# In the matter of Lalan Kumar Singh vs. The Hongkong and Shanghai Banking Corporation Limited & Others

> HC judgment dated 2023-12-01. Citation: TCN-2023-HC-00010. This Letters Patent Appeal challenges the order dated 23.08.2021 passed by a Single Judge in CWP…

- **Court:** HC
- **Order date:** 1 Dec 2023
- **Citation:** TCN-2023-HC-00010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/lalan-kumar-singh-vs-the-hongkong-and-shanghai-banking-corporation-limited-other-bb300246

## Summary

### Background

This Letters Patent Appeal challenges the order dated 23.08.2021 passed by a Single Judge in CWP No. 2588 of 2018. The appellant, in his capacity as the Executive Director of M/s GPI Textiles Limited (4th respondent), had filed the writ petition. The appellant had previously filed CWP No. 648 of 2018 seeking reliefs against the Hongkong and Shanghai Banking Corporation Limited (respondent no. 1) and M/s Phoenix ARC Private Limited (respondent no. 2), also impleading the Reserve Bank of India (RBI) as a 3rd respondent. The appellant sought actions against respondents no. 1 and 2 by complaining to the RBI, which responded on 18.05.2018, requesting comments from the 1st respondent. During the writ petition's pendency, the Assistant Solicitor General of India stated that

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## Facts

Lalan Kumar Singh, the appellant, filed a Letters Patent Appeal challenging the order of a Single Judge in CWP No. 2588 of 2018. Singh, as Executive Director of GPI Textiles Limited (4th respondent), had filed the writ petition. Previously, he filed CWP No. 648 of 2018 against Hongkong and Shanghai Banking Corporation Limited (respondent no. 1) and Phoenix ARC Private Limited (respondent no. 2), involving the Reserve Bank of India (RBI). He sought actions against respondents 1 and 2 via a complaint to the RBI. The RBI responded, and the Assistant Solicitor General of India stated action would be taken. Singh withdrew the petition, reserving the company's right to pursue remedies. After CWP No. 648 was disposed of, Singh issued a notice to the RBI alleging

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## Issues and analysis

### Issue 1: Whether the appellant has the locus standi to file the Letters Patent Appeal, considering the …

**Ratio:** Once a Resolution Plan is approved by the NCLT and the management of the corporate debtor

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**Reasoning:** The court reasoned that with the approval of the Resolution Plan and the transfer of

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**Interpretation:** This legal principle emphasizes that once a corporate insolvency resolution

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**Application:** In this case, the approval of the Resolution Plan by the NCLT and the transfer

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## Parties

- **Judges:** M.S.Ramachandra…; Jyotsna Rew…
- **Appellants:** Lalan Kumar…
- **Respondents:** GPI Textiles…; The Hongkong and…
- **Advocates:** R.K.…; Jeevesh S…; +8 more

## Timeline

- **2018-07-06 — NCLT Ord…**: The Adjudicating Authority (NCLT, Chandigarh Bench) passed an order admitting the…
- **2018-12-20 — NCLAT Dis…**: The Company Appeal (AT) (Insolvency) No.485 of 2018 before the National Company Law…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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