R. K. Industries (Unit-II) LLP vs H. R. Commercials Private Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(SC) 854

N. V. RAMANA, J. K. MAHESHWARI, HIMA KOHLI
R. K. Industries (Unit-II) LLP – Appellant
Versus
H. R. Commercials Private Limited – Respondent

Advocates appeared:
For the Appellant(s) : Dr. Abhishek Manu Singhvi, Sr.Adv.
In C.A.No.7731/21 : Mr. Sameer Pandit, Adv. Mr. Aman Raj Gandhi, AOR Mr. Parthasarathy Bose, Adv. Mr. Anuj Jain, Adv. Mr. Aditya Ladha, Adv. Mr. Ananya Pratap Singh, Adv. Mr. Azeem Samuel, Adv. Mr. Nidhiram, Adv.
In C.A.No.7722/21 : Mr. Gaurav Mitra, Sr.Adv. Mr. Akash Kakade, Adv. Mr. Gurdeep Singh Sachar, Adv. Mr. Vikrant Shetty, Adv. Mr. Shriya Ray Chaudhary, Adv. Mr. Swetab Kumar, Adv. Mr. Somanatha Padhan, AOR Mr. Arvind Datar, Sr.Adv. Mr. J.Salva, Sr.Adv. Mr. Abhishek Sharma, Adv. Ms. Ashly Cherian, Adv. Mr. Gaurav Arora, Adv. Mr. Kamlendra Singh, Adv. Ms. Renuka, Adv.
For Liquidator : Mr. Jay Savla, Sr.Adv. Mr. Abhishek Sharma, Adv. Ms. Ashly Cherian, Adv. Mr. Kamlendra Singh, Adv. Mr. Gaurav Arora, Adv. Ms. Renuka Sahu, Adv. Mr. Alok Tripathi, AOR
For Respondent(s): Mr. Tushar Mehta, SG Mr. K.M. Nataraj, ASG Mr. Rupesh Kumar, Adv. Mr. Kannu Agarwal, Adv. Mr. Mayank Pandey, Adv. Mr. Mukesh Kumar Maroria, AOR
For Intervenor : Mr. Mukul Rohatgi, Sr.Adv.
In I.A.No.166862/21 : 1 Mr. Siddhartha Dave, Sr.Adv.
In C.A.7722/21 : Mr. Shiv Mangal Sharma, Adv. Mr. Saurabh Rajpal, Adv. Ms. Shrinjan Khosla, Adv. For M/S. Aura & Co., AOR
For R-1 in C.A.No.: Mr. Vikram Nankani, Sr.Adv.
7722/2021 and for R-3 in C.A.No. 7731/2021 : Mr. Jasdeep Singh Dhillon, Adv. Mr. Salil Thakore, Adv. Mr. Prabhay Chaurasia, Adv Mr. Rahul Gupta, Adv. Ms. R. Nair, Adv.
For R.No.8 in C.A.No.7731/21 & for intervenor In C.A.7667/21 : Mr. Gaurav Mathur, Adv. Ms. Anushree Prashit Kapadia, AOR Mr. Abhishek Shah, Adv. Ms. Priyanka Rathi, Adv. Mr. Shashank Khurana, Adv. Mr. Somanatha Padhan, AOR Mr. Alok Tripathi, AOR M/S. Cyril Amarchand Mangaldas Aor, AOR Mr. Aman Raj Gandhi, AOR

Table of Content
1. overview of the appeals and factual basis. (Para 1 , 2)
2. litigation commenced against nclt's interim order. (Para 3 , 4)
3. subsequent offers and stakeholder meetings. (Para 5 , 6 , 7 , 8)
4. arguments from the appellant and liquidator. (Para 9 , 10 , 11 , 12)
5. justification for proceeding with private sale. (Para 13 , 14 , 15 , 16)
6. defending the method of asset sale. (Para 17 , 18 , 19 , 20)
7. supporting arguments from third parties. (Para 21 , 22)
8. judicial analysis and understanding of ibc provisions. (Para 23 , 24 , 25 , 26 , 27 , 28)
9. legislative intent and bankruptcy law reform. (Para 29 , 30 , 31)
10. authority and powers of the liquidator. (Para 32 , 33 , 34 , 36)
11. implementation of insolvency regulations. (Para 38 , 39 , 40)
12. reviewing the decision-making process of the liquidator. (Para 41 , 42 , 43 , 44 , 45)
13. final court observations regarding sale methodologies. (Para 46 , 47 , 48 , 49 , 50)
14. discussion on commercial wisdom and judicial review. (Para 51 , 52 , 53)
15. reiterating the decision against interfering in commercial decisions. (Para 54 , 55 , 56)
16. final directions on handling asset liquidation. (Para 57 , 58)

JUDGMENT :

1. By this

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2022 Supreme(SC) 854

N. V. RAMANA, J. K. MAHESHWARI, HIMA KOHLIR. K. Industries (Unit-II) LLP – AppellantVersusH. R. Commercials Private Limited – Respondent

N. V. RAMANA, J. K. MAHESHWARI, HIMA KOHLI
R. K. Industries (Unit-II) LLP – Appellant
Versus
H. R. Commercials Private Limited – Respondent