ICAI Publication on Judicial Pronouncements under ‘IBC 2016 ‘ (Series 4)

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.

ICAI Publication on Judicial Pronouncements under 'IBC 2016 ' (Series 4)

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.CasePage No.
1. Orders Passed by Supreme Court of India
1Orator Marketing Private Ltd Vs Samtex Desinz Private Ltd (Date of Order: 26-07-2021)1
2Sunil Kumar Jain and others Vs Sundaresh Bhatt and others (Date of Order: 19-04-2022)3
3Consolidated Construction Consortium Limited Vs Hitro Energy Solutions Private Limited (Date of Order: 04-02-2022)9
4Kotak Mahindra Bank Limited Vs A. Balakrishnan & Another (Date of Order: 30-05-2022)14
5Laxmi Pat Surana Vs Union Bank of India & Another (Date of Order: 26-03-2021)17
6SS Engineers Vs Hindustan Petroleum Corporation Ltd & Others (Date of Order: 15.07.2022)24
7Indian Overseas Bank Vs RCM Infrastructure Ltd and Another (Date of Order: 18-05-2022)27
8Ramesh Kymal Vs Siemens Gamesa Renewable Power Private Ltd (Date of Order: 09-02-2021)32
9Committee of Creditors of Amtek Auto Limited through Corporation Bank Vs Dinkar T. Venkatsubramanian and others (Date of Order: 01-12-2021)36
10Vallal RCK Vs Siva Industries & Holdings Limited and Others (Date of Order: 03-06-2022)39
11Bank of Baroda & Another Vs MBL Infrastructures Limited & Others (Date of Order: 18-01-2022)42
12India Resurgence ARC Private Limited Vs Amit Metaliks Limited & Another (Date of Order: 13-05-2021)47
13TATA Consultancy Services Limited Vs Vishal Ghisulal Jain, Resolution Professional and SK Wheels Private Limited (Date of Order: 23-11-2021)52
14Alok Kaushik Vs Mrs Bhuvaneshwari Ramanathan and Others (Date of Order: 15-03-2021)57
15V Nagarajan Vs SKS Ispat and Power Ltd& Others (Date of Order: 22-10-2021)61
16Sundaresh Bhatt and Liquidator of ABG Shipyard Vs Central Board of Indirect Taxes And Customs (Date of Order: 26.08.2022)66
17Vidarbha Industries Power Limited Vs Axis Bank Limited (Date of Order: 12.07.2022)69
18E S Krishnamurthy & Others Vs Bharath Hi Tech Builders Private Ltd (Date of Order: 14-12-2021)72
19Dena Bank (now Bank of Baroda) Vs C. Shivakumar Reddy and Another (Date of Order: 04-08-2021)76
20Lalit Kumar Jain Vs Union of India & Others (Date of Order: 21-05-2021)83
2. Orders passed by High Court
1Skillstech Services Private Limited Vs Registrar, National Company Law Tribunal, New Delhi & Another (Date of Order: 13-01-2021)88
2Surjendu 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
1Prashant 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
2Pramod Sharma Vs Karanaya Heart Care Private Ltd (Date of Order: 21-04-2022)94
3Vrundavan Residency Private Ltd Vs Mars Remedies Private Ltd (Date of Order: 04-03-2022)95
4Rajeev R. Jain, Director (Suspended) Vs AASAN Corporate Solutions Private Limited & Nirmal Lifestyle Realty Private Limited (Date of Order: 12- 01-2022)97
5Ananta Charan Nayak Vs State Bank of India & Others (Date of Order: 10-11-2021)101
6Harish Raghavji Patel Vs Shapoorji Pallonji Finance Private Limited & Another (Date of Order: 06-10-2021)103
7Chand Prakash Mehra Vs Praveen Bansal (Interim Resolution Professional) and State Bank of India (Date of Order: 20-09-2021)106
8M Sai Eswara Swamy Vs Siti Vision Digital Media Private Ltd (Date of Order: 09-09-2021)109
9Ishita Halder Vs Siba Kumar Mohapatra and State Bank of India (Date of Order: 18-08-2021)111
10Pawan Kumar Vs Utsav Securities Private Ltd and Another (Date of Order: 03-08-2021)113
11Vivekanand Jha (Suspended Management of Telstar Industries Private Ltd) Vs Punjab National Bank and Another (Date of Order: 14-06-2021)116
12Vijayalakshmi Enterprises Vs Malabar Hotels Private Ltd (Date of Order: 15-12-2020)118
13Hacxad Infotech Private Limited Vs Skootr Global Private Limited (Date of Order: 10-03-2022)120
14Jumbo Paper Products Vs Hansraj Agrofresh Private Ltd (Date of Order: 25-10-2021)123
15Crown 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
16Tek Travels Private Limited Vs Altius Travels Private Limited (Date of Order: 19-04-2021)127
17Mazda Agencies (Partnership firm) Vs Hemant Plastics & Chemicals Ltd (Date of Order: 05-03-2021)129
18Executive Engineer, Uttar Gujrat VIJ Company Ltd Vs Devang P Samapat, RP of Kanoovi Foods Private Ltd (Date of Order: 27-05-2021)131
19The Directorate of Enforcement Vs Manoj Kumar Agarwal and Others (Date of Order: 09-04-2021)133
20Harkirat Singh Bedi Vs Oriental Bank of Commerce & Another, Velayudham Jayavel and State Bank of India, Bengaluru (Date of Order: 12-01-2021)136
21Employees Provident Fund Organisation (EPFO) through Regional Provident Fund Commissioner-II Vs Subodh Kumar Agarwal Resolution Professional & Others (Date of Order: 27-05-2022)139
22Shravan Kumar Vishnoi Vs Upma Jaiswal & Others and Kumari Durga Memorial Sansthan Vs Shravan Kumar Vishnoi & Others (Date of Order: 05-04-2022)142
23Directorate of Commercial Taxes Vs Kharkia Steels Private Ltd & Others (Date of Order: 22-03-2022)145
24Regional Provident Commissioner EPFO Vs Vandana Garg UV Asset Reconstruction Company Limited (Resolution Applicant) (Date of Order: 12-05-2021)149
25State Bank of India, Stressed Asset Management Branch Vs Mahendra Kumar Jajodia, Personal Guarantor to Corporate Debtor (Date of Order: 27-01-2022)151
26Alok Sharma, Authorised Representative Vs IP Construction Private Limited, through Resolution Professional Anju Agarwal (Date of Order: 17-06-2022)154
27Metal’s & Metal Electric Private Ltd Vs Goms Electricals Private Ltd (Date of Order: 24-02-2022)157
28C. Raja John Vs R. Raghavendran Resolution Professional of Springfield Shelters Private Ltd and others (Date of Order: 01-12-2021)160
29The Deputy Commissioner Division- VII, Central GST, Ahmedabad South Vs Kiran Shah Resolution Professional (Date of Order: 16-09-2021)161
30Amit Jain Vs Siemens Financial Services Private Ltd (Date of Order: 23.08.2022)164
31The Commissioner of Central Taxes Goods & Service Tax Vs C.S. Ashish Singh & Others (Date of Order: 10-11-2021)166
32The Assistant Commissioner of Central Tax Vs V. Shanker, RP for Sri Ramanjaneya Ispat Private Ltd & Others (Date of Order: 11-06-2021)168
33The 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
34Rakesh Kumar Agarwal and Others Vs Devendra P. Jain (Date of Order: 01-06-2021)172
35Union of India Vs Vijaykumar V. Iyer (Date of Order: 13-04-2021)174
4. Orders Passed by National Company Law Tribunal
1Asharam Leasing and Finance Private Limited Vs Punjab National Bank (Date of Order: 12-05-2021)179
2Ultra Tech Cement Limited Vs Minita D. Raja (Date of Order: 05-05-2021)181
3Shri Shakti Dyeing Works Vs Berawala Textiles Private Limited (Date of Order: 25-01-2021 )183
4Sudhir T Deshpande Vs Dhanada Corporation Limited (Date of Order: 26.08.2022)185
5Orbit Towers Private Limited Vs Sampurna Suppliers Private Limited (Date of Order: 27.06.2022)187
6Saraf Chits Private Limited and VKSS International Private Limited vs. KAD Housing Private Limited (Date of Order: 23.05.2022)191
7Prudent ARC Ltd Vs Indu Techzone Private Limited (Date of Order: 07-02- 2022)193
8The Solapur Dist. Central Cooperative Bank Limited Vs Sangola Taluka Sahakari Sakhar Karkhana Limited (Date of Order: 04-02-2022)200
9Jyoti Structures Ltd Vs Union Bank of India, Bank of Maharashtra, Central Bank of India (Date of Order :23-12-2021 )203
10Synergy Petro Products Private Limited Vs National Agriculture Cooperative Marketing Federation Limited (Date of Order: 31-05- 2021)205
11Akshat Pandey vs. Avighna Films Private Limited (Date of Order: 14.07.2022)207
12Educomp Infrastructure & School Management Ltd vs. Millenium Education Foundation (Date of Order : 03.06.2022)208
13Jaldhi Overseas Pte. Ltd Vs Steer Overseas Private Limited (Date of Order: 17-11-2021)209
14Transit Geo System Integrators Private Limited Vs Stahl Tecniks Private Limited (Date of Order: 20-10-2021)212
15Diamond Traexim Private Ltd Vs KK Continental Trade Ltd (Date of Order: 16- 08-2021)214
16Jatoyah Investments & Holdings Limited Vs Wellspring Helathcare Private Ltd (Date of Order :05-08-2021)218
17Auto Mat Lub Systems Vs Anupam Industries Limited (Date of Order :20-04- 2021 )219
18Bhavya Prakash and Another Vs DD Motors Ltd (Date of Order: 13-04-2021 )221
19Propyl Packaging Limited Vs George Vakey, Resolution Professional of Propyl Packaging Limited (Date of Order :21-01-2021)224
20Supriyo Kumar Chaudhuri (Liquidator of JVL Agro Indstries Ltd) Vs State Bank of India, SARG & Others (Date of Order :26-07-2021)226
21GCCL Infrastructure & Projects Ltd (Date of Order: 14-09-2021)228
22Sakhi Resorts and Farmlands Private Limited (Date of Order: 17-03-2022)232
23N. Kumar Vs Tata Capital Housing Finance Ltd (Date of Order: 25.04.2022)238
24LML Limited (In Liquidation) through Liquidator, Arun Gupta (Date of Order: 09-07-2021)241
25C. Raja John, promoter / suspended Director of the Corporate Debtor Vs R. Raghavendran, RP of Corporate Debtor (Date of Order: 18-06-2021)242
26PNB Housing Finance Ltd Vs Mohit Arora (Date of Order: 29-09-2021)246
27Insta 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)

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  1. Gautam Verma

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