# In the matter of Ankit Bhuwalka vs. IDBI Bank Limited & Ors. > HC judgment dated 2025-01-16. Citation: TCN-2025-HC-00052. The case involves a writ petition filed by Ankit Bhuwalka, the erstwhile director of Bhuwalka Steel… - **Court:** HC - **Order date:** 16 Jan 2025 - **Citation:** TCN-2025-HC-00052 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/ankit-bhuwalka-vs-idbi-bank-limited-ors-a2e4cc71 ## Summary ### Background The case involves a writ petition filed by Ankit Bhuwalka, the erstwhile director of Bhuwalka Steel Industries Limited (BSIL), challenging his declaration as a wilful defaulter by IDBI Bank Limited. The declaration was based on a Transaction Audit Report (TAR) prepared by G.D. Apte & Co. The petitioner's grievance is that he was not provided with the documents underlying the TAR and that the NCLT, Bengaluru Bench, had deemed the TAR to be based on surmises and conjectures. BSIL was subjected to Corporate Insolvency Resolution Process (CIRP) initiated by Indu Corporation Private Limited in 2018, and the petition was admitted by NCLT on April 8, 2019. During CIRP, G.D. Apte & Co. were appointed as auditors, and based on their findings in the TAR, the RP filed an … ## Facts In 2018, Indu Corporation Private Limited filed a Company Petition (IB) No. 228/BB/2018 against Bhuwalka Steel Industries Limited (BSIL) before the NCLT, Bengaluru Bench. The petition was admitted on April 8, 2019, under the Corporate Insolvency Resolution Process (CIRP). Mr. Shivadutta was confirmed as the Resolution Professional (RP). During CIRP, M/s. G.D. Apte & Co. were appointed as auditors to conduct a transaction audit/forensic audit of BSIL. Based on the Transaction Audit Report (TAR), the RP filed an application before the NCLT alleging fraudulent transactions in BSIL, including related party transactions with Shree Durga Trade Links Private Limited (SDTL). The NCLT, in an order dated March 10, 2021, observed that the forensic audit report/transaction … ## Issues and analysis ### Issue 1: Whether the action of IDBI Bank in declaring Ankit Bhuwalka as a wilful defaulter was in … **Ratio:** The Master Circular issued by the RBI aims to protect banks and financial institutions … **Reasoning:** The court found that the petitioner was not given a meaningful opportunity to be heard … **Interpretation:** The court interpreted the Master Circular as requiring a fair and transparent … **Application:** The court applied the ratio to the facts of the case, finding that IDBI Bank … ## Parties - **Judges:** Revati Mohi…; Neela Go… - **Appellants:** Ankit Bhu… - **Respondents:** Bhuwalka Steel…; IDBI Bank L… ## Timeline - **2018-01-01 — Company Petiti…**: Indu Corporation Private Limited filed Company Petition (IB) No. 228/BB/2018 against BSIL… - **2019-04-08 — Petition Ad…**: NCLT admitted the… ## Legal provisions - [Insolvency and Bankruptcy Code, 2016, Section 29 — Preparation of information memorandum](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-29) --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/high-courts-new-delhi/ankit-bhuwalka-vs-idbi-bank-limited-ors-a2e4cc71