pri SC gives relief to Insolvency Professional against remarks made by Tribunal SC gives relief to Insolvency Professional against remarks made by Tribunal

Case Law Details

Case Name : Devendra Padamchand Jain Vs. State Bank Of India & Ors.(Supreme Court)
Appeal Number : Civil Appeal No 3592 of 2019
Date of Judgement/Order : 13/04/2018
Related Assessment Year :

In the matter of VNR Infra Limited wherein the Hyderabad Bench of National Company Law Tribunal (NCLT Hyderabad / Adjudicating Authority) went beyond the law for no reason to disagree with Committee of Creditors i.e. bankers and appointed another Insolvency Professional as liquidator and made some averse professional remarks against the RP by making own observations without considering of the facts and evidences placed on records.

Same was challenged by the aggrieved RP Mr. Devendra Jain before the Hon’ble National Company Law Appellate Tribunal (NCLAT), wherein the Hon’ble Appellate Tribunal after mulling for 4 months  confirm the decision of the Hon’ble Adjudicating Authority.

Subsequently, Mr. Jain filed a civil appeal before the Hon’ble Supreme Court of India, against the decision of the Appellate Tribunal, wherein Hon’ble Supreme Court without going into merits of the case, was pleased to expunge the adverse professional remarks made against Mr. Jain.

Download Judgment/Order

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