# In the matter of Mahender Kumar Khandelwal Vs. Insolvency and Bankruptcy Board of India and Anr W.P. (C) 12189-2019

> HC judgment dated 2019-11-19. Citation: TCN-2019-HC-00007. The case involves a writ petition (W.P.(C) 12189/2019) filed in the High Court of Delhi. The…

- **Court:** HC
- **Order date:** 19 Nov 2019
- **Citation:** TCN-2019-HC-00007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/mahender-kumar-khandelwal-vs-insolvency-and-bankruptcy-board-of-india-and-anr-wp-8dc28580

## Summary

### Background

The case involves a writ petition (W.P.(C) 12189/2019) filed in the High Court of Delhi. The petitioner, Mahender Kumar Khandelwal, is contesting a penalty imposed by respondent No. 1, the Insolvency and Bankruptcy Board of India (IBBI). The court is considering the petitioner's request to deposit the penalty amount with the court registry pending the resolution of the matter. The Corporate Depositor in this case is M/s Bhushan Power and Steel Limited.

## Facts

Mahender Kumar Khandelwal filed a writ petition in the High Court of Delhi challenging a penalty of Rs. 29,24,167 imposed by the Insolvency and Bankruptcy Board of India (IBBI). The petitioner sought interim relief. The court directed the petitioner to deposit the penalty amount with the court registry, which would be invested in a fixed deposit. The Corporate Depositor involved is M/s Bhushan Power and Steel Limited. The Committee of Creditors (COC) was directed to consider depositing Rs. 12,09,90,185 in the Corporate Depositor's account, based on a resolution approved by 96.53% of the creditors. The petitioner is given liberty to place this order before the COC concerned with M/s K.S.K. Mahanadi Power Company Limited (KSK).

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to deposit the penalty amount with the court registry …

**Ratio:** The court has the discretion to grant interim relief, including directing the deposit of

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**Reasoning:** The court considered the petitioner's request and the circumstances of the case,

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**Interpretation:** This reflects the court's power to balance the equities and provide interim

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**Application:** The court applied this principle by allowing the petitioner to deposit the

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## Parties

- **Judges:** RAJIV SHA…
- **Appellants:** Mahender Kumar…
- **Respondents:** M/s Bhushan Power…; INSOLVENCY AND…

## Timeline

- **2019-11-19 — Order Da…**: The High Court of Delhi issued an…
- **2018-10-10 — COC Meet…**: Respondent No.2/COC held a meeting…

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