Bank of Baroda vs MBL Infrastructures Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(SC) 100

SANJAY KISHAN KAUL, M. M. SUNDRESH
Bank of Baroda – Appellant
Versus
MBL Infrastructures Limited – Respondent

Advocates appeared:
For the Appellant(s) Mr. Bishwajit Dubey, Adv. Ms. Srideepa Bhattacharyya, Adv. Ms. Aishwarya Gupta, Adv. Mr. Manpreet Lamba, Adv. M/S. Cyril Amarchand Mangaldas Aor, AOR
For the Respondent(s): Ms. S. Janani, AOR Mr. Satyendra Kumar, AOR Mr. Sanjay Kapur, AOR Ms. Megha Karnwal, Adv. Mr. Arjun Bhatia, Adv. Mrs. Shubhra Kapur,Adv. Mr. Lalit Rajput, Adv. Mr. Ankur Mittal, AOR Mr. Tarun Gupta, AOR Ms. Archana Pathak Dave, AOR Mr. Mithilesh Kumar Pandey, Adv. Mr. Rakesh Kumar-i, AOR Mr. Shantanu Kumar, AOR Dr. (Mrs.) Vipin Gupta, AOR

Table of Content
1. judicial interpretation of section 29a(h) is sought. (Para 1 , 2)
2. backdrop of mbl infrastructures' financial issues. (Para 3 , 4 , 5)
3. eligibility of respondent no. 3 to submit resolution plan. (Para 6 , 7 , 9 , 10)
4. section 29a amendments affecting eligibility. (Para 8 , 18 , 21)
5. voting share requirements for resolution approval. (Para 12 , 28)
6. arguments against respondent no. 3's eligibility. (Para 25 , 30 , 31)
7. principles guiding statutory interpretation. (Para 34 , 43 , 44)
8. purpose and impact of section 29a. (Para 46 , 47 , 51)
9. final determinations on eligibility and the appeal. (Para 56 , 58 , 59)
10. conclusion on appeal and resolution plan approval. (Para 61 , 62 , 63 , 64 , 65)

JUDGMENT :

1. A judicial interpretation of Section 29A(h) of the Insolvency and Bankruptcy Code , 2016 (hereinafter referred to as “the Code”) as amended by the Act 26 of 2018 is sought from us.

A BRIEF JOURNEY:

4. M/s. RBL Bank issued a notice under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’ for short) after duly invoking the personal guarantee of the Respondent No. 3. This

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2022 Supreme(SC) 100

SANJAY KISHAN KAUL, M. M. SUNDRESHBank of Baroda – AppellantVersusMBL Infrastructures Limited – Respondent

SANJAY KISHAN KAUL, M. M. SUNDRESH
Bank of Baroda – Appellant
Versus
MBL Infrastructures Limited – Respondent