | SS Engineers Vs Hindustan Petroleum Corporation Ltd & Others (Date of Order: 15.07.2022) | 24 |
| 7 | Indian Overseas Bank Vs RCM Infrastructure Ltd and Another (Date of Order: 18-05-2022) | 27 |
| 8 | Ramesh Kymal Vs Siemens Gamesa Renewable Power Private Ltd (Date of Order: 09-02-2021) | 32 |
| 9 | Committee of Creditors of Amtek Auto Limited through Corporation Bank Vs Dinkar T. Venkatsubramanian and others (Date of Order: 01-12-2021) | 36 |
| 10 | Vallal RCK Vs Siva Industries & Holdings Limited and Others (Date of Order: 03-06-2022) | 39 |
| 11 | Bank of Baroda & Another Vs MBL Infrastructures Limited & Others (Date of Order: 18-01-2022) | 42 |
| 12 | India Resurgence ARC Private Limited Vs Amit Metaliks Limited & Another (Date of Order: 13-05-2021) | 47 |
| 13 | TATA Consultancy Services Limited Vs Vishal Ghisulal Jain, Resolution Professional and SK Wheels Private Limited (Date of Order: 23-11-2021) | 52 |
| 14 | Alok Kaushik Vs Mrs Bhuvaneshwari Ramanathan and Others (Date of Order: 15-03-2021) | 57 |
| 15 | V Nagarajan Vs SKS Ispat and Power Ltd& Others (Date of Order: 22-10-2021) | 61 |
| 16 | Sundaresh Bhatt and Liquidator of ABG Shipyard Vs Central Board of Indirect Taxes And Customs (Date of Order: 26.08.2022) | 66 |
| 17 | Vidarbha Industries Power Limited Vs Axis Bank Limited (Date of Order: 12.07.2022) | 69 |
| 18 | E S Krishnamurthy & Others Vs Bharath Hi Tech Builders Private Ltd (Date of Order: 14-12-2021) | 72 |
| 19 | Dena Bank (now Bank of Baroda) Vs C. Shivakumar Reddy and Another (Date of Order: 04-08-2021) | 76 |
| 20 | Lalit Kumar Jain Vs Union of India & Others (Date of Order: 21-05-2021) | 83 |
| 2. Orders passed by High Court | ||
| 1 | Skillstech Services Private Limited Vs Registrar, National Company Law Tribunal, New Delhi & Another (Date of Order: 13-01-2021) | 88 |
| 2 | Surjendu Sekhar Kulia & Another Vs National Company Law Tribunal & Others (Date of Order: 09-03-2021) | 90 |
| 3. Orders Passed by National Company Law Appellate Tribunal | ||
| 1 | Prashant Agarwal, Member of Suspended Board of Bombay Rayon Fashions Limited Vs Vikash Parasrampuria Sole Proprietor of Chiranjilal Yarns Trading & Shantanu T. Ray, Interim Resolution Professional of Bombay Rayon Fashions Limited (Date of Order: 15.07.2022) | 91 |
| 2 | Pramod Sharma Vs Karanaya Heart Care Private Ltd (Date of Order: 21-04-2022) | 94 |
| 3 | Vrundavan Residency Private Ltd Vs Mars Remedies Private Ltd (Date of Order: 04-03-2022) | 95 |
| 4 | Rajeev R. Jain, Director (Suspended) Vs AASAN Corporate Solutions Private Limited & Nirmal Lifestyle Realty Private Limited (Date of Order: 12- 01-2022) | 97 |
| 5 | Ananta Charan Nayak Vs State Bank of India & Others (Date of Order: 10-11-2021) | 101 |
| 6 | Harish Raghavji Patel Vs Shapoorji Pallonji Finance Private Limited & Another (Date of Order: 06-10-2021) | 103 |
| 7 | Chand Prakash Mehra Vs Praveen Bansal (Interim Resolution Professional) and State Bank of India (Date of Order: 20-09-2021) | 106 |
| 8 | M Sai Eswara Swamy Vs Siti Vision Digital Media Private Ltd (Date of Order: 09-09-2021) | 109 |
| 9 | Ishita Halder Vs Siba Kumar Mohapatra and State Bank of India (Date of Order: 18-08-2021) | 111 |
| 10 | Pawan Kumar Vs Utsav Securities Private Ltd and Another (Date of Order: 03-08-2021) | 113 |
| 11 | Vivekanand Jha (Suspended Management of Telstar Industries Private Ltd) Vs Punjab National Bank and Another (Date of Order: 14-06-2021) | 116 |
| 12 | Vijayalakshmi Enterprises Vs Malabar Hotels Private Ltd (Date of Order: 15-12-2020) | 118 |
| 13 | Hacxad Infotech Private Limited Vs Skootr Global Private Limited (Date of Order: 10-03-2022) | 120 |
| 14 | Jumbo Paper Products Vs Hansraj Agrofresh Private Ltd (Date of Order: 25-10-2021) | 123 |
| 15 | Crown Tobacco Company Private Ltd (Operational Creditor) Vs Crale Foodlinks Private Ltd (Corporate Debtor), Leonys Pereira and Craig Pereira (Date of Order: 30-09-2021) | 125 |
| 16 | Tek Travels Private Limited Vs Altius Travels Private Limited (Date of Order: 19-04-2021) | 127 |
| 17 | Mazda Agencies (Partnership firm) Vs Hemant Plastics & Chemicals Ltd (Date of Order: 05-03-2021) | 129 |
| 18 | Executive Engineer, Uttar Gujrat VIJ Company Ltd Vs Devang P Samapat, RP of Kanoovi Foods Private Ltd (Date of Order: 27-05-2021) | 131 |
| 19 | The Directorate of Enforcement Vs Manoj Kumar Agarwal and Others (Date of Order: 09-04-2021) | 133 |
| 20 | Harkirat Singh Bedi Vs Oriental Bank of Commerce & Another, Velayudham Jayavel and State Bank of India, Bengaluru (Date of Order: 12-01-2021) | 136 |
| 21 | Employees Provident Fund Organisation (EPFO) through Regional Provident Fund Commissioner-II Vs Subodh Kumar Agarwal Resolution Professional & Others (Date of Order: 27-05-2022) | 139 |
| 22 | Shravan Kumar Vishnoi Vs Upma Jaiswal & Others and Kumari Durga Memorial Sansthan Vs Shravan Kumar Vishnoi & Others (Date of Order: 05-04-2022) | 142 |
| 23 | Directorate of Commercial Taxes Vs Kharkia Steels Private Ltd & Others (Date of Order: 22-03-2022) | 145 |
| 24 | Regional Provident Commissioner EPFO Vs Vandana Garg UV Asset Reconstruction Company Limited (Resolution Applicant) (Date of Order: 12-05-2021) | 149 |
| 25 | State Bank of India, Stressed Asset Management Branch Vs Mahendra Kumar Jajodia, Personal Guarantor to Corporate Debtor (Date of Order: 27-01-2022) | 151 |
| 26 | Alok Sharma, Authorised Representative Vs IP Construction Private Limited, through Resolution Professional Anju Agarwal (Date of Order: 17-06-2022) | 154 |
| 27 | Metal’s & Metal Electric Private Ltd Vs Goms Electricals Private Ltd (Date of Order: 24-02-2022) | 157 |
| 28 | C. Raja John Vs R. Raghavendran Resolution Professional of Springfield Shelters Private Ltd and others (Date of Order: 01-12-2021) | 160 |
| 29 | The Deputy Commissioner Division- VII, Central GST, Ahmedabad South Vs Kiran Shah Resolution Professional (Date of Order: 16-09-2021) | 161 |
| 30 | Amit Jain Vs Siemens Financial Services Private Ltd (Date of Order: 23.08.2022) | 164 |
| 31 | The Commissioner of Central Taxes Goods & Service Tax Vs C.S. Ashish Singh & Others (Date of Order: 10-11-2021) | 166 |
| 32 | The Assistant Commissioner of Central Tax Vs V. Shanker, RP for Sri Ramanjaneya Ispat Private Ltd & Others (Date of Order: 11-06-2021) | 168 |
| 33 | The Assistant Commissioner of Commercial Taxes Vs Right Engineers & Equipment India Private Ltd (in liquidation) and Addanki Haresh, Liquidator of Right Engineers & Equipment India Private Ltd (Date of Order: 15-11-2021) | 170 |
| 34 | Rakesh Kumar Agarwal and Others Vs Devendra P. Jain (Date of Order: 01-06-2021) | 172 |
| 35 | Union of India Vs Vijaykumar V. Iyer (Date of Order: 13-04-2021) | 174 |
| 4. Orders Passed by National Company Law Tribunal | ||
| 1 | Asharam Leasing and Finance Private Limited Vs Punjab National Bank (Date of Order: 12-05-2021) | 179 |
| 2 | Ultra Tech Cement Limited Vs Minita D. Raja (Date of Order: 05-05-2021) | 181 |
| 3 | Shri Shakti Dyeing Works Vs Berawala Textiles Private Limited (Date of Order: 25-01-2021 ) | 183 |
| 4 | Sudhir T Deshpande Vs Dhanada Corporation Limited (Date of Order: 26.08.2022) | 185 |
| 5 | Orbit Towers Private Limited Vs Sampurna Suppliers Private Limited (Date of Order: 27.06.2022) | 187 |
| 6 | Saraf Chits Private Limited and VKSS International Private Limited vs. KAD Housing Private Limited (Date of Order: 23.05.2022) | 191 |
| 7 | Prudent ARC Ltd Vs Indu Techzone Private Limited (Date of Order: 07-02- 2022) | 193 |
| 8 | The Solapur Dist. Central Cooperative Bank Limited Vs Sangola Taluka Sahakari Sakhar Karkhana Limited (Date of Order: 04-02-2022) | 200 |
| 9 | Jyoti Structures Ltd Vs Union Bank of India, Bank of Maharashtra, Central Bank of India (Date of Order :23-12-2021 ) | 203 |
| 10 | Synergy Petro Products Private Limited Vs National Agriculture Cooperative Marketing Federation Limited (Date of Order: 31-05- 2021) | 205 |
| 11 | Akshat Pandey vs. Avighna Films Private Limited (Date of Order: 14.07.2022) | 207 |
| 12 | Educomp Infrastructure & School Management Ltd vs. Millenium Education Foundation (Date of Order : 03.06.2022) | 208 |
| 13 | Jaldhi Overseas Pte. Ltd Vs Steer Overseas Private Limited (Date of Order: 17-11-2021) | 209 |
| 14 | Transit Geo System Integrators Private Limited Vs Stahl Tecniks Private Limited (Date of Order: 20-10-2021) | 212 |
| 15 | Diamond Traexim Private Ltd Vs KK Continental Trade Ltd (Date of Order: 16- 08-2021) | 214 |
| 16 | Jatoyah Investments & Holdings Limited Vs Wellspring Helathcare Private Ltd (Date of Order :05-08-2021) | 218 |
| 17 | Auto Mat Lub Systems Vs Anupam Industries Limited (Date of Order :20-04- 2021 ) | 219 |
| 18 | Bhavya Prakash and Another Vs DD Motors Ltd (Date of Order: 13-04-2021 ) | 221 |
| 19 | Propyl Packaging Limited Vs George Vakey, Resolution Professional of Propyl Packaging Limited (Date of Order :21-01-2021) | 224 |
| 20 | Supriyo Kumar Chaudhuri (Liquidator of JVL Agro Indstries Ltd) Vs State Bank of India, SARG & Others (Date of Order :26-07-2021) | 226 |
| 21 | GCCL Infrastructure & Projects Ltd (Date of Order: 14-09-2021) | 228 |
| 22 | Sakhi Resorts and Farmlands Private Limited (Date of Order: 17-03-2022) | 232 |
| 23 | N. Kumar Vs Tata Capital Housing Finance Ltd (Date of Order: 25.04.2022) | 238 |
| 24 | LML Limited (In Liquidation) through Liquidator, Arun Gupta (Date of Order: 09-07-2021) | 241 |
| 25 | C. Raja John, promoter / suspended Director of the Corporate Debtor Vs R. Raghavendran, RP of Corporate Debtor (Date of Order: 18-06-2021) | 242 |
| 26 | PNB Housing Finance Ltd Vs Mohit Arora (Date of Order: 29-09-2021) | 246 |
| 27 | Insta Capital Private Limited Vs Ketan Vinod Kumar Shah (Personal Guarantor of the Corporate Debtor S.K. Products LLP) (Date of Order: 10-08-2021) | 251 |
Related Posts:
ICAI Publication on ‘IBC 2016 Judicial Pronouncements’ (Series 4)
ICAI’s Compilation of ‘Case Laws’ under ‘IBC 2016’ (Series 3)
ICAI’s Compilation of ‘Case Laws’ under ‘IBC 2016’ (Series 2)
ICAI’s Compilation of ‘Case Laws’ under ‘IBC 2016’ (Series 1)
The speedy implementation and comprehensive understanding of the Insolvency and Bankruptcy Code 2016 have been made possible mainly by the judgements that have been delivered by the Supreme Court of India, various High Courts, NCLAT benches, and NCLT benches located all over the country. The provisions of the Code have been better explained as a result of these judgements.