# In the matter of Mrs Jai Rajkumar & Anr Vs Stanbic Bank Ghana Limited & Ors CS (Comm. Div.) D. No. 41408 -2018

> HC judgment dated 2018-12-04. Citation: TCN-2018-HC-00003. The plaintiffs, Mrs. Jai Rajkumar and Mr. V.R. Heamntraj, filed a suit in the High Court of…

- **Court:** HC
- **Order date:** 4 Dec 2018
- **Citation:** TCN-2018-HC-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/mrs-jai-rajkumar-anr-vs-stanbic-bank-ghana-limited-ors-cs-10db91d0

## Summary

### Background

The plaintiffs, Mrs. Jai Rajkumar and Mr. V.R. Heamntraj, filed a suit in the High Court of Judicature at Madras against Stanbic Bank Ghana Limited and Rajkumar Impex Private Limited (RIPL). The suit seeks a declaration that a judgment/decree/order dated 08.08.2017 passed by the High Court of Justice Queen's Bench Division Commercial Court, London, in Case No.CL-2017-000235 is non-conclusive and unenforceable against the second defendant in India. The plaintiffs also seek a permanent injunction restraining the first respondent from enforcing the summary judgment. Stanbic Bank had initiated proceedings in Ghana but was unsuccessful in recovering assets of RIPL. Subsequently, Stanbic Bank obtained a judgment in the UK Court, which the plaintiffs now seek to invalidate in

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## Facts

The plaintiffs, Mrs. Jai Rajkumar and Mr. V.R. Heamntraj, are shareholders and directors of Rajkumar Impex Private Limited (RIPL). RIPL is a holding company with a subsidiary named Rajkumar Impex Ghana Limited (RIGL). RIGL obtained loan facilities from Stanbic Bank Ghana Limited, evidenced by four loan agreements executed in 2012 and 2014. RIPL executed a Guarantee and Indemnity Agreement dated 12.04.2012, providing its assets as security. RIGL allegedly suffered losses due to ransacking of goods between 20.05.2014 and 22.05.2014. Stanbic Bank initiated proceedings in Ghana but was unsuccessful. Subsequently, Stanbic Bank obtained a judgment/decree/order dated 08.08.2017 from the High Court of Justice, Queens Bench Division (Commercial Court) in London. Stanbic Bank

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## Issues and analysis

### Issue 1: Whether Section 14(1)(a) of the Insolvency and Bankruptcy Code, 2016 is attracted, thereby …

**Ratio:** Section 14(1)(a) of the IB Code imposes a moratorium on the institution or continuation

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**Reasoning:** The court reasoned that the moratorium under Section 14(1)(a) is intended to protect the

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**Interpretation:** The court interpreted Section 14(1)(a) broadly to encompass any suit that could

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**Application:** The court applied Section 14(1)(a) to the facts of the case, noting that the

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## Parties

- **Judges:** M.SUN…
- **Appellants:** Mrs.Jai Ra…
- **Respondents:** Rajkumar Impex…; Stanbic Bank…

## Timeline

- **2012-02-24 — Loan Agre…**: Two loan agreements were executed between Stanbic Bank Ghana Limited and Rajkumar Impex…
- **2012-04-12 — Guarantee and Indemnity…**: Rajkumar Impex Private Limited (RIPL) executed a Guarantee and Indemnity Agreement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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