K. Sashidhar vs Indian Overseas Bank

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2019 Supreme(SC) 513

A.M.KHANWILKAR, AJAY RASTOGI
K. Sashidhar – Appellant
Versus
Indian Overseas Bank – Respondent

Advocates Appeared:
For the Appellant(s) CA 10673/2018 :Mr. C.U. Singh, Mr. G.Ramakrishna Prasad, Mr. Suyodhan Byrapaneni, Ms. Filza Moonis, Mr. Mohd. Wasay Khan, Mr. John Mathew, Mr. Karthik S.D., Mr. Bharat J. Joshi, Advocates
CA 10719 of 2018 :Dr. A.M. Singhvi, Mr. Shikhil Suri, Mr. Shiv Kumar Suri, Mr. Kamal Deep Dayal, Ms. Shilpa Saini, Ms. Vinishma Kaul, Ms. Saakshi Mago, Advocates
CA 10971/2018 SC 29181/2018 :Mr. Colin Gonsalves, (NP) Mr. Ram Lal Roy, Advocates
For the Respondent(s):Mr. Shyam Divan, Ms. Gauri Rasgotra, Mr. Animesh Bisht, Mr. Karan Khanna, Mr. Siddhant Sharma, For M/S. Cyril Amarchand Mangaldas, Advocates
INDIAN OVERSEAS BANK :Mr. Kunal Tandon, Ms. Pragya Baghel, Ms. Niti Jain, Ms. Richa, Advocates
R.No.22/21 (Mr.Dhinal Shah) (Liquidator) :Ms. Mahima Singh, Mr. Ritesh Kumar, Advocates
BANK OF INDIA :Mr. Pranab Kumar Mullick, Ms. Soma Mullick, Mr. Sebat Kumar Deuria, Advocates
SUYASH OUTSOURCING PVT. LTD. :Ms. Prabha Swami, Ms. Divya Swami, Advocates
For R.Nos.5,6,7,8 In CA 10673/2018 :Mr. Soumik Ghosal, Mr. V.K. Sajith, Mr. T.N. Durga Prasad, Advocates

JUDGMENT :

A.M. KHANWILKAR, J.

1. Leave granted in SLP (C) No.29181 of 2018.

2. All appeals were taken up for hearing at the notice stage with the consent of the contesting respondents.

3. These appeals have arisen from the common judgment and order of the National Company Law Appellate Tribunal (for short “NCLAT”), New Delhi, dated 6th September, 2018, rendered in appeals filed in relation to the insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016 (for short “I&B Code”) concerning Kamineni Steel & Power India Pvt. Ltd. (for short “KS&PIPL”), having its registered office at Hyderabad, Telangana and Innoventive Industries Ltd. (for short “IIL”) having its registered office at Pune, Maharashtra.

4. The NCLAT affirmed the order passed by the National Company Law Tribunal, Mumbai Bench (for short “NCLT Mumbai”) recording rejection of the resolution plan concerning IIL and directing initiation of liquidation process under Chapter-III of Part II of the I&B Code. As regards KS&PIPL, the NCLAT reversed the decision of the National Company Law Tribunal, Hyderabad (for short “NCLT Hyderabad”) which had approved its resolution plan and instead remanded th

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2019 Supreme(SC) 513

A.M.KHANWILKAR, AJAY RASTOGIK. Sashidhar – AppellantVersusIndian Overseas Bank – Respondent

Cases Referred (23)

A.M.KHANWILKAR, AJAY RASTOGI
K. Sashidhar – Appellant
Versus
Indian Overseas Bank – Respondent