2 IIIpiSeries-2B

e Juris
Electronic Judgement References

Series 2019 / 2
Chairman’s Message
Dear Insolvency Professional,
I am happy to note that e-Juris, the digital case update brought out by the Knowledge SBU (K-SBU) of
the Indian Institute of Insolvency Professionals of ICAI (IIIPI), has found a good response from various
users.
In the recent past IBC stakeholders would have witnessed significant changes in the approach to earlier
vexatious issues. These developments, arising from the diverse streams of developing jurisprudence,
range from decisions recorded by NCLT to NCLAT, High Courts and the Supreme Court on Corpo-
rate Insolvency Resolution Processes (CIRP). Ready availability of these orders/judgements is often the
most useful source for keeping track of the fast-changing legal requirements.
In this context, the e-Juris initiative of K-SBU of IIIPI plays an important supportive role. Not only does
it provide a ready access to the orders and judgements of the Adjudicating Authority and appellate bod-
Justice (Retd.) A.R. Dave ies, but also facilitates interpretations and elucidations essential for a practical application of the law.
Chairman-IIIPI The second edition of the digital book e-Juris brought out by the Knowledge SBU of the Indian Insti-
tute of Insolvency Professionals of ICAI (IIIPI) presents an updated compilation of the decisions of
the Adjudicating Authority, Appellate Authority and Apex Court for the period from October 2018 to
March 2019. This edition of the eBook will provide the Insolvency Practitioners, as in the previous ver-
sion, with a ready reference to the new case laws in the fast-evolving landscape of the Insolvency and
Bankruptcy Code.
I am confident that the initiative by IIIPI will continue to provide value to all stakeholders and invite the
users to provide feedback to the K-SBU for taking up new and emerging areas for coverage.
My best wishes to IIIPI and the readers.
President’s Message
I am pleased to note that the Indian Institute of Insolvency Professionals of ICAI (IIIPI), had
introduced a welcome innovation by way of their electronic book, “e-Juris” containing recent
orders of various judicial bodies. This is the second issue of “e-juris” and I am happy to see that
the initiative is very much on course and continues to provide valuable inputs to the readers.
As the newest profession in India, Insolvency Professionals (IPs) have carved out a distinct
status for themselves by engaging in 1143 Corporate Insolvency Resolution Processes (CIRPs)
as on March 31, 2019. This brings into sharp focus the need for equipping these professionals
with up to date and readily usable information. Even as the adjudicating authority and the
apex court fashion appropriate responses to emerging demands from the existing system,
the ever-shifting landscape is set to throw up exciting new challenges from the extension of
Insolvency & Bankruptcy Code to Individual, Group and Cross-Border Insolvencies.
CA. Prafulla P. Chhajad
The above scenario requires a sound understanding of the applicable legal framework and a
President
new approach to reaching out to users for optimizing outcomes. As such, ease of access to
The Institute of Chartered case laws and orders is likely to be of increasing importance for the insolvency practitioners.
Accountants of India
The future presents attractive opportunities for IPs and other stakeholders to leverage their
knowledge of contemporary jurisprudence for resolving complex CIRPs or Liquidation
Matters. In this scenario, the need for a reliable reference point for key judicial information
cannot be underestimated. “e-Juris” and its associated issues are expected to meet this
requirement to a large extent.
My best wishes to all the Insolvency Professionals and Indian Institute of Insolvency
Professionals of ICAI.
CEO’S Message
I am happy to present to our readers the second edition of our digital book – e-Juris.
The current year has seen interesting judicial pronouncements which contributed to the
development of the IBC regime. The central theme for most of these judgments is (a) effective
implementation of the Code, (b) maximization of value for all stakeholders, i.e. creditors,
investors and shareholders, (c) fair and equitable treatment of all creditors irrespective
of categorization and (d) defending against subversion of the spirit of the Code through
effective control and related measures.
The expected extension of insolvency and bankruptcy code to areas of personal guarantors of
corporate borrowers, individual bankruptcies, group insolvencies, cross-border insolvencies
are likely to throw up a vast set of opportunities and challenges for insolvency professionals.
Sunil Pant In the realm of the fast-changing landscape of emerging jurisprudence, the existing
CEO-IIIPI benchmarks of Insolvency and Bankruptcy regulations may well be substantially re-written.
The effectiveness with which the above process progresses depends substantially on the
ready accessibility of the practitioners to the body of law as it evolves.
To continue with our endeavor to facilitate the task, the Knowledge SBU (K-SBU) of IIIPI has
now published the 2nd volume of the decisions of the NCLAT, High Courts and Supreme
Courts - “e-Juris”. In the present version, an attempt has been made to incorporate the
suggestions provided in your feedback.
We look forward to your continuing support through your suggestions which will help us to
reinforce a collaborative approach for developing targeted initiatives.
Best wishes
NCLAT CASES FOR THE MONTH OF MARCH, 2019
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Company Appeal (AT) Section 7 of I&B

Sonia Modi (Insolvency) No. 205 of On settlement of the matter, withdrawal of
Code, 2016.
Vs. 2019 appeal is allowed.
01 Rule 11 of the Settlement of the matter.
Relan Buildwell Pvt. Ltd NCLT Rules,2016
( 1st March,2019) Click here for full judgement.
Company Appeal (AT) Since parties reached settlement prior to

Mr. Sunil Ghorawat (Insolvency) No. 100 of constitution of ‘CoCs’, the order passed by AA
Vs. Section 9 of I&B
02 2019 Settlement of the matter. is set aside.
M/s. Arvind Envisol Ltd. Code, 2016
& Anr Click here for full judgement.
( 1st March,2019
The application was signed by the Sr. Manager

of ‘Financial Creditor’ who is authorised to
Sharad Gupta Company Appeal (AT) sign the application.
Vs. (Insolvency) No. 207 of Section 7 of I&B Insolvency application not signed Hence, there is no merit in the appeal and it is
03 2019
Mr. Tajas Jatin Parikh, Code, 2016 by authorised person. dismissed.
IRP ( 1st March,2019)
Click here for full judgement.
5
01 02 03 04 05 06
Company Appeal (AT)

Polyblend India Pvt. The parties may approach the AA for
(Insolvency) No. 206 of
Ltd. Vs. withdrawal of application for passing of
2019 Section 9 of I&B
04 M/s. Chaudhary Settlement of the matter. appropriate orders.
Code, 2016
Rubbers & Chemicals ( 1st March,2019)
Pvt. Ltd Click here for full judgement.
M/s. Bhandari Hosiery Company Appeal (AT) The AA having noticed the pre-existing
Exports Ltd. & Ors. (Insolvency) No. 143 of dispute, rightly rejected the insolvency
Section 9 of I&B
05 Vs. 2019 Pre-existing dispute. application.
Code, 2016
M/s. In-Time Garments
Pvt. Ltd. & Ors. ( 1st March,2019) Click here for full judgement.
Company Appeal As the parties have reached settlement prior

Alchemist Infra l (AT) (Insolvency) No. 113 to constitution of the ‘CoCs’, the order passed
Ventures Ltd. & Anr. Section 7 of I&B
06 of 2019 Settlement of the matter. by AA is set aside.
Vs. Code, 2016
Kiran Malhotra & Anr ( 1st March,2019) Click here for full judgement.
6
01 02 03 04 05 06
Mr. Hemanth Meka Rao Company Appeal (AT) No order of settlement can be passed on
Vs. (Insolvency) No. 696 of Section 33(2) of Settlement of dues on completion completion of the ‘Resolution Process’
07 Asset Reconstruction 2018 I&B Code, 2016 of ‘Resolution Process’
Company (India) Ltd.
(ARCIL) & Anr. (7th March,2019) Click here for full judgement.
As the parties have settled the matter prior

Company Appeal (AT)
Mr. Nalin Virji Shah to constitution of the ‘CoCs’, the prayer
Vs. Section 7 of I&B to withdraw the insolvency application is
08 2019. Settlement of the matter.
Mr. Satish Sadashiv Code, 2016 allowed.
Rane & Anr (7th March,2019) Click here for full judgement.
As salaries of working employees have since

Aircel Employees Company Appeal (AT) been paid, individual aggrieved employee,
Representatives (AER) (Insolvency) No. 730 & 731 Non-release of salary of the if any, may represent the ‘Resolution
09 Vs. of 2018. - employees. Professional’.
Dishnet Wireless
Limited (7th March,2019) Click here for full judgement.
As parties have finally settled the matter

Surender Vasudeva & Company Appeal (AT) before
Anr. (Insolvency) No. 797 of Section 7 of I&B Constitution of the ‘CoCs’, the insolvency
10 Vs. 2018. Settlement of the matter.
Code, 2016 application is allowed to be withdrawn.
Crown Realtech Pvt.
Ltd. & Anr. (7th March,2019)
7
01 02 03 04 05 06
Company Appeal (AT) As the withdrawal of application by the

Mr. Abhay Kumar Jain (Insolvency) No. 664 of applicant has been accepted by AA, the
Vs. 2018. Section 12A of
11 Settlement of the claim. appeal stands disposed of as infructuous.
Narender Kumar & Anr I&B Code, 2016
(7th March,2019) Click here for full judgement.
Company Appeal (AT)

MMTC Ltd. In view of the settlement of matter,
Vs. before constitution of ‘COCs’, the order of
2019. Section 9 of I&B
12 Sai Sulphonates Pvt. Settlement of the matter. AA is set aside.
Code, 2016
Ltd. & Anr. (7th March,2019) Click here for full judgement.
Company Appeal (AT)

Sri Santosh Kumar On settlement of matter, application was
Pareek accepted by AA.
2019. Section 12A of
13 Vs. Settlement of the matter. As such, the appeal has become infructuous.
I&B Code, 2016
Sri Kailash Chandra (7th March,2019)
Agarwal Click here for full judgement.
8
01 02 03 04 05 06
Sugan Choudhary Company Appeal (AT) As the Demand Notice was not served, the
Vs. (Insolvency) No. 270 of order passed by AA is set aside.
Sections 8(1) & 9
14 Khandelwal Busar 2018 Non-service of demand notice .
of I&B Code, 201
Industries Pvt. Ltd. &
Anr. (8th March,2019) Click here for full judgement.
The observation made against appellant

not to be construed to be a finding against
the ‘Liberty House’
Company Appeal (AT) Imposition of cost of Rs 1,00,000/-
Liberty House Group (Insolvency) No. 08 of Section 31 of I&B 2.The cost imposed is to be treated as
15 Pte. Ltd. Vs. 2019. Code, 2016 Observations made against litigation cost in favour of ‘ Corporate Debtor’
ARGL Ltd. & Anr. appellant. The order of AA stands modified to the
(8th March,2019) above extent.
Prayer to withdraw the application in view of

Company Appeal (AT) the agreement reached between the parties,
Rizwan Ahmad & Anr. (Insolvency) No. 170 of is allowed.
Vs. 2019 Section 9 of I&B
16 Settlement of the matter . Accordingly, order passed by the of AA is set
M/s. Sojitz India Pvt. Code, 2016 aside
Ltd. & Anr. (11th March,2019)
Avishek Roy Company Appeal (AT) Prior to constitution of ‘CoCs, the parties have
Vs. (Insolvency) No. 794 of reached settlement. Accordingly, the order
1.Diamond Steel 2018 Section 9 of I&B
17 Settlement of the matter . passed by the AA is set aside.
Enterprise Code, 2016
2. Ashok K. Dibrewala, (12th March,2019)
3.Allahabad Bank Click here for full judgement.
9
01 02 03 04 05 06
Company Appeal (AT) The application for liquidation has already

State Bank of India (Insolvency) No.796 of been moved. The AA is to proceed in
Vs. Section 33 of I&B,
18 2018. Rejection of ‘Resolution Plan’ accordance with law.
V. Mahesh, RP for 2016
Diamond (13th March,2019) Click here for full judgement.
Sudeep Mahindra Shah Company Appeal (AT) 1. Section 1. Transfer of application stood abated.
& Anr. (Insolvency) No.156 of 433(e) & 434 of 2. Appellant may issue Demand Notice and
Vs. 2019. Companies Act. thereafter take appropriate steps.
19 Non- issuance of Demand Notice.
Cornelian Properties 2. Sections 8(1)
Pvt. Ltd. (13th March,2019) & 9 of I&B Code, Click here for full judgement..
2016.
Company Appeal (AT) Appellants, who have not been paid, are
E. Sivanandam & 23 (Insolvency) No. 27 of allowed to file their individual claims.
Ors. 2019. Section 9 of I&B Non- dealing with the claim of ‘Corporate Debtor’ on verification will pay the
20 Vs. Code, 2016 employees. admitted dues.
Sarang S. Kale & 3 Ors. (13th March,2019)
10
01 02 03 04 05 06
Gutupalli Srinivasa Rao Company Appeal (AT) As no one appeared on behalf of the
& Anr. (Insolvency) No. 640 of Appellants, the appeal is dismissed for non-
21 Vs. 2018. - Non-appearance of appellants. prosecution.
M/s. Supraja Textiles
Pvt. Ltd. & Anr. (13th March,2019) Click here for full judgement.
The order passed by Adjudicating Authority

Company Appeal (AT) 1. Non-existence of a financial debt.
Ranvir Ranjit. does not suffer from any legal infirmity or
(Insolvency) No. 646 of 2. Claim is time-barred by
Vs. Section 7 of I&B factual frailty.
22 2018. limitation.
M/s Vijay R. Vakharia Code, 2016. The appeal being devoid of merit is dismissed.
3. Status of Creditor
& 8 others (15th March,2019) Click here for full judgement.
1.MSTC Limited 1. The prayer to shift the ‘effective date’ of plan

Vs. is rejected. However, another 30 days allowed
Company Appeal (AT) 1.Non-payment of
Adhunik Metalliks Ltd. making upfront payment.
(Insolvency) No.519 of up front amount.
& Ors. Section 31(1) &
2018 and
23 2. Liberty House Group 30(2)(f) of I&B 2. No case has been made out by the ‘MSTC
53 & 54 of 2019. 2. To treat the additional expenses
Pte. Ltd. Code, 2016. Limited’ to treat additional expenses as a
as ‘Resolution Cost’.
Vs. ‘Resolution Cost’.
(15th March,2019)
State Bank of India &
Anr Click here for full judgement.
11
01 02 03 04 05 06
Company Appeal (AT) There exist dispute with regard to supply

Trade Affairs (Insolvency) No. 753 of of material. As such, the appeal stands
24 2018. Non-existence of dispute. dismissed.
Borkar Colorpacks Pvt. Code, 2016
Ltd. (18th March,2019) Click here for full judgement.
Company Appeal (AT) The prayer to withdraw the appeal with

Gir Logistics Pvt. Ltd. (Insolvency) No. 688 of Sections & 31 liberty to take recourse of filing suit in terms of
Vs. To file a suit after completion of
25 2018. of the I&B Code section 60(6) of ‘Code’ is allowed.
C. A. Kannan moratorium period.
2016,
Tiruvengadam & Anr (18th March,2019) Click here for full judgement.
Company Appeal
Company Appeal (AT) Condonation of delay in filing appeal is
(AT) (Insolvency)
Asha Goyal (Insolvency) No.726 of rejected as 45 days had already expired by the
No.726 of 2018.
26 Vs. 2018. Condonation of delay. time appeal was filed.
Pharma Traders Pvt Ltd (19th
(19th March,2019) March,2019) Click here for full judgement.
12
01 02 03 04 05 06
The process was conducted within the

mandatory period of 270 days. Further, ‘CoCs’
had jurisdiction to consider change in opinion
1. Lapse of a period of 270 days.
Company Appeal (AT) (62.66 % to 81.31%). As such, the order
2. To consider voting percentage
Mr. Sharad Sanghi (Insolvency) No.461, 464 & passed by AA for liquidation of the Corporate
Sections 7 & 31 of 62.66 instead of 81.31 %.
27 Vs. 548 of 2018. Debtor is set aside.
I&B Code, 2016 3. Reduction in timeline for
Ms. Vandana Garg & Ors Resolution Plan
(19th March,2019) The case is remitted back to AA to approve
the plan with modification.
The order of the AA that the Appellant is

‘Operational creditor’ and declining to initiate
‘CIRP’ on account of pre-existence of dispute is
Company Appeal (AT) unsustainable.
G. Sreevidhya Vs. 1.Status of Appellant
(Insolvency) No. 494 of Section 7 of I&B
28 M/s. Karismaa 2. Existence of dispute.
2018 Code, 2016 AA is directed to admit the application of
Foundations Pvt. Ltd (19th March,2019) Appellant as ‘Financial Creditor’
As statutory dues have direct nexus

Pr. Director General of Company Appeal (AT) with operation of the Company, all such dues
Income Tax (Admn. & (Insolvency) No. 205 of come within the meaning of ‘Operational
TPS) Status of ‘Income Tax’, ‘VAT’ or
2017,309,559,671,759 of Section 31 of I&B Debt’.
29 Vs. other statutory dues such as ‘
2018 Code, 2016 As such, no interference in the orders passed
M/s. Synergies Dooray Municipal Tax’, ‘Excise Duty’ etc.
(20th March,2019) by AA.
Automotive Ltd. & Ors.
13
01 02 03 04 05 06
As the appellant has not handed over the

properties of ‘Corporate Debtor’, the AA to
take appropriate action to enable the ‘RP’ to
Gaurav Hargovindbhai Company Appeal (AT) take over the assets.
Dave (Insolvency) No. 186 of Sections 18 & 19 Non-handing over the properties to
30 Vs. 2019. of I&B Code, 2016 the ‘Resolution Professional’ The appeal is dismissed with cost of Rs.1.00
Hema Manoj Shah & lakh to be paid by Appellant favouring
Ors (25th March,2019) Registrar, NCLT.
The insolvency petition is maintainable ,as

Pankaj Jajoo Company Appeal (AT) observed from the records. Hence, the appeal
Vs. (Insolvency) No. 312 of Section 7 of I&B The respondent is not a ‘Financial
31 is dismissed.
Asset Reconstruction 2019. Code, 2016 Creditor’
Company (India) Ltd (28th March,2019) Click here for full judgement.
Alloysmin Industries & Company Appeal (AT) On acceptance of revised ‘Resolution Plan’
Ors. Vs. (Insolvency) No. 769 of Discrimination between ‘Financial by the appellants, the revised part of plan
Section 31 of I&B
32 Punkaj Jain, R.P, Fenace 2018 and 05 of 2019. Creditors’ and ‘Operational stands approved.
Code, 2016
Auto Ltd & Anr. (28th March,2019) Creditors’.
14
01 02 03 04 05 06
Without issuing notice and impleading

Dhinal Shah Company Appeal (AT) Resolution Professional, the AA is not
Vs. (Insolvency) No. 175 of competent to make any observations against
Section 31 of I&B Adverse observations made
33 Bharati Defence 2019. him. For lapse, If any, the matter should have
Code, 2016 against Resolution Professional
Infrastructure Ltd. & been referred to IBBI.
Anr. (29th March,2019)
S.S. Natural Resources

Pvt. Ltd Company Appeal (AT) The AA is directed to pass appropriate order in
Vs. (Insolvency) No. 72,534 Section 31 of I&B Delay in approval of the accordance with law within two weeks.
34 Orissa Metaliks Pvt. Ltd. &585 of 2019. Code, 2016 ‘Resolution Plan’
& Ors (29th March,2019) Click here for full judgement.
As the notice was issued and the Advocates

Company Appeal (AT)
Sheena Adarsh Vs. appeared on behalf to CD, the Adjudicating
(Insolvency) No. 690 & Section 7 of I&B Admission of application without
35 Union Bank of India & Authority rightly admitted the application.
742 of 2018. Code, 2016 notice to CD.
Anr. (29th March,2019) Click here for full judgement.
15
NCLAT CASES FOR THE MONTH OF FEB.,2019
01 02 03 04 05 06
Review Application No. First three lines of the observations are

Ajay Sadana 01 of 2019 IN Company expunged from the order.
S Section 9 of I&B
01 Vs. Appeal (AT) (Insolvency) Review of orders.
Code, 2016
Acteon India Pvt. Ltd. No. 161 of 2017. Click here for full judgement.
(1ST February,2019)
Appeal No.291:
AA to pass appropriate order u/s 31 of the
Company Appeal (AT) Code.
M/s. Prasad Gempex (Insolvency) No. 291 & 591
02 of 2018. Rejection of claim. Further, appellants in both cases are
Star Agro Marine Exports Code, 2016 allowed to file their claims against
Pvt. Ltd. & Ors (1ST February,2019) respective CD u/s 60(6) of the Code.
The insolvency application filed by the

Board of Directors is not maintainable.
Vandana Industries Ltd. Company Appeal (AT) As such, the order passed by the AA is illegal
Vs. (Insolvency) No. 630 2018. Section 10 & 33(2) Filing of insolvency petition and set aside.
03 IL & FS Financial Services of I&B Code, 2016 without approval of shareholders. Further, the parties have settled the matter;
Ltd. & Anr (1ST February,2019) no further order is required to be passed.
16
01 02 03 04 05 06
The AA is directed to pass appropriate

Company Appeal (AT) orders within two weeks.
Kushal Ltd. (Insolvency) No. 106 of
04 2019. Delay in passing orders by AA. If any order is not passed by 22nd Feb, 19,
Ramchandra D. Code, 2016 the Appellate Tribunal may pass the order.
Choudhary & Ors. (1ST February,2019)
Company Appeal (AT) As there is a pre-existence of dispute,

Financial Pundits LLP (Insolvency) No. 103 of application for initiation of ‘CIRP’ is not
Vs. 2019. Section 9 & of I&B maintainable.
05 Pre-existence of dispute.
M/s. VSR Infratech Pvt. Code, 2016 The appeal filed is dismissed.
Ltd. (1ST February,2019)
One of the representative of ‘Operational

Creditors’ can be given opportunity to
Committee of Creditors highlight objection, if any, with regard to ‘
of Essar Steel (India) I.A. No. 172 of 2019 in Delay in passing of appropriate Resolution Plan’
through State Bank of Company Appeal (AT) Sections 24(3)© order.
06 India (Insolvency) No. 03 of & 31 of I&B Code, If no order is passed by 12th Feb, 19, this
Vs. 2019. 2016 Representation of ‘Operational Appellate Tribunal may pass appropriate
Satish Kumar Gupta & (4th February,2019) Creditors’. orders.
Ors.
Naresh Kumar Dhingra As there is debt due payable by CD and

Company Appeal (AT)
& Ors. (Insolvency) No. 73 of Section 7 of I&B Date of default is wrong and records being complete, the AA rightly
07 Vs. Form –I signed in personal admitted the application.
2019. Code, 2016
Indian Overseas Bank & capacity.
(4th February,2019)
Anr. Click here for full judgement.
17
01 02 03 04 05 06
I. A. No.229 of 2019 in As the parties have reached settlement

Amit Katyal Company Appeal (AT) before constitution of the Committee of
Section 7 of I&B Withdrawal of application on
08 Vs. (Insolvency) No. 79 of Creditors, order passed by AA is set aside.
Code, 2016 settlement of matter.
Manjula Khullar & Ors 2019.
(4th February,2019) Click here for full judgement.
The AA cannot direct SFIO enquiry except in

terms of Section 213 of the Company Act..
Mrs. Ramanathan Company Appeal (AT)
Bhuvaneshwari (Insolvency) No. 543 - 544, Section 66 of I&B Allegation regarding fraud and
09 As such, the order passed by AA is set aside.
Vs. 571 and 598 of 2018. Code, 2016 misappropriation etc.
Vipin Kumar & Ors. (4th February,2019)
As the Demand Notice was duly issued and

Company Appeal (AT)
Jai Prakash Bansal there being no pre-existence of dispute, the
(Insolvency) No. 39 of Section 9 of I&B No Document/Demand Notice in
10 Vs. application was rightly admitted by AA.
2019. Code, 2016 support of the claim
Agarwal Alloys & Anr. (4th February,2019) Click here for full judgement.
Granting opportunity to all eligible

Tata Steel Limited Company Appeal (AT) ‘Resolution Applicants’ to revises their
Vs. (Insolvency) No. 198 of Sections 7 & 31 of Numerous opportunities given to
11 ‘financial offers’ is permissible.
Liberty House Group Pte. 2019. I&B Code, 2016 ‘Resolution Applicant’.
Ltd. & Ors (4th February,2019) Click here for full judgement.
As the order has been passed to carry out

Smt. K. Bharathi Company Appeal (AT) earlier directions, there is no merit in the
Vs. (Insolvency) No. 114 & 115 Section 12 of the I Extension of time to
12 appeal. Hence dismissed.
Kotak Mahindra Bank of 2019. & B, 2016 complete ’CIRP’
Ltd. & Anr (5th February,2019) Click here for full judgement.
18
01 02 03 04 05 06
Company Appeal (AT) The AA is directed to pass appropriate order

Bank of India (Insolvency) No. 125 of Section 7 of I&B Inordinate delay in consideration on the application.
13 Vs. 2019. Code, 2016 of insolvency application.
Indu Projects Ltd. (6th February,2019 Click here for full judgement.
The appellant is to approach the AA for

Company Appeal (AT) restoration of the application. The AA
Sanjay Kapoor (Insolvency) No. 122 of Section 7 of I&B Insolvency petition rendered would revive/restore the application for
14 Vs. 2019. Code, 2016 infructuous. appropriate orders.
TDI Infrastructure Ltd (6th February,2019)
Fire Trix Engineering & As there is pre-existing dispute between

Company Appeal (AT)
Systems Pvt. Ltd. the parties since 2014, the Adjudicating
15 Vs. No pre-existing dispute. Authority rightly rejected the application.
2018 Code, 2016
Maxitech Engineering (8th February,2019)
Pvt. Click here for full judgement.
As no specific order of winding up/

liquidation has been passed by the Hon’ble
High Court, the insolvency application
preferred is maintainable. Further there
State Bank of India Company Appeal (AT) is debt payable by CD and application is
Vs. (Insolvency) No. 788 of Section 7 of I&B complete.
16 Pendency of winding up petition.
Jai Balaji Industries 2018. Code, 2016
Limited & Ors. (8th February,2019) Therefore order passed by AA is set aside.
The matter is remitted to AA to admit the
application.
19
01 02 03 04 05 06
Rahul Singhwal Company Appeal (AT) to constitution of the CoCs, the order passed
1.‘Pre-existing dispute’
Vs. (Insolvency) No. 21 of Section 9 of I&B by AA is set aside.
17 2. Settlement of laims.’
M/s. Sarvottam Rolling 2019. Code, 2016
Mills (P) Ltd. & Anr. (8th February,2019) Click here for full judgement.
As the Creditor invested money for the

purpose of projects of equity share of third
Sarang Bhand Company Appeal (AT) party, it cannot be termed to be a ‘financial
Vs. (Insolvency) No. 746 of Section 7 of I&B Status of the Creditor creditor.’ As such, insolvency petition filed
18 West Coast Ventures 2018. Code, 2016 (Financial/ Operational) was not maintainable. Accordingly, the order
(India) Pvt. Ltd. (8th February,2019) passed by AA is set aside.
Vikas Aggarwal
Suspended Director, The ‘Financial Creditor’ has removed the
Asian Colour Coated Company Appeal (AT) defects and there is existence of a default.
Ispat Limited (Insolvency) No. 587 of Section 7 of I&B ‘Financial Creditor’ failed to cure Hence, no interference with the order
19 Vs. 2018. Code, 2016 the defects. passed by AA.
1. State Bank of India (8th February,2019)
2. Asian Colour Coated Click here for full judgement.
Ispat Limited
Company Appeal (AT) In view of the agreements reached between

Mridula Agarwal (Insolvency) No. 576 & 577 the parties, no further order is required to be
20 of 2018. Settlement of the issue/matter passed.
Mehndipur Balaji Code, 2016
(8th F
Agriextensions Pvt. Ltd ebruary,2019) Click here for full judgement.
20
01 02 03 04 05 06
In both the cases, there was pre-existence

Centrum Capital Limited Company Appeal (AT) of dispute, the AA rightly rejected the
Vs. (Insolvency) No. 508 & Section 9 of I&B
21 Existence of dispute applications.
Orient Green Power 632 of 2018. Code, 2016
Company Limited (8th February,2019) Click here for full judgement.

Coal India Ltd. Company Appeal (AT) to the constitution of the ‘CoCs,’ the order
Vs. (Insolvency) No. 807 of Section 9 of I&B
22 Settlement of matter. passed by the AA is set aside.
Gulf Coil Lubricants India 2018. Code, 2016
Ltd. & Anr. (11th February,2019) Click here for full judgement.
As the parties have settled the matter and

Memorandum of Compromise has been
Mr. S. Company Appeal (AT) signed prior to the constitution of ‘CoCs’, the
Venkatasubramaniam (Insolvency) No. 59 of Section 7 of I&B
23 Settlement of matter. order passed by AA is set aside.
Vs. 2019. Code, 2016
Ms. Anitha Kumar & Anr (11th February,2019) Click here for full judgement.

Harish Bagla Company Appeal (AT) to the constitution of the ‘CoCs’, the order
Vs. (Insolvency) No. 102 of Section 9 of I&B passed by the AA is set aside
24 Settlement of matter.
Agarwal Industries Pvt. 2019. Code, 2016
Ltd. & 4 Ors. (11th February,2019) Click here for full judgement.
21
01 02 03 04 05 06
At the time of admission of insolvency

Company Appeal (AT) proceedings, no one has right to move the
Srei Infrastructure (Insolvency) No. 126 of appeal. Hence, no interference with the
Finance Ltd. Section 7 of I&B Hearing the Intervenor at the
25 2019. order passed by AA.
Vs. Code, 2016. stage of admission.
IDBI Bank Ltd. & Anr. (11th February,2019) Click here for full judgement.
Company Appeal (AT) AA is directed to expedite the matter and

ICICI Bank Ltd. Vs. (Insolvency) No. 133 of pass appropriate order.
Section 7 of I&B Frequent adjournments
26 Liberty Group Pte. Ltd. 2019. Code, 2016 in the case.
& Anr. Click here for full judgement.
(11th February,2019)
Prayer of the appellant to withdraw the

I.A. 312 & 336 of 2019 IN application in view of the settlement
Jogendra Kumar Arora Company Appeal (AT) reached is allowed. Accordingly, the order
Vs. Section 9 of Settlement of the amount
27 (Insolvency) No. 94 & 95 passed by the AA is set aside.
Dharmender Sharma & I & B Code, 2016. by the parties.
of 2019.
anr (12th February,2019) Click here for full judgement.
Company Appeal (AT) The appeal has become infructuous as order

Gigi George passed by AA under reference has already
28 Vs. ??? Settlement of matter. been set aside.
2019.
Anitha Kumaran & Anr. (12th February,2019) Click here for full judgement.
22
01 02 03 04 05 06
The AA is directed to expedite disposal of

Asset Reconstruction Company Appeal (AT) application and pass appropriate order
Company (India) Ltd. (Insolvency) No. 151 of Section 7 of I&B Delay in disposal of admission
29 preferably within two weeks.
Vs. 2019. Code, 2016 of application.
GPT Steel Industries Ltd. (15th February,2019) Click here for full judgement.
As OTS proposal was rejected by Financial

Creditor and there is existence of debt and
default, the AA has correctly admitted the
Time requested for OTS. reference.
Shalini Publicity Creative Company Appeal (AT)
Pvt. Ltd. (Insolvency) No. 153 of Section 7 of I&B OA is pending for adjudication
30 Records show that the claim is not time-
Vs. 2019. Code, 2016 before DRT. barred by limitation.
Dena Bank (18th February,2019)
Claim time barred by Limitation. The appeal is dismissed.
Appellant to file before AA an additional

affidavit together with copies of orders of
M/s. Grid Infra Tech Pvt. Company Appeal (AT) the Hon’ble Supreme Court. Also provide
Ltd. Vs. (Insolvency) No. 33 of Section 9 of Adjournment of the present status of the cases.
31 M/s. Hythro Power 2019. I & B Code, 2016. proceedings sine die. On filing of such affidavit, the AA to pass
Corporation Ltd. (22nd February,2019) appropriate orders.
As the claim is a disputed one, it cannot be

Company Appeal (AT) decided by RP/AA. The issue can be raised
M/s. Roma Enterprises (Insolvency) No. 232 of Section 18 of at an appropriate stage I.e. after
32 Vs. 2018. Rejection of Claim.
I&B,Code,2016 moratorium is over.
Mr. Martin S.K. Golla, R.P
(22nd February,2019) Click here for full judgement.
23
01 02 03 04 05 06
As both the ‘Resolution Plans’ were rejected
by
‘CoCs’, the issue of ineligibility of directors is
Ajay Agarwal & Anr. Company Appeal (AT) not being decided.
Vs. (Insolvency) No.792 & 793 Section 29 A of the Ineligibility of directors to submit
33 Ashok Magnetic Ltd. & of 2018. I & B Code,2016 ‘Resolution Plan’ Further, the liquidator is directed to act in
Ors (22nd February,2019) accordance with law.
The CIRP proceeded as per the Code. One of

the “Resolution Applicants’ is ineligible u/s
The ‘CIRP’ had not proceeded in 29A (g). Hence, no interference is called for.
Rajesh Balasubramanian Company Appeal (AT) Section accordance with law.
Vs. (Insolvency) No. 182 & 183
34 29A(g) &31 of The ‘Liquidator’ is directed to proceed as
M/s. Everon Castings of 2019. I&B,Code,2016 Ineligibility of Resolution per law
Pvt. Ltd. & Anr (25th February,2019) Applicant.
The order passed by AA suffers from serious

legal infirmities, it is set aside.
Sarla Tantia Company Appeal (AT) Further, since the debt and default
Vs. (Insolvency) No. 513 of Section 9 of
35 pre-existing dispute is established, the AA will admit the
Ramaanil Hotels & 2018. I & B Code, 2016 application.
Resorts Pvt. Ltd. (25th February,2019)
24
01 02 03 04 05 06
Mr. Navneet Kumar As ‘Resolution Professional’ have no
Gupta, Resolution adjudicatory powers to reject the claim.
Company Appeal (AT)
Professional of Monnet (Insolvency) No. 743 of Section 18 of I&B
36 Power Company Ltd. Rejection of claim by ‘RP’ He is directed to act in accordance with the
2018. Code,2016
Vs. directions of AA.
Bharat Heavy Electricals
Limited. Click here for full judgement.
As ’Resolution Plan’ was not submitted

within 270 days, no interference in the order
Company Appeal (AT)
Ms. Lima Rose Vs. of AA.
(Insolvency) No. 191-193 of Section 33(1) of The CIRP’ not proceeded
37 M/s. Air Carnival Pvt. Ltd. 2. ‘Liquidator’ to proceed in accordance with
2018. I&B Code,2016 as per law.
& Ors. the law.
The ‘Financial Creditor’ is allowed to

withdraw the application as the parties
Krishna Kumar Mintri Company Appeal (AT) have settled the claim.
Vs. (Insolvency) No. 456 of Section 7 and 12A
38 Withdrawal of application.
Kamesh Kumar 2018. of I&B Code, 2016 The order passed by the AA is set aside.
Singhania & Anr. (27th February,2019)
As the parties have settled the claim prior to

Company Appeal (AT)
Sonal Jayesh Shah the constitution of ‘CoCs’, the order passed
(Insolvency) No. 110 of Section 9 of
39 Vs. Kamlesh Kumar Settlement of claim. by the AA is set aside.
2019. I & B Code, 2016
Singhania & Anr (27th February,2019) Click here for full judgement.
25
01 02 03 04 05 06
If the members or the ‘Corporate Debtor’/

‘Creditors’ approach for compromise/
or with a proposal of payment to the
Company Appeal (AT)
Y. Shivram Prasad creditor(s), the Liquidator is to move an
(Insolvency) No. 224 & Section 33(1) of Opportunity not given to
40 Vs. application u/s 230 of the Companies Act,
286 of 2018 I&B Code,2016 settle the matter.
S. Dhanapal & Ors. 2013 before the AA.
There is debt which was payable but not

Company Appeal (AT) paid. Hence, the insolvency reference
Paramjit Gandhi Vs. (Insolvency) No. 512 of was maintainable. Accordingly, the
Section 7 of I&B
41 Amit Kumar Malik & Anr 2018. Settlement of the matter. appeal is dismissed.
Code, 2016
Since parties have reached settlement

Anand Rai Company Appeal (AT) prior to the constitution of the ‘CoCs’
Vs. (Insolvency) No. 55 of Section 9 of the ‘Operational Creditor’ is allowed to
42 Walsons Services Pvt. 2019. I & B Code, 2016. Settlement of claim. withdraw the application.
Ltd. & An (28th February,2019)
26
NCLAT CASES FOR THE MONTH OF January,2019

01 02 03 04 05 06
As the claim is not time barred by limitation,

Agarwal Coal Company Appeal (AT) order passed by AA is set aside. The matter is
Corporation Ltd. (Insolvency) No. 594 of Section 9 of I&B remitted to NCLT to admit the application as
01 Claim time barred by limitation.
Vs. 2018. Code,2016 per law.
Shriram Cement Ltd. (3rd January,2019)
1. AA has no jurisdiction to convert ‘CIRP’ as

1. Conversion of ‘CIRP’ to a ‘Fast ‘Fast Track CIRP’.
Track CIRP.’
Section 9, 55 of 2 On completion of 270 days, the CoCs have no
Company Appeal (AT)
Sanjay Kumar Ruia I&B Code,2016 & jurisdiction to replace a ‘RP’.
(Insolvency) No. 560 of 2. Replacement of ‘Resolution
Vs. regulation 34 of
02 2018. Professional’.
Catholic Syrian Bank IBBI (Insolvency 3. AA had no jurisdiction to decide the
(3rd January,2019)
Ltd. & Anr Process for CD) Resolution Cost of the ‘RP’.
3. To decide the Resolution
Regulations,2016 Cost payable to ‘Resolution
Professional’. The order passed by AA is set aside.
27
01 02 03 04 05 06
M/s. Yash Technologies Company Appeal (AT) There is an existence of dispute. Hence, appeal
Pvt. Ltd. (Insolvency) No. 01 of Sections 9, of I&B is dismissed.
03 Vs. Pre –existence of dispute.
2019. Code,2016
M/s. Base Corporation
Limited (3rd January,2019) Click here for full judgement.
Committee of Creditors Company Appeal (AT) In case, no final order is passed by AA in the
of Essar Steel (India) (Insolvency) No. 03 of next hearing, the Appellant is to bring the fact
Ltd. Section 31 of I&B
04 2019. Non-disposal of matter. before this Appellate Authority.
Vs. Act,2016
Satish Kumar Gupta &
Ors. (3rd January,2019) Click here for full judgement.
Company Appeal (AT) Without considering whether Appellant is

Dorairaj Thillairaj & Anr. ineligible or otherwise, the appeal filed is
Vs. Section 29 A of Nominee Director to be a dismissed as his ‘plan’ is found ‘non-viable
05 2018.
Ashok Magnetic Ltd. & I&B Act,2016 ‘Resolution Applicant’. and feasible’ by CoCs.
Ors. (4th January,2019) Click here for full judgement.
The Dhar Textile Mills The AA is directed to pass appropriate

Company Appeal (AT)
Ltd. order on merit on next date without
(Insolvency) No. 11 of 2019.
Vs. Section 7 of I&B Delay in admission /rejection of adjourning the matter.
06 Asset Reconstruction Code,2016 insolvency petition.
(7th January,2019)
Company Click here for full judgement.
(India) Ltd.
28
01 02 03 04 05 06
Without initiating ‘CIRP’ against the ‘Principal

Borrower’, the ‘Financial Creditor’ can trigger
Initiation of CIRP against a ‘CIRP’ against the ‘Corporate Guarantors’.
‘Corporate Guarantors’:
Dr. Vishnu Kumar Company Appeal (AT) 2. ‘Financial Creditor’ cannot trigger ‘ÇIRP’
Agarwal (Insolvency) No. 346 & 347 (i)against two ‘Corporate against the two ‘Corporate Debtors’’ for the
Section 7 of I&B
07 Vs. of 2018. Guarantors’ simultaneously by the same claim amount.
Code,2016
M/s. Piramal same set of claim
Enterprises Ltd (8th January,2019) (ii) if the Principal Borrower is Therefore, Appeal No. 346 of 2018 is dismissed
not a CD. and Appeal No. 347 of 2018 is allowed
Ferro Alloys Corporation Ltd (92/2017):
The appeal of CD through (suspended) Board

of Directors is not maintainable.
Bank of India(148/2017) :
Role of Consortium Banks at the At the stage of admission of insolvency
Ferro Alloys Corporation time of admission of Insolvency
Company Appeal (AT) petition, the intervener has no role to play. The
Ltd., petition.
(Insolvency) No. 92, 93, & Section 7 of I&B appeal is rejected.
08 Vs. 148 of 2017. Code,2016
Rural Electrification Maintainability of ‘CIRP’ against
(8th January,2019) Raj Bahadur Shree Ram and Company Pvt. Ltd
Corporation Ltd., ‘Corporate Guarantor’. (93/2017):
Without initiating ‘CIRP’ against the ‘Principal

Borrower’, the ‘Financial
Creditor’ can trigger ‘CIRP’ against the
‘Corporate Guarantors’.
29
01 02 03 04 05 06
After approval of the Resolution Plan, it is not

Kotak Mahindra Prime Company Appeal (AT) open to the Appellant to move an appeal.
Ltd. (Insolvency) No. 16 of Section 61(3) of The appeal is dismissed.
09 Vs. Delayed submission of claim.
2019. I&B Code,2016
Rave Scans Pvt. Ltd. & (8th January,2019)
Ors Click here for full judgement.
There exist ‘debt’ & ‘default’ and also records

Company Appeal (AT)
Shashi Kanth Jain are complete. Hence, no ground to interfere
VS. Section 9, of I&B Opportunity not provided with the order of AA.
10 2018.
M/s. Alloys & Metals Code,2016 to file reply.
(India (8th January,2019) Click here for full judgement.
Susant Pujari, Company Appeal (AT) As nobody appeared on behalf of the parties,
VS. (Insolvency) No.400 of the appeal is dismissed for non-prosecution.
11 M/s. Swastika Steel and - Non-appearance of parties.
2018.
Allied
Products Pvt. Ltd. (8th January,2019) Click here for full judgement.
Karan Gambhir, Company Appeal (AT) The AA passed order for liquidation only on
Vs. (Insolvency) No. 779 of completion of 180 days.
Section 33(2), of Liquidation Order
12 Sajeve Bhushan Deora, 2018. Hence, the appeal is dismissed.
I&B Code,2016 passed after 80 days.
Liquidator for Forgings
Pvt. Ltd. (9th January,2019) Click here for full judgement.
30
01 02 03 04 05 06
AA is to decide admission of the insolvency

DEB Kumar Majumder Company Appeal (AT) application taking into consideration whether
& Ors. (Insolvency) No. 44 of Sections 7 & 11 of Pendency of winding up winding up proceedings has already been
13 Vs. 2019. I&B Code,2016 Proceedings initiated against the ‘corporate debtor’ or not.
State Bank of India (14th January,2019)
As the ‘Resolution Applicant’ was covered by

Paresh C. Shah the provision of Section 29A,he was not eligible
Company Appeal (AT)
Vs. to submit the Plan.
(Insolvency) No. 539 of Sections 29 of Submission of ‘Resolution Plan’
14 Udupi Vasudev Ganesh Hence, appeal is dismissed.
2018. I&B Code,2016 by a wilful defaulter.
Nayak & Ors (14th January,2019) Click here for full judgement.
As the matter would be taken up shortly by

IDBI Bank Ltd. Company Appeal (AT) AA, it is expected that the NCLT, will pass
Vs. (Insolvency) No. 51 of Section 7 of I&B Delay in-disposal of insolvency
15 appropriate order.
Odisha Slurry Pipeline 2019. Code,2016 application.
Infrastructure Ltd. (15th January,2019) Click here for full judgement.
D Srinivasulu and Anr. Company Appeal (AT) There is pre-existence of dispute. Hence the
Vs. (Insolvency) No. 190 of Section 9 of I&B order passed by AA is set aside.
16 Pre-existence of dispute
Dr. Reddy’s Laboratories 2017 Code,2016
Ltd. 14th January,2019) Click here for full judgement.
31
01 02 03 04 05 06
Company Appeal (AT) ‘CIRP’ initiated against Subsidiary Company

Ashok B. Jiwrajka, (Insolvency) No. 683 of Discontinuance of
Section 7 of I&B will continue.
17 Vs. 2018. resolution process against
Code,2016 .
Axis Bank Ltd Subsidiary Company
(16th January,2019) Click here for full judgement.
Invocation of ‘Corporate Guarantees’ is

subject to occurrence of default. Since there
Export Import Bank of Company Appeal (AT) is no default by the ‘Principal Borrower’, the
India Liability of a surety not
(Insolvency) No. 51 of Section 7 of I&B Guarantee cannot be invoked.
18 co-extensive with the ‘Principal
2018. Code,2016
Vs. Borrower’.
(16th January,2019) The appeal, therefore, stands dismissed.
CHL Limited
There was no debt payable and no default

Sh. Ved Prakash Company Appeal (AT) exists as on date of admission of Insolvency
Vs. (Insolvency) No. 45 of Section 9 of I&B petition. Therefore, order passed by the
19 Settlement of dues.
M/s. Navkar Traders & 2019. Code,2016 Adjudicating Authority is set aside.
Anr (17th January,2019)
32
01 02 03 04 05 06
As there were substantial grounds warranting

Ajay Agarwal Company Appeal (AT) exclusion of 90 days period from ‘CIRP’ period,
Vs. (Insolvency) No. 61 of Section 12 of I&B Exclusion of time period from the the order passed by AA does not suffer from
20 Shantanu T. Ray, RP of 2019. Code,2016 ‘CIRP’ period. any legal infirmity.
AML Steel and Power (18th January,2019)
Ltd. & Ors Click here for full judgement.
Demand Notice served on Corporate Office, is

as valid service of notice. Further, as no dispute
Alloysmin Industries Company Appeal (AT) exist about the claim and its default, the order
Vs. (Insolvency) No. 684 of Sections 8 & 9 of Non-service of Demand Notice on passed by AA is set aside.
21 Raman Casting Private 2018. I&B Code,2016 the Registered Office. The case is remitted to AA for admission of
Limited (21st January,2019) application.
1. As the amount disbursed comes within the

meaning of ‘financial debt’ the IL&FS is a
‘Financial Creditor’.
.
1. IL&FS does not qualify as 2. As the application was filed well within the
Company Appeal (AT) ‘Financial Creditor.’
Pushpa Shah & Anr. period of three years, it is not time barred by
(Insolvency) No. 521 & 643
Vs. Sections 5(8) & 7 limitation.
22 of 2018. 2. Application filed was barred by
IL&FS Financial of I&B Code,2016 limitation.
Services Limited & Anr 3. There is a continuous cause of action. Hence
(21st January,2019) ,claim filed is not barred by limitation
3. Claim was barred by limitation.
Appeals stand dismissed.
33
01 02 03 04 05 06
Company Appeal (AT) As notice was not served on the ‘Corporate

Mr. Anmol Tekriwal (Insolvency) No. 570 of Debtor,’ the order passed by NCLT, is in violation
Vs. Sections 8 & 9 of
23 2018. Non-service of Notice. of natural justice. So is set aside.
M/s. M.N. Auxichem & I&B Code,2016
( 22nd January,2019)
Anr Click here for full judgement.
Anil Kumar Tulsiani Company Appeal (AT) As the parties have already settled the matter,
Vs. (Insolvency) No. 35 of Section 7 of I&B order of the AA is set aside.
24 Rakesh Kumar Gupta Existence of no default
2019. Code,2016
& An ( 22nd January,2019) Click here for full judgement.
Kumar Dutta, Company Appeal (AT) As the appeal not filed within 45 days, it is
Sections 9 &
Vs. (Insolvency) No. 69 of dismissed being barred by limitation.
25 61(2) of I&B Condonation of delay.
Simplex Infrastructure 2019. Code,2016
Ltd. ( 22nd January,2019) Click here for full judgement.
I.A. No. 1809 of 2018 As no ground could be made out to modify

Ranvir Ranjit IN the order passed by AA, the prayer made is
Company Appeal (AT) Section 7 & 14 of Modification of AA order in respect
26 rejected.
Vs. (Insolvency) No. 646 of I&B Code,2016 of rental receivables aaaaaaa
Vijay R. Vakharia & Ors 2018.
( 22nd January,2019) Click here for full judgement.
34
01 02 03 04 05 06
There exist debt and default. Further,

Sanjeev Azad & Anr. Company Appeal (AT) record submitted is complete. There is
Vs. (Insolvency) No. 65 of Section 7 of I&B no merit in the appeal.
27 Form-1 submitted is incomplete.
Punjab National Bank 2019. Code,2016
& Anr ( 23rd January,2019) Click here for full judgement.
On acceptance of Resolution Plan by AA,

Assam Company India Company Appeal (AT) Corporate Debtor is under the control of
Ltd (Insolvency) No. 82 of Successful Resolution Applicant.
Vs. Section 31 of I&B Appeal by erstwhile Director on
28 2019. Hence, appeal by erstwhile Director of the
Numazar Dorab Mehta Code,2016 passing of order by AA
(23rd January, 2019). Company is not maintainable.
& Ors.
Rokadoba Maharaj
Ginning & Pressing Pvt. Company Appeal (AT) The AA will pass appropriate reasoned order on
Ltd. (Insolvency) No. 76 of Section 9 & 31 of Delay in passing appropriate the application on the next date..
29 Vs. 2019. I&B Code,2016 order by AA
Sel Manufacturing (23rd January, 2019). Click here for full judgement.
Company Ltd.
Committee of Creditors I.A. No. 172 of 2019 IN The AA is directed to pass appropriate order
of Essar Steel (India) Company Appeal (AT) by the next date failing which this Appellate
Ltd. Through State (Insolvency) No. 03 of Section 31 of I&B Tribunal may call for the records and pass
30 Bank of India Delay in disposal of IA.
2019. Code,2016 appropriate order.
Vs.
Satish Kumar Gupta &
Ors. (23rd January, 2019). Click here for full judgement.
35
01 02 03 04 05 06
The respondent is not an ‘operational creditor’,

and, therefore, the insolvency application was
Company Appeal (AT)
Kavita Anil Taneja not maintainable.
(Insolvency) No. 545-546 Section 9 of I&B Respondent is not an
31 Vs. Accordingly, the order passed by the
of 2018. Code,2016 ‘Operational Creditor’.
ISMT Limit AA is set aside.
(24th January, 2019).
Mr. Dingo Ku
Vs. The AA failed to issue notice to the Corporate
1. M/s. Suntech Infra Debtor prior to admission of the case. There is
Company Appeal (AT)
Solutions Pvt. Ltd. also a pre-existing dispute.
32 2. Mr. Vijender Sharma, Non-issuance of notice by the AA As such, admission of insolvency application
2018. Code,2016
Interim was not maintainable.
(24th January, 2019
3. M/s. CINDA
Engineering & Click here for full judgement.
Construction Pvt. Ltd.
As appellant claim is being considered

KEC International Ltd Company Appeal (AT) by Resolution Professional, no
Vs. (Insolvency) No. 701 of Section 9 of I&B interference is called for.
33 Dispute regarding amount claimed
Logic Eastern India Pvt. 2018. Code,2016
Ltd. (25th January, 2019) Click here for full judgement.
36
01 02 03 04 05 06
Yogesh Bosmiya & Ors. Non-acceptance of request of time for

Vs. Company Appeal (AT) settlement of claim cannot be ground to set
India Asses Growth (Insolvency) No. 78 of Section 7 of I&B Request for time to
34 aside the order passed by the AA.
Fund Through Essel 2019. Code,2016 settle the claim.
Finance Advisors & (25th January, 2019)
Managers LLP & Anr Click here for full judgement.
The AA is directed to pass appropriate order on

KKR Jupiter Investors Company Appeal (AT) the application not beyond three weeks.
Pte. Ltd. (Insolvency) No. 786 of Section 7 of I&B Delay in admission of Further, intervener is not required to be heard
35 Vs. 2018. Code,2016 insolvency petition at the stage.
IDBI Bank Ltd. & Anr (28th January, 2019)
Company Appeal (AT)

Hindustan Oil As the order passed by AA already stand
Exploration Co. Ltd. Section 31 of I&B Non-consideration of quashed, no specific direction is required.
36 2018.
Vs. Code,2016 ‘Resolution Plan’
JEKPL Pvt. Ltd. & Anr. (28th January, 2019) Click here for full judgement.
Company Appeal (AT) The AA is directed to pass appropriate order in

State Bank of India Vs. (Insolvency) No. 427 of Section 31 of I&B Resolution Plan is pending accordance with law within three weeks.
37 Shri Gopalsamy Ganesh 2018 Code,2016 for approval
Babu
(28th January, 2019) Click here for full judgement.
37
01 02 03 04 05 06
Chhattisgarh State The Liquidator is to pass appropriate order with

Company Appeal (AT)
Industrial Development regard to land in question and communicate
(Insolvency) No. 447 of Section 33 & 36
38 Corporation Ltd. Cancellation of Lease Deed the decision to Appellant.
2018. of I&B Code,2016
Vs. (28th January, 2019)
Sanjay Gupta & Anr. Click here for full judgement.
Aluminium Udyog Company Appeal (AT) As there is pre-existing of dispute, initiation of

Vs. (Insolvency) No. 93 of Section 9 of I&B CIRP is rightly refused by the AA.
39 Pre-existing dispute
Parnika Commercial & 2019. Code,2016
Estates Pvt. Ltd (29th January, 2019 Click here for full judgement.
As no Resolution Plan was submitted within in

B. R. Traders & Ors. Company Appeal (AT) Resolution Professional did 270 days, the AA rightly passed the order for
Vs. (Insolvency) No. 92 of Section 33(2) of
40 not request for submission of liquidation.
Oceanic Edibles 2019. I&B Code,2016 Resolution Plan
International Ltd. & Ors. (29th January, 2019 Click here for full judgement.
Contempt Case (AT) No. As no case is made out to initiate case for
Shri Kishore Shankar 04 of 2019 in contempt against the Resolution Professional
Signapurkar Company Appeal (AT) Contempt case against Resolution (RP), the case is dismissed.
41 Vs. -
(Insolvency) No. 739 of Professional.
Prakash Dattatraya 2018
Naringrekar, RP (29th January, 2019) Click here for full judgement.
38
01 02 03 04 05 06
The order passed by AA is set aside, as it is in

violation of principle of Natural Justice.
1. Pre -existence of dispute.
Kumar Vihaan Company Appeal (AT) However, as the parties have settled their
Vs. (Insolvency) No. 800 of Section 9 of I&B 2. Non-issue of Notice by AA.
42 claims, the case is not remitted back to AA for
Overseas Packaging 2018. Code,2016 fresh hearing.
Industries Pvt. Ltd. & An (29th January, 2019) 3. Settlement of claim.
In view of the provision of Section 230 of

Company Appeal (AT) the Companies Act, 2013, the ‘Liquidator’ is
S.C. Sekaran (Insolvency) No. 495 & Section 31 of I&B To keep the companies as ‘going directed to proceed in accordance with law.
43 Vs. 496 of 2018. Code,2016 concern’.
Amit Gupta & Ors. (29th January, 2019)
Company Appeal (AT) As the Notification was illegal, the order passed
Gail (India) Ltd. (Insolvency) No. 294 of Section33(1) of by the AA is set aside.
44 Vs. Legality of the Notification.
2018. I&B Code,2016
M/s. Neycer India Ltd (29th January, 2019) Click here for full judgement.
39
01 02 03 04 05 06
As there was a ‘pre-existing dispute’, the orders

Mr. Raghu Rama Company Appeal (AT) passed by AA are set aside.
Krishna Raju (Insolvency) No. 552 & 553 1. Pre-existing dispute. 2. Further, as the parties have settled the
Section 9 of I&B
45 Vs. of 2018 2. Settlement of claims matter, they are bound by the
Code, 2016
Gandhar Oil Refinery by the parties. “terms of Settlement”
(India) Ltd. (30th January,2019)
M/s Dynepro Private

Limited As the AA has no jurisdiction to decide the
Company Appeal (AT)
Vs. Sections 18 & claim/counter claim on the material, it has
(Insolvency) No. 229 & 262 Release of material during the
46 Mr. V. Nagarajan 60(5) of rightly passed the orders.
of 2018. Resolution Process.
Resolution Professional I & B Code, 2016.
(30th January,2019)
In respect of M/s Cethar Click here for full judgement.
Limited
Pushti Impex Due to Non-issuance of Demand Notice,

Company Appeal (AT) 1 Sections 419(4)
Vs. insolvency application is not maintainable.
(Insolvency) No. 435 of and
47 Shree Satyanarayan No pre-existence of dispute. As such, transfer petition stood abated.
2018. 9 of I&B Code,
Industrial Suppliers (30th January,2019) 2016
Private Limited Click here for full judgement.
Shailesh Sangani Company Appeal (AT) As the amount of debt falls within the purview
Vs. Amount claimed
(Insolvency) No. 616 of Section 7 of I&B of ‘financial debt’, no merit in this appeal..
48 1. Joel Cardoso is not a ‘Financial Debt’
2018. Code, 2016
2. Priority Marketing
Private Limited (30th January,2019) Click here for full judgement.
40
01 02 03 04 05 06
Committee of Creditors Moratorium is not applicable in case of

of Company Appeal (AT) payment of current rent against the rented
49
M/s. Xalta Food and (Insolvency) No. 104 of Section 14 of I&B Payment of current rent of the premises of CD. Hence, the order is rightly
Beverages Pvt. Ltd. 2019. Code,2016 rented premises. passed for payment of rent by AA.
Vs. (31stJanuary,2019)
Ms. Prerna Singh Click here for full judgement.
As the (i) parties have settled the matter

Company Appeal (AT) 1.No ‘default’ in payment of before constitution of the ‘CoCs, & (ii)
Arjun Puri (Insolvency) No. 52 of ‘Debt’.
Section 7 of I&B respondent wants to withdraw the application,
50 Vs. 2019. 2. The parties have already
Code, 2016 the order passed by AA is set aside.
Kunal Prasad & Ors. settled the claim
(31stJanuary,2019) Click here for full judgement.
41
NCLAT CASES FOR THE MONTH OF December,2018

01 02 03 04 05 06
Company Appeal (AT)

M/s. Bee Kay Precisum The appeal is dismissed due to non-filing of
(India) Pvt. Ltd. petition for substitution of appellant.
01 2018. - Substitution of Appellant
Vs.
R.G. Steel ( 3rd December,2018) Click here for full judgement.
Prowess International Company Appeal (AT) In view of the settlement reached between the
Pvt. Ltd. (Insolvency) No. 574 of Section 9 of I&B aaaaaaaa Settlement reached parties, withdrawal of appeal is permitted.
02 Vs. 2018. Code,2016 between the parties
Jai Balaji Industries Ltd ( 3rd December,2018) Click here for full judgement.
The guarantor is not a necessary party at

Shyam Sunder Bhatter Company Appeal (AT) Section 7 the time of admission of application. Hence,
Vs. (Insolvency) No. 728 & 729 Not impleading the guarantors as
03 of I&B Code,2016 appeal is dismissed.
Punjab National Bank of 2018. a party respondent to the CIRP.
& Anr ( 3rd December,2018) Click here for full judgement.
42
01 02 03 04 05 06
Export-Import Bank of Company Appeal (AT) Shareholder’s right to approve /disapprove

India & Anr. (Insolvency) No. 754 of the decision to proceed with ‘CIRP’ is not stand
Vs. Section 10 of I&B Voting right of the shareholder for
04 2018. curtailed by Deed of Pledge of Securities.
Astonfield Solar Code,2016 initiation of ‘ÇIRP’.
(Gujarat) Pvt. Ltd. &
Anr. ( 4th December,2018) Click here for full judgement.
Company Appeal (AT) The AA is directed to decide the question of

Asset Reconstruction (Insolvency) No. 615 of admissibility of application and dispose of the
Company (India) Ltd. 2018. Section 7 of I&B
05 Disposal of application. same within two weeks.
Vs. Code,2016
Neesa Leisure Ltd ( 5th December,2018) Click here for full judgement.
Company Appeal (AT)

Pallavada Technical The appeal is dismissed as withdrawn on
Textiles Park Pvt. Ltd. Section 9 of I&B settlement of the Issue.
06 2018. Settlement of the matter.
Vs. Code,2016
Unique Roof Pvt. Ltd ( 5th December,2018) Click here for full judgement.
Company Appeal (AT)

Manish Agarwal, IRP (Insolvency) No. 658 of The AA order to refund the amount is set aside.
Fixation of fee/ amount payable
07 Vs. 2018. - to the IRP.
G.S. Express Pvt. Ltd Click here for full judgement.
( 6th December,2018)
43
01 02 03 04 05 06
Rajesh Dinanath Company Appeal (AT)

Dabhade On settlement of the matter, the prayer of the
Vs. appellant to withdraw the appeal is allowed.
08 2018. - Settlement of the matter
Jumbo Tanks &
Equipments Pvt. Ltd. ( 6th December,2018) Click here for full judgement.
& Anr
Consolidated For representation in the CoCs, the

Company Appeal (AT)
Engineering ‘Operational Creditors’ should have 10% of
Company & Anr. Sections 24(3) Representation of ‘Operational the total debt as collated and verified by the
09 2018.
Vs. of I&B Code,2016 Creditors’. Resolution Professional.
Golden Jubilee Hotels ( 12th December,2018)
Pvt. Ltd. Click here for full judgement.
Sections 7 &
30(2) of I&B
Code, 2016.
Company Appeal (AT) Regulation 33 of IRP is to be paid a sum of Rs.1.75 lakhs.
Bhasin Infotech and (Insolvency) No. 491 of the IBBI Accordingly, order passed by AA stands
Infrastructure Pvt. Ltd. Payment of fee/expenses to
10 2018. (Insolvency modified.
Vs. Interim Resolution Professional.
Resolution
Gurpreet Singh ( 13th December,2018) Process for Click here for full judgement.
Corporate
Persons)
Regulations,2016
Company Appeal (AT) Once the order of liquidation is passed by AA,

ICICI Bank Ltd. (Insolvency) No. 772 & 774 the CoCs ceased to exist and become functus
Section 7, 33(1) Removal of Resolution
11 Vs. of 2018. officio. Hence, appeal is dismissed.
(a) & 34(1) Professional (RP).
Mr. V. Nagarajan
( 13th December,2018) Click here for full judgement.
44
01 02 03 04 05 06
Edelweiss Asset Company Appeal As the approved Resolution Plan is not

Reconstruction (AT) (Insolvency) No. Section 10, 31(1) Approved ‘Resolution Plan’ violative of any provision of Code, the appeals
Company Ltd. 169,170,171,172 & 173 of
12 & 60(5) of I&B suffers from numerous material filed are dismissed.
Vs. 2017. Code,2016 irregularities.
Synergies Dooray
Automotive Ltd. & Ors. ( 14th December,2018) Click here for full judgement.
The AA rightly rejected the application

Company Appeal (AT) for review or recall as the same was not
Kamesh Badhana (Insolvency) No. 780 of maintainable.
13 Vs. 2018. - Review and Recall of order. Therefore, the appeal is dismissed.
Govind Ram & Ors
( 14th December,2018 Click here for full judgement.
1. The property belongs to MHADA and cannot

be treated as the asset of the ‘Corporate
Mr. Rajendra K. Bhuta Debtor.
Resolution Professional Company Appeal (AT)
Vs. (Insolvency) No. 119 of Section 7 & 14(1) 2. On a lapse of a period of 270 days, the period
14 Maharashtra Housing 2018. (d) of Recovery of property by MHADA. of moratorium has come to an end.
and Area Development I&B Code,2016
Authority ( 14th December,2018) No merit in the appeal and is dismissed.
(MHADA
45
01 02 03 04 05 06
SKS Power Generation As the interim order was passed by the

Chattisgarh Limited AA without deciding the question of
Company Appeal (AT)
Vs. maintainability of application u/s 43 &45 of
Mr. V Nagarajan, Sections 43, & 45 Preferential and undervalued the Code, it is set aside.
15 2018.
Resolution Professional of I&B Code,2016 transactions Further, the matter is remitted to AA to decide
in respect of M/s. the application on merit.
( 14th December,2018)
Cethar
Limited & Ors Click here for full judgement.
In case, the AA decides that the documents

Deccan Value Investors Company Appeal (AT) called for are relevant for disposal of
L.P. & Anr. (Insolvency) No. 787 of application, the Appellant be allowed to have
16 2018. Access to the documents. access to such documents before taking final
Mr. Dinkar Code,2016 decision on ‘Resolution Plan’.
Venkatasubramanian ( 18th December,2018)
& Ors Click here for full judgement.
As the shareholders /promoters are not the

Creditors, they cannot be treated at par with
1. No amount provided under the
Company Appeal (AT) other Creditors.
Lalit Mishra & Ors. ‘Resolution Plan’ for the promoter
Vs. Section 30(6) of shareholders
17 2018. 2. Further, different amount given to
Sharon Bio Medicine I&B Code,2016 2. Discrimination against the promoters/ shareholders and other equity
Ltd. & Ors. Promoters who are ‘personal
( 19th December,2018) shareholders is not a discrimination.
guarantors’
46
01 02 03 04 05 06
Gammon India Ltd. As the AA rightly held that application is not

Company Appeal (AT)
Vs. maintainable against one of the members of
18 Neelkanth Mansions Application against partnership . partnership firm, the appeal is dismissed.
2018. Code,2016
and Infrastructure Pvt. ( 19th December,2018)
Ltd Click here for full judgement.
Gursimran Singh, As no notice has been issued by the AA, the

Director of Company Appeal (AT) order passed for admission of insolvency
1. Non-issue of Notice by AA.
M/s Downtown (Insolvency) No. 733 of proceedings is set aside.
Section 7 of I&B
19 Temptations Pvt. Ltd. 2018. 2. Further, in view of settlement of matter, the
Code,2016 2. Settlement of issue/matter.
Vs. case is not remitted to AA.
Indiabulls Housing ( 20th December,2018)
Finance Ltd. Click here for full judgement.
I.A. No. 2081 & 2082 of As no notice has been issued by the AA, the
2018 order passed for admission of insolvency
Mukesh Agarwal IN 1. Non-issue of Notice by AA. proceedings is set aside.
20 Company Appeal (AT) 2. Further, in view of settlement of matter, the
Ultimate Infracity Pvt. Code,2016
(Insolvency) No. 766-767 2. Settlement of issue/matter case is not remitted to AA
Ltd. & Anr of 2018.
( 20th December,2018) Click here for full judgement.
Period between filing application for approval

Shailen Shah, of the name of the appellant and date of
Resolution Professional Company Appeal (AT) Exclusion of period for counting communication of the order is to be excluded
Vs. (Insolvency) No. 724 of Section 27 of I&B
21 the total period of 270 days of for the purpose of counting the period of 270
DBM Geotechnics & 2018. Code,2016 resolution process. days.
Construction Ltd ( 20th December,2018)
47
01 02 03 04 05 06
Company Appeal (AT) In view of the settlement between the parties,

Mr. Nimish Mansukhlal (Insolvency) No. 706 of the order passed by AA is set aside.
Vora Section 7 of I&B
22 2018. Settlement of matter
Vs. Code,2016
M/s. S.J. Impex & Ors. Click here for full judgement.
( 21st December,2018)
The appellant is an ‘Operational Creditor’ and

there is no pre- existence of dispute. Hence, the
Overseas Infrastructure Company Appeal (AT) order passed by the AA is set aside.
Alliance (India) Pvt. Ltd (Insolvency) No. 582 of Sections 8(1) & 1. Transaction is an Operational
23 Vs. 2018. 9 of I&B Debt. 2. The matter is remitted back to the AA to
Kay Bouvet Engineering Code,2016 2. Non-Existence of dispute. admit the petition.
Ltd. ( 21st December,2018)
48
NCLAT CASES FOR THE MONTH OF NovEMBER.,2018
01 02 03 04 05 06
The appellant is to file a fresh application along

Company Appeal (AT) with record of ‘default’ and the ‘debt’ payable to
(Insolvency) No. 666 of Section 10 Non-furnishing of ‘Financial Creditors’/ ‘Operational
01 Uberlux Concepts LLP. 2018 of record of ‘default.’ Creditors’.
I&B Code,2016
(1st November,2018) Click here for full judgement.
Since the revised Resolution Plan has been

Maharashtra Seamless Company Appeal (AT) Re-determination of the approved by ‘CoCs’ and submitted by Resolution
Ltd. (Insolvency) No. 637 of Section 31 Liquidation value while Professional , the AA is now required to pass the
02 Vs. 2018. of I&B Code,2016 entertaining approval of appropriate order.
K. K. Lakshminarayana the plan by AA
& Ors (12thNovember, 2018) Click here for full judgement.
Since appointment of CEO was to ensure that

Company Appeal (AT) the company remains on-going concern during
Lalit Mishra & Ors. (Insolvency) the
Vs. No. 164 of 2018. Section 31 Contempt Petition on account of
03 pendency of appeal, the decision of MA cannot
Sharon Bio Medicine Ltd. of I&B Code,2016 violation of order. be held in violation of orders .
& Ors
(12th November, 2018) Click here for full judgement.
49
01 02 03 04 05 06
Company Appeal (AT)

Mr. Anthony Raphael The appeal being barred by limitation is
(Insolvency) No. 608
Kallarakkal Sections 7 & 62(1) Appeal filed with petition for dismissed.
04 -610 of 2018.
Vs. of I&B Code,2016 condonation of delay.
Rajendra K. Bhuta & Ors (12th November, 2018) Click here for full judgement.
Regulation 34 of The ‘Corporate Debtor’ is directed to pay

Saranya Forgings & Company Appeal (AT) IBBI (Insolvency Part payment of Resolution the balance amount payable to Resolution
Engineers India Pvt. Ltd. (Insolvency) No. 93 of 2018. Resolution Process Professional fee Professional within four weeks failing which
05 Vs. for Corporate and expenditure interest @ 6% p. will be payable.
Metal Gems & Ors (12th November, 2018) Persons) Incurred .
Regulations, 2016. Click here for full judgement.
Company Appeal (AT) Prayer for withdrawal of insolvency application

Francis John Kattukaran (Insolvency) No. 242 of admitted can only be made by the applicant
Vs. Section 12A of I&B
06 2018. Withdrawal of application who initially filed the application before the AA.
The Federal Bank Ltd. & Code,2016
Anr (13th November,2018) Click here for full judgement..
Appeal preferred by the Director of the company,

Company Appeal (AT)
Radius Infratel Pvt. Ltd. under CIRP, is not maintainable. Hence, it is
(Insolvency) No. 535 of Section 7 of I&B Filing of appeal by
07 Vs. dismissed.
2018. Code,2016 Director of the company.
Union Bank of India ( 13th November, 2018) Click here for full judgement.
50
01 02 03 04 05 06
Company Appeal (AT) Pendency of the case under Section 138/441

Sudhi Sachdev (Insolvency) of NI Act, 1881 amounts to admission of debt.
Section 9 of
08 Vs. No. 623 of 2018. Existence of dispute Hence, no merit in appeal and it is dismissed.
I&B Code,2016
APPL Industries Ltd.
The AA has righty held that the Resolution Plan

submitted by ‘’Rajputana Properties Pvt. Ltd’ is
discriminatory.
2. Further, AA has rightly directed the ‘CoCs’ to

Company 1.Discrimination between the reconsider the Resolution Plan submitted by
Appeal (AT) ‘Resolution ‘Utratech Cement Limited’.
Binani Industries Limited (Insolvency) Section 30 & 31 of Applicants’.
09 Vs. No. 82, 123, 188, 216 I&B Code,2016 3. In exercise of powers conferred u/s 31 of the
Bank of Baroda & Anr & 234of 2018. 2. The ‘Resolution Plan’ Submitted Code and order of remand by Hon’ble Supreme
for approval is discriminatory. Court, and being satisfied that the Resolution
(14th November, 2018) Plan approved by the ‘CoCs’, the revised
Resolution Plan submitted by Ultra tech Cement
Ltd. is approved.
The oil companies shall not release

Company Appeal (AT)
Union of India & Anr. amounts under profit petroleum till
Vs. Section 7 Release of amount under profit disposal of MA.
10 2018.
Videocon Industries Ltd. of I&B Code,2016 petroleum Meanwhile, AA is to consider the MA on its merit.
& Ors (20th November, 2018.) Click here for full judgement.
51
01 02 03 04 05 06
Rajeev K Aggarwal Company Appeal (AT)

Vs. As there was no pre-existing dispute in regard
1. Panipat Texo Fabs Pvt. to quality and standard of goods supplied, the
2018. Section 9 of I&B Dispute regarding supply of
11 Ltd. appeal stands dismissed.
Code,2016 defective/ inferior quality of goods.
2. Exclusive Overseas (27th November, 2018) Click here for full judgement.
Pvt. Ltd.
Since the debt is payable and there

exist default, service of notice of
admission is merely a formality.
(i) ‘Substituted service’ of
Ajay Chaturvedi Company Appeal (AT) admission order was not made/ 2. The liability in respect of ‘Corporate
Vs. (Insolvency) No. 320 of Sections 5(7),5(8) effected. Guarantee’ Is covered under ‘Financial Debt’.
12 JM Financial Asset 2018. & 7 of I&B
Reconstruction Co. Ltd. Code,2016 (I) No provision to file an Therefore, application filed against
& Anr. (29th November, 2018) insolvency application against the the ‘Corporate Guarantor’
‘Corporate Guarantor.’ is maintainable
Company Appeal There is nothing on record that there

Anil Nanda (AT) (Insolvency) is a pre-existence dispute. Hence,
13 No. 167 of 2018. Existence of dispute the appeal is dismissed.
Hari Kishan Sharma & Code,2016
Ors (29th November, 2018) Click here for full judgement.
52
01 02 03 04 05 06
(i)Sh. Naveen Luthra
Vs.
Bell Finvest (India) Ltd. (i)Appeal Nos.336 of 2017 and 07 of 2018:
& Anr ‘Usurious Loans Act, 1918’ is not
(Appeal No. 336 of 2017) applicable to the proceeding u/s 7 of
the Code. Further, as there exist,
(ii) Advance Logistics debt and default, the appeal is not
& Trading India Private Company Appeal (AT) maintainable.
Vs. (Insolvency) No. 336 of Application of usurious and
Section 7 of I&B
14 Bell Finvest (India) Ltd. 2017 and 07 extortionate penal
Code,2016 (ii) Appeal No.10 of 2018:
(Appeal No. 07 of 2018) &10 of 2018. interest by ‘Financial Creditor’ Again as the Act is not applicable for initiation
(29th November, 2018) of ‘CIRP’, the order passed by AA is set aside.
(iii)Bell Finvest (India) The case is remitted to the AA for hearing the
Limited application for admission.
Vs.
Intercon Container &
Survey & Commodities Click here for full judgement.
Pvt. Ltd
(Appeal No. 10 of 2018)
RBI circulars cannot override the

provisions of the ‘I&B Code’.
Ankit Patni Company Appeal (AT)
Vs. (Insolvency) No. 369 of Section 7 of I&B Non-compliance of guidelines Further, since there is no dispute about
15 State Bank of India & 2018. Code,2016 contained in RBI Circular. existence of debt and default, the appeal is
Anr. (29th November, 2018) devoid of any merit. Hence, dismissed.
The CoCs are directed to consider

Company Appeal (AT)
SICOM Limited (Insolvency) No. 344 of Sections 30(4), To present the the ‘Resolution Plan’ wherineafter RP to place
Vs. ‘Resolution Plan’ the matter before AA for order.
16 2018. 33(2) & 60(5)
Alok Employees Benefit before the CoCs for As such, the appeal is dismissed.
of I&B Code,2016
and Welfare Trust & Ors a re-look.
53
01 02 03 04 05 06
1. AA has no jurisdiction to decide the question

of legality/propriety of a foreign judgment.
1. Jurisdiction of AA to decide the
Usha Holdings LL.C. & Company Appeal (AT) legality and viability of foreign
Anr. Sections 5(20), 2. As the amount claim does not relate to supply
(Insolvency) No. 44 of 2018. decree.
17 Vs. 5(21) & 9 of I&B of goods/services, it is not an Operational Debt.
Francorp Advisors Pvt. Code,2016
(30th November, 2018) 2. The debt is
Ltd. Hence the appeal is dismissed.
‘ Operational Debt’
Since Appellant failed to establish that

Company Appeal (AT)
Nityank Infrapower & Sections 7 insolvency application was filed by ‘Financial
(Insolvency) Fraudulent/ malicious
Multiventures Pvt. Ltd. and 65 of Creditor’ fraudulently or with malicious intent,
18 No. 499 of 2018. Initiation of insolvency resolution
Vs. I&B Code,2016 the appeal is dismissed.
proceedings.
Invex Pvt. Ltd. & Anr (30th November, 2018) Click here for full judgement.
AA has no jurisdiction to exercise inherent power

for deciding any disputed question whether
Company Appeal (AT) 1.Section 7 of I&B
Neha Himatsingka & Anr. claim is bonafide or malafide.
(Insolvency) No. 201 & 205 Code,2016
Vs. Exercising of inherent
19 of 2018.
Himatsingka Resorts powers by AA 2. As there is debt payable and there exist
2. Rule 11 of the
Private Limited & Anr. default, the case is fit for admission.
(30th November, 2018) NCLT Rules, 2016.
54
01 02 03 04 05 06
Depositors do not come within the
Nathella Depositors Company Appeal (AT) definition of ‘financial debts’.
Welfare Association (Insolvency) No. 732 of However, it is to be ensured that the proposed
Vs. Section 5(8)of
20 2018. Status of Depositors. ‘Resolution Plan’ has provision for the
Union of India, Through I&B Code,2016 depositors in terms of the Code.
its Secretary, (30th November, 2018)
Ministry of Finance Click here for full judgement.
M/s. Acquisory Company Appeal (AT) Non-service of Demand Notice and absence
Consulting LLP (Insolvency) No. 152 of Sections 8(1) & of services rendered to ‘Corporate Debtor’, the
Dispute in regard to providing
21 Vs. 2018. 9 of I&B appeal is not maintainable.
services
M/s. BCC Infrastructure Code,2016
Pvt. Ltd. (30th November, 2018) Click here for full judgement.
As the two ‘Corporate Debtors’

collaborated and formed an independent
Company Appeal (AT) Corporate unit entity,
Mrs. Mamatha (Insolvency) No. 155 of Filing of a insolvency petition the insolvency petition is maintainable against
22 2018. jointly against the two ‘Corporate both of them jointly.
AMB Infrabuild Pvt. Ltd. Code,2016 Debtors’. As such, the case is remitted to the AA for its
& Ors (30th November, 2018) admission.
Monnet Ispat & Energy As vesting of the Coal Mines is not under
Ltd. occupation/possession of CD,
Resolution Professional Company Appeal (AT) orders of cancellation of agreement
During Moratorium’, the right
for the Corporate (Insolvency) No. 26 of 2018. Section 14 of I&B are not in violation of Code.
23 vested with the ‘Corporate Debtor’
Debtor) Code,2016 cannot be taken away.
Vs. (30thNovember, 2018) Hence, the appeal is dismissed.
Government of India,
Ministry of Coal Click here for full judgement.
55
01 02 03 04 05 06
1. It would have been appropriate had the AA
sent the Notice through its own mechanism.
J.B. Tiwari Company Appeal (AT) 1. Non-service of Notice by AA 2. No dispute regarding quality of goods supplied
Vs. (INS) No. 268 of 2018. Sections 8 & 9 of through its Registry. and claim exists.
24 1. Biostadt India Limited the I&B Code,2016 2. Dispute reg. quality of
2. Sonachi Industries (30th November, 2018) goods and claim. Hence, the insolvency application has been
Limited rightly admitted by AA.
Since the parties have already entered into

Gaurav Pandey Company Appeal (AT) settlement of dues and there exists no default
Vs. (Insolvency) No. 714 of Section 7 of I&B as on date of admission of application, the order
25 Eternity Investment 2018. Settlement of dues
Code,2016 of the AA is set aside.
Services
Pvt. Ltd. & Anr. (30th November, 2018) Click here for full judgement.
AA is not authorised to determine legality of

the order of rejection of restructuring plan by
Archisha Steels Private Company Appeal the ‘Financial Creditor’ prior to initiation of
Limited (AT) (Insolvency) Rejection of restructuring plan
Section 7 of I&B insolvency proceedings.
26 Vs. No. 440 of 2018. prior to initiation of insolvency
Code,2016 As such, the appeal is not maintainable and
State Bank of India and proceedings. dismissed.
Anr (30th November, 2018)
Company Appeal
Achenbach Buschhutten Since there is existence of dispute, the appeal
(AT) (Insolvency)
GmbH & Co. Section 9 of I&B filed is non-maintainable and stands dismissed.
27 No. 97 of 2017. Pre-existence of dispute.
Vs. Code,2016
Arcotech Limited (30th November, 2018) Click here for full judgement.
56
NCLAT CASES FOR THE MONTH OF OCTOBER,2018
01 02 03 04 05 06
The Board of Trustees Company Appeal (AT) Since Valuation report has already been
for the Port of Kolkata. (Insolvency) prepared by the liquidator, there is no ground to
Section 35 of I&B Non- Cooperation to the liquidator
01 Vs. No. 367 of 2018 interfere with the order passed by AA.
Code,2016 for evaluation of assets.
Stewarts and Lloyds of
India Ltd. (3rdOctober,2018) Click here for full judgement.
Infirmities regarding
non filling of: Once the record of ‘debt’ and ‘default’ is
Company Appeal (AT) brought on record by ‘Financial Creditor’, the
I) application duly
D.R. Balakrishna Raja (Insolvency) insolvency application cannot be rejected.
Section 07 of I&B signed by authorized
02 Vs. No. 611 of 2018. Code,2016 representative
Indian Bank & Anr. The appeal is dismissed.
(3rdOctober,2018) ii)banker’s record Click here for full judgement.
iii)consent letter of I RP
Section 10(1) The ‘Corporate Applicant’ can file an

& 252 of independent application’ even after 180 days
Mr. Suresh Company Appeal (AT) I&B Code, 2016. Non-Filing of Insolvency reference of abatement of the reference on payment of
Padmanabhan & Anr. (Insolvency)
03 within 180 days from the date of requisite fee.
Vs. No. 29 of 2018. Section 4(b) abatement of reference. Accordingly, the order of the AA is set aside.
Tata Steel Ltd. & Ors (4thOctober, 2018). of SICA Repeal
Act,2003 Click here for full judgement.
57
01 02 03 04 05 06
As there is an existence of dispute, the

Husqvarna AB (PUBL) Company Appeal (AT) Adjudicating Authority has rightly rejected the
Vs. (Insolvency) Section 9 of Non – Existence of
04 claim. Hence appeal is dismissed.
Allianz Mechanisation No. 321 of 2018 I&B Code,2016 dispute
India Pvt. Ltd (4thOctober, 2018). Click here for full judgement.
Sudhir Sales & Services There is no pre-existing dispute. As such, the

Company Appeal (AT)
Ltd. order passed by the AA stands set aside and
(Insolvency) Section 9 of Non – Existence of
05 Vs. the case is remitted to AA for admission.
No. 327 of 2018. I&B Code,2016 dispute
D-Art Furniture Systems (4thOctober, 2018).
Pvt. Ltd Click here for full judgement.
In view of the (i) long delay in filling appeal (ii)

Company Appeal (AT) approval of the ‘Resolution Plan’ by AA and
Electro Mech Engineers (Insolvency) Section 61(2) (iii) takeover of the ‘Corporate Debtor’, by the
Vs. Condonation of delay in
06 No. 602 ,603, 604 of I&B Resolution Applicant, the appeals
Electrosteel Steels Ltd. filling appeal.
& 605 of 2018. Code,2016 filed are dismissed.
& Ors (4thOctober, 2018).
As the Corporate Person’s registered office is

Spectrum Company Appeal (AT) Section situated at Gurgaon (Haryana), the petition
Voyages Pvt. Ltd. (Insolvency) Territorial jurisdiction of AA for
07 60(1) of filed at NCLT New Delhi is not maintainable.
Vs. No. 409 of 2018. Corporate Persons
I&B Code,2016
Fortis Healthcare Ltd. (4thOctober, 2018). Click here for full judgement.
58
01 02 03 04 05 06
Sh. Jagdish Pershad

Gupta, Director & As the matter has been settled between the
Company Appeal (AT)
Shareholder of (M/s. parties, the order passed by Adjudicating
(Insolvency) Section 9 of I&B
08 Jagson International Settlement of dispute. Authority is set aside.
No. 595 of 2018. Code,2016
Ltd.) (5thOctober, 2018).
Vs. Click here for full judgement.
JPC Enterprises & Anr
Power Mech Projects After passing of liquidation order & in

Ltd. Company Appeal (AT) the absence of its challenge, the
Vs. (Insolvency) Section 60(5) of Permission to submit Resolution application for submission of the
09 Savan Godiawala, R.P. No. 620 of 2018. I&B Code,2016 Plan after order for liquidation. Resolution Plan is uncalled for.
/ Liquidator for Lanco (5thOctober, 2018
Infratech Ltd. & Anr Click here for full judgement.
As the appellant has not challenged the

A.Manickam Company Appeal (AT) Resolution Plan approved by the AA,
Vs. (Insolvency) Section 60(5) of Resolution Professional to invite no relief is granted. The appeal , devoid
10 G. V. Ravikumar, R.P & No. 619 of 2018. I&B Code,2016 resolution plans afresh. of any merit, is dismissed.
Anr (5thOctober, 2018)
59
01 02 03 04 05 06
Insolvency application preferred before

Company Appeal (AT) completion of ten days from the date
Jaya Patel Filing of application for CIRP
(Insolvency) of delivery of Demand Notice cannot be
Vs. Section 9 of prior to completion of mandatory
11 No. 308 of 2018. entertained and is not maintainable. Hence,
Gas Jeans Pvt. Ltd. & I&B Code,2016 period under Demand Notice. application is dismissed as abated.
Ors (8thOctober, 2018)
Company Appeal (AT) As there exists a debt and default,

Lotus Three (Insolvency) there is no ground to interfere. Hence appeal
Development Ltd. Section 7 of The ‘Financial Creditor’ played
12 No. 624 of 2018. stands dismissed.
Vs. I&B Code,2016 fraud in filing the application.
Axis Bank Ltd. & Anr (22nd October, 2018) Click here for full judgement.
I.A. No. 1690 of 2018 As the ‘Resolution Professional’ cannot

Srei Infrastructure IN function after the approval of Resolution Plan,
Finance Ltd. Company Appeal (AT) Sections 7 & 31 of the ‘Successful Resolution Applicant’ is allowed
Necessary permission to take over
13 Vs. (Insolvency) I&B Code,2016 to take over the assets and management of the
the ‘Corporate Debtor’
State Bank of India & No. 405 of 2018 ‘Corporate Debtor’.
Ors.
(24thOctober, 2018) Click here for full judgement.
Company Appeal (AT) There is pre- existence of dispute but as the

Dr. Syed Sabahat Azim (Insolvency) parties have now settled the matter, the AA
Section 9 of
14 Vs. No. 617 of 2018. Existence of dispute order is set aside.
I&B Code,2016
M/s Rent A Computer
(25th October, 2018) Click here for full judgement.
60
HIGH COURT JUDGEMENTS FROM 01.10.2018 TO 31.03.2019
S
S Name
Name of
of the
the CaseReference
Case Reference&
& Section
Section Issue
Adjudication/Gist
No.
No. Parties
Parties withdate
with date No.
No.
01
01 02
02 03
03 04
04 05
05 06
06
1.Mrs. Jai Rajkumar This suit is not maintainable.

2.Mr.v.r.heamntraj C.S. (Comm. Div.) Reserves the rights of CD to
Vs. D.No.41408 of 2018 Sections 7 Authority to initiate proceedings approach NCLT, and RP to file a
01 1.Stanbic Bank Ghana &14(1)(a) of I&B assailing the foreign decree. suit if the NCLT permits him to do so.
Limited Code,2016
2.Rajkumar Impex (4th December,2018)
Private Limited Click here for full judgement.
61
SUPREME COURT JUDGEMENTS FROM 01.10.2018 TO 31.03.2019
01 02 03 04 05 06
One More Opportunity Is Given To The

Sections 7 & 29(A) Resolution Applicants To Pay Off The Npas Of
Civil Appeal Nos.9402- Of
Arcelormittal India Their Related Corporate Debtors Within A Period
9405 Of 2018 And 9582 I &B Code, 2016. Ineligibility Of Resolution
Private Limited Of Two Weeks. On Making Such Payment They
01 Of 2018 Applicants To Submit
Vs. Can Resubmit Their Resolution Plans
Article 142 Of Resolution Plans
S Satish Kumar Gupta ( 4Th October,2018) Constitution Of
& Ors India. Click here for full judgement.
As The Limitation Act Has Been Applied From

B.k. Educational Services Civil Appeal No.23988 The Inception Of The Code, It Is Unnecessary To
Private Limited Of 2017 With Six Other Go Into The Arguments Based On The Doctrine
Section 238A Of Applicability Of Limitation
02 Vs. Appeals Of Laches. The Appeals Are Remanded To Nclat.
I&B Code, 2016 Act,1963
Parag Gupta And
Associates ( 11Th October,2018) Click here for full judgement.
Transmission The Order Passed By Appellate Authority Is Set

Civil Appeal No. 9597 Of
Corporation Of Andhra Aside. The Order Passed By Nclt To Reject The
2018
Pradesh Limited Section 9 Of I&B Application Of Respondent Is Justified.
03 Admission Of Insolvency Reference.
Vs. Code, 2016
Equipment Conductors ( 23Rd October,2018) Click here for full judgement.
And Cables Limited
62
01 02 03 04 05 06
Civil Appeal No. 7291-7292 Of 2018:
While Upholding The Judgment Passed By The

Appellate Tribunal On The Ground That The
Appeal Filed By The Central Govt. Itself Was
Not Maintainable, The Judgment Insofar As It
Purports To Deal With The Limitation Aspect
Of The Case And The Merits Including The
M/S Spartek Ceramics Civil Appeal Nos. 7291- Declaration Of The Scheme As Being Illegal Is
India Ltd. 7292 Of 2018 With Two Set Aside.
Section 242 Of I&B Removal Of Difficulties In Giving
04 Vs. Other Appeals. Code,2016 Effect To The Provision Of Code.
Union Of India & Ors Civil Appeal No. 8247 Of 2018:
( 25Th October,2018) Civil Appeal No. D. No. 33241/2018 :
The Two Writ Petitions That Had Been Before

The High Court Of Delhi Are Revived With Liberty
To The Appellants To Amend The Same. The
High Court Of Delhi To Take The Up The Writ
Petitions At The Earliest.
1.Discrimination Between The

‘Resolution
Rajputana Properties Civil Appeal No. 10998 Of There Is No Infirmity In The Orders Passed By
Sections 30 & 31 Applicants’.
Private Limited Vs. 2018 Nclat. Hence The Appeal Is Dismissed.
05 Of
Ultratech Cement I&B Code,2016 2. The ‘Resolution Plan’ Submitted
Limited And Ors (19Th November,2018) For Approval Click here for full judgement.
Is Discriminatory
63
01 02 03 04 05 06
Jaipur Metals & The Aa Was Absolutely Correct In Applying

Electricals Employees Section 238 Of The Code To Independent
Organization Through Civil Appeal No. 12023 Of Proceedings Instituted By A Secured Financial
General Secretary Mr. Tej 2018. Sections 7 & 238 Transfer Of Winding Up Creditor.
06 Ram Meena Vs. Of I&B, 2016 Proceedings To Aa
Jaipur Metals & ( 12Th December,2018) The High Court Judgment Is Set Aside.
Electricals Ltd.
Through Its Managing
Director & Ors. Click here for full judgement.
Petition(S) For Special

Brilliant Alloys Private Leave To Appeal (C) Section 12A Of The Settlement Entered Into Is Allowed.
Limited Withdrawal Of Insolvency
07 No(S). 31557/2018. I&B, 2016 &
Vs. Application On Settlement
Mr. S. Rajagopal & Ors. Regulation 30A Click here for full judgement.
( 14Th December,2018)
Without Interfering With The Appellate

Tribunal’s Order, The Appellant May Apply
Forech India Ltd Civil Appeal No. 818 Of U/S 434 Of The Companies Act For Transfer Of
Vs. 2018. Sections 7 & 238 Continuation Of Winding Up
08 Winding Up Proceedings Pending Before High
Edelweiss Assets Of I&B Code, 2016 Petition Before High Court. Court To The Nclt.
Reconstruction Co. Ltd. ( 22Nd January,2019)
64
01 02 03 04 05 06
The Constitutional Validity Of Various Provisions

Of The I&B, Code Discussed. The Code Is Proving
Writ Petition (Civil) No.
Swiss Ribbons Pvt. Ltd. To Be Largely Successful. The Defaulter’s
99 Of 2018.Plus 10 Other Different Constitutional Validity Of Various
& Anr. Paradise Is Lost And Economy’s Rightful Position
09 Appeals Provisions Of I&B Provisions Of The Insolvency And
Vs. Has Been Regained. Therefore, All Petition
Code, 2016 Bankruptcy Code, 2016
Union Of India & Ors. Disposed Of In Terms Of The Judgement.
( 25Th January,2019)
Civil Appeal No.8430 Of

Vijay Kumar Jain Permission To Access Documents, The Petition & Appeal Is Allowed The Nclat
2018 & Writ Petition (Civil) Sections 24 &
Vs. Including The Resolution Plans To Judgment Set Aside.
10 No.1266 Of 2018. 30(3) Of I&B Code,
Standard Chartered The Member Of The Suspended
2016
Bank & Ors ( 31St January,2019) Board Of Directors. Click here for full judgement.
The Nclat Has Justly Concluded That The

Resolution Plan Of The Concerned Corporate
Civil Appeal No.10673 Of Debtor(S) Has Not Been Approved By
K. Sashidhar 2018 Rejection Of Resolution Plan(S) As Requisite Percentage Of Voting Shares Of
Vs. With Two Other Appeals Sections 33 & 34 It Did Not Garner Support Of Not The Financial Creditors. As Such, Initiation Of
11 And A Slp. Of I&B Code,2016 Less Than 75% Of Voting Share Liquidation Process Is Inevitable. Accordingly,
Indian Overseas Bank & Of The Financial Creditors. The Appeals Are Dismissed.
Ors. ( 5Th February,2019)
65
01 02 03 04 05 06
The Rcom Group Is Directed To Purge The

Contempt Of This Court By Payment To Ericson
Writ Petition (Civil) No. Of Amount Settled Within Four Weeks.
Reliance Communication 845 Of 2018 And Three
Limited & Ors. Section 9 Of I&B Payment Of Settled Amount To The
12 Contempt Petitions. In Default Of Such Payment, The Chairmen
Vs. State Bank Of India Code, 2016 ‘Operational Creditor’ Who Have Given Undertakings To The Court Will
& Ors ( 20Th February,2019) Suffer Three Months’ Imprisonment.
Since Insolvency Application Has Been

Ved Prakash Vadera & Civil Appeal No.12204 Of Admitted, There Is No Reason To Interfere
Ors. 2018. Section 9 Of I&B Rejection Of Prayer To Appoint In The Matter.
13 Vs. Code, 2016 Independent Auditor.
Ireo Five River
Private Ltd ( 26Th February,2019) Click here for full judgement.
Deed Of Settlement Taken On Record.

Mecon Fze Civil Appeal No. 9547 Of
Vs. 2018. The Appeal Is Disposed Of And The Insolvency
14 - Settlement Between The Parties.
Quinn Logistics Proceedings Stand Terminated.
India Pvt Ltd ( 5Th March,2019)
66
01 02 03 04 05 06
It Is Clear That No Notice Was Served Upon

The Appellant. The Right Of Appellant To Be
Jai Balaji Industries Heard Has Been Violated. Accordingly, The Order
Civil Appeal No.1929 Of
Limited Passed By Nclat Is Set Aside And Remand The
2019 Section 7 Of I&B
15 Vs. Non-Service Of Notice Matter Back To Nclat To Dispose Of The Same
Code, 2016
State Bank Of India & Expeditiously After Affording An Opportunity Of
( 8Th March,2019)
Ors. Hearing To The Parties.
67

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Company Appeal (AT) Section 7 of I&B

Company Appeal (AT) Since parties reached settlement prior to

The application was signed by the Sr. Manager

Company Appeal (AT)

Company Appeal As the parties have reached settlement prior

As the parties have settled the matter prior

As salaries of working employees have since

As parties have finally settled the matter

Company Appeal (AT) As the withdrawal of application by the

Company Appeal (AT)

Company Appeal (AT)

The observation made against appellant

Click here for full judgement.

Prayer to withdraw the application in view of

Company Appeal (AT) The application for liquidation has already

The order passed by Adjudicating Authority

1.MSTC Limited 1. The prayer to shift the ‘effective date’ of plan

Company Appeal (AT) There exist dispute with regard to supply

Company Appeal (AT) The prayer to withdraw the appeal with

The process was conducted within the

Click here for full judgement.

The order of the AA that the Appellant is

As statutory dues have direct nexus

As the appellant has not handed over the

Click here for full judgement.

The insolvency petition is maintainable ,as

Without issuing notice and impleading

S.S. Natural Resources

As the notice was issued and the Advocates

Review Application No. First three lines of the observations are

Click here for full judgement.

The insolvency application filed by the

Click here for full judgement.

The AA is directed to pass appropriate

Company Appeal (AT) As there is a pre-existence of dispute,

One of the representative of ‘Operational

Naresh Kumar Dhingra As there is debt due payable by CD and

I. A. No.229 of 2019 in As the parties have reached settlement

The AA cannot direct SFIO enquiry except in

As the Demand Notice was duly issued and

Granting opportunity to all eligible

As the order has been passed to carry out

Company Appeal (AT) The AA is directed to pass appropriate order

The appellant is to approach the AA for

Fire Trix Engineering & As there is pre-existing dispute between

As no specific order of winding up/

Click here for full judgement.

As the Creditor invested money for the

Click here for full judgement.

Company Appeal (AT) In view of the agreements reached between

In both the cases, there was pre-existence

As the parties have settled the matter prior

As the parties have settled the matter and

As the parties have settled the matter prior

At the time of admission of insolvency

Company Appeal (AT) AA is directed to expedite the matter and

Prayer of the appellant to withdraw the

Company Appeal (AT) The appeal has become infructuous as order

The AA is directed to expedite disposal of

As OTS proposal was rejected by Financial

Click here for full judgement.

Appellant to file before AA an additional