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DELHI HIGH COURT
MANMOHAN, JYOTI SINGH
Zee Entertainment Enterprises Limited – Appellant
Versus
Indusind Bank Limited – Respondent
| Table of Content |
|---|
| 1. ibc proceedings and bank's rights (Para 1 , 2) |
| 2. interim relief and court orders context (Para 3 , 4 , 5 , 6 , 7 , 8 , 9) |
| 3. respondent's arguments on recovery and relief (Para 14 , 15 , 16 , 17 , 18) |
| 4. appellant's arguments against bank's proceedings (Para 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27) |
| 5. court’s reasoning on ibc and recovery (Para 28 , 29 , 30 , 31 , 32 , 33 , 34) |
| 6. doubts on maintainability and interpretation (Para 35 , 36 , 38 , 39) |
| 7. clarification of court's orders (Para 40 , 41) |
JUDGMENT
Manmohan, J.
CM APPL.12152/2022 in FAO (OS) (COMM) No.15/2021
1. The Respondent No.1-bank has filed the present application seeking clarification of the order dated 3rd December, 2021 to the effect that this Court never prohibited Respondent No.1-bank from initiating or maintaining proceedings under the Insolvency and Bankruptcy Code, 2016 (for short `IBC') against the Appellant-Zee.
2. It is the case of the Respondent No.1-bank/applicant that the Appellant-Zee is the guarantor to the loan availed by the Respondent No.2 from Respondent No.1-bank in terms of the Debt Service Reserve Account Guarantee Agreement dated 29th August, 2018 (for short `DSRA Guarantee Agre
The court clarified that initiation of IBC proceedings by creditors against a guarantor is permissible and does not violate previous injunctions, emphasizing the legal right of creditors under the IB....
(1) IBC is not just another statute for recovery of debts – Nor is it a statute which merely prescribes modalities of liquidation of a Corporate body, unable to pay its debts – It is essentially a st....
Unchallenged order under Section 114(1) IBC rejecting repayment plan due to non-submission triggers bankruptcy under Section 121 without fresh notice to personal guarantors; natural justice satisfied....
The Insolvency and Bankruptcy Code, 2016 prevails over the Companies Act, particularly in the context of stalling proceedings under section 7 of the Code. The court has the inherent power to recall/m....
The proceedings under Section 7 of the Insolvency and Bankruptcy Code cannot be barred by the pendency of separate proceedings under the Debts Recovery Tribunal, given the overriding effect of IBC pr....
The main legal point established in the judgment is the interpretation of the limitation period for filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, and the applicab....
The insolvency of a corporate debtor and the subsequent approval of a resolution plan do not discharge a personal guarantor from liability, as the guarantor’s obligation is co-extensive and arises fr....
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