Case Law Details
Adisri Commercial Pvt. Ltd. Vs Reserve Bank of India & Ors. (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT) Delhi recently delivered a significant judgment in the case of Adisri Commercial Pvt. Ltd. vs. Reserve Bank of India & Others. This case revolves around appeals filed against an order passed by the Adjudicating Authority (National Company Law Tribunal) Kolkata Bench. The appeals were filed by the appellant, a shareholder of the corporate debtor, challenging the order admitting the corporate debtor into Corporate Insolvency Resolution Process (CIRP).
The case involves a complex series of events, starting from the supersession of the Board of Directors of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) by the Reserve Bank of India (RBI) under Section 45-IE of the RBI Act, 1934. The appellant, being a shareholder of the corporate debtor, challenged the RBI’s order before the Bombay High Court and subsequently before the Supreme Court, but both challenges were dismissed.
The RBI later filed applications under Section 227 of the Insolvency and Bankruptcy Code (IBC) against SIFL and SEFL, which were admitted by the Adjudicating Authority on 08.10.2021. The appellant’s appeals against this order were dismissed by the NCLAT and the Supreme Court.
Subsequently, the appellant filed recall applications before the Adjudicating Authority, seeking to recall the order dated 08.10.2021. However, these applications were rejected, leading to the filing of further appeals.
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