ICAI’s Compilation of ‘Case Laws’ under ‘IBC 2016’ (Series 3)

The ICAI published 48 “Judicial Pronouncements”/”Case Laws” (Series-3) under the “Insolvency and Bankruptcy Code (IBC) 2016”.

This compilation includes Orders issued by the Supreme Court (SC) of India, High Courts (HC), National Company Law Appellate Tribunal (NCLAT), and National Company Law Tribunal (NCLT). Practitioners and stakeholders benefit from these judgements. The judgements clarified the Code’s scope and application and provided a roadmap for insolvency resolution in the country.

ICAI’s Compilation of ‘Case Laws’ under ‘IBC 2016’ (Series 3): June 2020 Edition

Stakeholder duties and insolvency resolution timelines were explained in the judgements. Thus, the IBC 2016 code’s judicial pronouncements benefitted all stakeholders.

The ICAI’s Corporate Laws & Corporate Governance Committee’s Insolvency and Bankruptcy Laws Group and the Indian Institute of Insolvency Professionals have published the third series of the publication “Judicial Pronouncements under the Insolvency and Bankruptcy Code, 2016” to help professionals understand the Code.

ICAI Publication/ Compilation (Series 3) on Case Laws/ Judicial Pronouncements under IBC 2016 (June 2020)

1. Orders passed by Supreme Court of India
1JK Jute Mill Mazdoor Morcha (Appellant) Vs. Juggilal Kamlapat Jute Mills Company Ltd. Through Its Director & Ors. (Respondents) (Date of Order: 30-04-2019)1
2Jaiprakash Associates Ltd & Anr. (Appellant) Vs. IDBI Bank Ltd. & Anr. (Respondents) (Date of Order: 06-11-2019)4
3Jignesh Shah & Anr. (Petitioners) Vs. Union of India & Anr. (Respondent) (Date of Order: 25-09-2019)7
4M/s Embassy Property Developments Pvt. Ltd. (Appellants) Vs. State of Karnataka & Ors. (Respondents) (Date of Order: 03-12-2019)10
5Municipal Corporation of Greater Mumbai (MCGM) (Appellants) Vs. Abhilash Lal & Ors (Respondents) (Date of Order: 15-11-2019)16
6Swiss Ribbons Pvt. Ltd. & Anr. (Petitioners) Vs. Union of India & Ors. (Respondents) (Date of Order: 25-01-2019)22
7Pioneer Urban Land & Infrastructure Limited & Another (Petitioners) Vs. Union of India and others (Respondent) (Date of Order: 09-08-2019)25
8Committee of Creditors of Amtek Auto Limited through Corporation Bank Appellant(s) Vs. Dinkar T. Venkatsubramanian & Ors. Respondent(s) (Date of Order: 24-09-2019)28
9Committee of Creditors of Essar Steel India Limited Through Authorised Signatory (Appellant) Vs. Satish Kumar Gupta & Ors. (Respondents) (Date of Order:15.11.2019)30
10Dharani Sugars and Chemicals Ltd. (Petitioner) Vs. Union of India & Ors. (Respondents) (Date of Order: 02-04-2019)36
11Forech India Ltd (Appellant (s)) Vs. Edelweiss Assets Reconstruction Co. Ltd (Respondent (s)) (Date of Order: 22.1.2019)40
12Jaipur Metals & Electricals Employees Organisation through General Secretary Mr. Tej Ram Meena (Appellant) Vs. Jaipur Metals & Electricals Ltd Through its Managing Director & Ors (Respondents) (Date of Order: 12-12-2018)43
2. Orders passed by High Courts
1SSMP Industries Limited (Plaintiff) Vs. Perkan Food Processors Pvt. Ltd. (Defendant) (Date of Order: 18-07-2019)46
2Amira Pure Foods Private Limited (Petitioner) Vs. Canara Bank & Ors. (Respondents) (Date of Order: 20-05-2019)48
3Liberty House Group Pte Ltd (Paintiff) Vs. State Bank Of India & Ors. (Defendants) (Date of Order: 22-02-2019)50
4Cushman And Wakefield India Private Limited (Petitioner) Vs. Union of India & Anr. (Respondents) (Date of Order: 31-01-2019)54
5Mr. Ajay Kumar Bishnoi, Former MD, M/s. Tecpro Systems Ltd. (Petitioner) Vs. M/s. Tap Engineering (Respondent/ Complainant) (Date of Order: 09-01- 2020)57
3. Orders passed by National Company Law Appellate Tribunal
1M/s Saregama India Limited. (Appellant) Vs. M/s Home Movie Makers Private Ltd. (Respondent/ Corporate Debtor) (Date of Order: 23-10-2019)61
2IDBI Bank Ltd. (Appellant/Financial Creditor) Vs. Mr. Anuj Jain (Interim Resolution Professional) Jaypee Infratech Ltd. & Anr. (Respondents/Corporate Debtor) AND Jaypee Greens Krescent Home Buyers Welfare Association & Ors. Vs. Jaypee Infratech Ltd. Through Mr. Anuj Jain, Interim Resolution Professional (Date of Order- 30-07-2019)63
3Export Import Bank of India (Appellant/Financial Creditor) Vs. CHL Limited (Respondent/Corporate Debtor) (Date of Order: 16-01-2019)67
4Ferro Alloys Corporation Ltd., (Appellant) Vs Rural Electrification Corporation Ltd., (Respondent) (Date of Order: 08-01-2019)69
5Gammon India Ltd. (Appellant) Vs. Neelkanth Mansions and Infrastructure Pvt. Ltd. (Respondent/ Corporate Debtor) (Date of Order: 19-12-2018)73
6Export-Import Bank of India & Anr. (Appellants/ Financial Creditor) Vs. Astonfield Solar (Gujarat) Pvt. Ltd & Anr. (Respondents/ Corporate Debtor) (Date of Order: 04-12-2018)75
7Varrsana Ispat Limited (Appellant) Vs. Deputy Director, Directorate of Enforcement (Respondent) (Date of Order: 02-05-2019)77
8Sunil Jain (Appellant) Vs. Punjab National Bank & Ors. (Respondents) (Date of Order: 24-04-2019)79
9Asset Reconstruction Company (India) Ltd. (Appellant) Vs. Unimark Remedies Ltd. (Through Resolution Professional) & Anr. (Respondents) (Date of Order: 23-10-2019)81
10Ashok B. Jiwrajka, Director of Alok Infrastructure Ltd.(Appellant) Vs. Axis Bank Ltd. (Respondent / Financial Creditor) (Date of Order: 16-01-2019)83
11Standard Chartered Bank (Appellant) Vs. Satish Kumar Gupta, RP of Essar Steel Ltd. & Ors. (Respondents) (Date of Order: 04-07-2019)84
12SKS Power Generation Chattisgarh Limited (Appellant/ Operational Creditor) Vs. Mr. V. Nagarajan, Resolution Professional in respect of M/s Cethar Limited. & Ors. (Respondents/ Corporate Debtor) (Date of Order: 14-12-2018)88
13Edelweiss Asset Reconstruction Company Limited (Appellant/ Financial Creditor) Vs. Synergies Dooray Automotive Ltd & Ors. (Respondents/ Corporate Debtor) (Date of Order: 14-12-2018)89
14Axis Bank Ltd. (Appellant) Vs. Anuj Jain, Resolution Professional for Jaypee Infratech Ltd. (Respondent) (Date of Order: 01-08-2019)97
15State Bank of India (Appellant) Vs. Moser Baer Karamchari Union & Anr. (Respondents) Date of Order : 19-08-2019)100
16Pr. Director General of Income Tax (Admn. & TPS). (Appellant) Vs. M/s. Synergies Dooray Automotive Ltd. & Ors.(Respondents) (Date of Order: 20-03-2019)102
4. Orders passed by National Company Law Tribunal
1Apeejay Trust Vs. Aviva Life Insurance Co. India Ltd. (Date of Order: 04-11-2019)104
2In the matter of State Bank of India Vs. Jet Airways (India)Ltd. (Date of Order: 05-07-2019)106
3In the matter of Affinity Finance Services Pvt. Ltd. Vs. Kiev Finance Limited (Date of Order: 20-12- 2018)108
4In the matter of Edelweiss Asset Reconstruction Co. Ltd. Vs. AML Steel & Power Ltd. (Date of Order: 11- 12-2018)110
5In the matter of Andhra Bank Vs. Sterling Biotech Limited (Date of Order: 11-03-2019)112
6Essar Steel Asia Holdings Limited & Ors. Vs. Satish Kumar Gupta (RP of Essar Steel India Limited) (Date of Order: 29-01-2019)114
7Mr. Vasudevan Vs. State of Karnataka and others in the matter of M/s Tiffins Barytes Abestos & Paints Limited (Date of Order: 03-05-2019)116
8In the matter of Bharti Airtel Limited, Bharti Hexacon Limited Vs. Dishnet Wireless Limited (CP 302/2018) and Aircel Limited (CP 298/2018) (Date of Order: 01-05-2019)118
9In the matter of State Bank of India Vs. Ushdev International Limited (Date of Order: 07-11-2019)126
10The Regional Provident Fund Commissioner-I Vs. Karpagam Spinners Private Limited and Anr. (Date of Order: 21-01-2019)128
11In the matter of State Bank of India Vs. Videocon Group of Companies (Date of Order: 08-08-2019)130
12In the matter of Corporation Bank Vs. Amtek Auto Limited (Date of Order: 13-02-2019)134
13Pramod Kumar Sharma for & on behalf of Corporate Debtor Uniworld Sugars Private Limited Vs. IDBI Bank Limited (Date of Order: 31-01-2019)136
14Mr. S.S. Chockalingam Vs. Mr. CA. Mahalingam Suresh Kumar (Liquidator) in the matter of Nag Yang Shoes Pvt. Ltd. (Date of Order: 18-12-2018)138
15In the matter of M/s. Edelweiss Asset Reconstruction Company Ltd Vs. M/s. Bharti Defence and Infrastructure Ltd. (Date of Order: 26- 08-2019)140

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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