Dhanlaxmi Bank Limited vs Mohammed Javed Sultan

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(SC) 500

PAMIDIGHANTAM SRI NARASIMHA, ALOK ARADHE
Dhanlaxmi Bank Limited – Appellant
Versus
Mohammed Javed Sultan – Respondent

Advocates appeared:
For the Appellant(s) : Mr. Amarjit Singh Bedi, AOR Mr. Shreedhar Gaggar, Adv. Mr. Uttiyo Mullick, Adv.
For the Respondent(s): Mr. M M Singh, Adv. Mr. Jitendra Kumar, AOR Mr. Mohit, Adv. Mr. Manoj, Adv. Ms. Aparna Sinha, AOR Mr. Muddam Thirupathi Reddy, Adv. Mr. Chandan Kumar Mandal, Adv. Ms. Anu Priya, Adv.

JUDGMENT :

ALOK ARADHE, J.

1. This appeal assails the order dated 02.08.2022 passed by the National Company Law Appellate Tribunal (NCLAT), whereby order dated 20.02.2020 passed by National Company Law Tribunal (NCLT), was set aside.

FACTS

2. The relevant facts giving rise to the present appeal, as discernible from the record are set out in the following chronology of events:

(i) On 06.04.2011, M/s. Emerald Mineral Exim Pvt. Ltd. [(Corporate Debtor, (CD)] and Bengal Shrachi Housing Development Ltd. (Builder) entered into an agreement for sale of unit bearing No. SBP-9C(A) measuring 5893.5 sq. ft. which was to be constructed in the building, namely “Synthesis Business Park” New Town, Rajarhat, Kolkata (subject property).

(ii) On 27.06.2011, the appellant (Bank) sanctioned loan of Rs.1.50 Crores in favour of CD for purchasing the subject property.

(iii) On 29.06.2011, facility agreement was executed between the Bank and the CD. On the same day, a quadripartite agreement was executed between the Bank, CD, the Builder and the West Bengal Housing Infrastructure Development Corporation Limited (WBHIDCL). Under the said agreement, the CD instructed the Bank to disburse the loan amount directl

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2026 Supreme(SC) 500

PAMIDIGHANTAM SRI NARASIMHA, ALOK ARADHEDhanlaxmi Bank Limited – AppellantVersusMohammed Javed Sultan – Respondent

Cases Referred (4)

PAMIDIGHANTAM SRI NARASIMHA, ALOK ARADHE
Dhanlaxmi Bank Limited – Appellant
Versus
Mohammed Javed Sultan – Respondent