# In the matter of Glas Trust Company LLC & Ors. vs. Pankaj Srivastava & Ors.

> HC judgment dated 2024-10-30. Citation: TCN-2024-HC-00014. Glas Trust Company LLC filed a writ petition in the High Court of Karnataka seeking directions to…

- **Court:** HC
- **Order date:** 30 Oct 2024
- **Citation:** TCN-2024-HC-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/glas-trust-company-llc-ors-vs-pankaj-srivastava-ors-f2e90796

## Summary

### Background

Glas Trust Company LLC filed a writ petition in the High Court of Karnataka seeking directions to the NCLT, Bengaluru, to adjudicate pending Interim Applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of Think & Learn Private Limited. The petitioner also sought a stay on further meetings of the Committee of Creditors (CoC). The CIRP was initiated against Think & Learn Private Limited based on a petition filed by Respondent No. 2 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the CIRP petition and appointed Respondent No. 1 as the Interim Resolution Professional (IRP). The petitioner then filed applications to remove Respondent No. 1 as the IRP, alleging fraud, and to reconstitute the CoC. Respondent

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## Facts

Glas Trust Company LLC, a limited liability company, filed a writ petition seeking directions to the NCLT, Bengaluru, to adjudicate pending Interim Applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of Think & Learn Private Limited. Respondent No. 2 filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Think & Learn Private Limited. The NCLT admitted the CIRP petition on 16.07.2024 and appointed Respondent No. 1 as the Interim Resolution Professional (IRP). The petitioner filed applications to remove Respondent No. 1 as the IRP, alleging fraud, and to reconstitute the Committee of Creditors (CoC). Respondent No. 1 filed an application seeking clarification of the

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## Issues and analysis

### Issue 1: Whether the High Court should direct the NCLT, Bengaluru, to adjudicate pending Interim …

**Ratio:** The High Court has the power of superintendence over tribunals within its jurisdiction

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**Reasoning:** The Court reasoned that since the NCLT was resuming hearings from 04.11.2024, it was

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**Interpretation:** This legal issue concerns the High Court's supervisory jurisdiction over

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**Application:** The High Court applied the principle of supervisory jurisdiction to direct the

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## Parties

- **Judges:** HEMANT CHANDANGOUD…
- **Appellants:** GLAS Trust…
- **Respondents:** Think and Learn…; MR PANKAJ…
- **Other parties:** Kohi…

## Timeline

- **2024-07-16 — NCLT Ord…**: NCLT admitted the CIRP petition against Think & Learn Private Limited and appointed…
- **2024-10-25 — Interim…**: High Court directed Respondent No. 1 to refrain from proceeding with the CoC meeting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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