# Shiv Charan & Ors. vs. Adjudicating Authority & Ors.

> HC judgment dated 2024-03-01. Citation: TCN-2024-HC-00120. The case involves the resolution of DSK Southern Projects Private Limited ("Corporate Debtor")…

- **Court:** HC
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-HC-00120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/shiv-charan-ors-vs-adjudicating-authority-ors-4c1d4fa3

## Summary

### Background

The case involves the resolution of DSK Southern Projects Private Limited ("Corporate Debtor") under the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor was subjected to a Corporate Insolvency Resolution Process (CIRP) starting December 9, 2021, at the instance of a financial creditor. A resolution plan proposed by Mr. Shiv Charan, Ms. Pushpalata Bai, and Ms. Bharti Agarwal ("Resolution Applicants") was approved by the National Company Law Tribunal, Mumbai (NCLT) on February 17, 2023. Prior to the CIRP, various First Information Reports alleging offences of cheating and criminal breach of trust were filed against the Corporate Debtor and its promoters. An Enforcement Case Information Report (ECIR) was filed by the Directorate of Enforcement (ED),

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## Facts

DSK Southern Projects Private Limited ("Corporate Debtor") underwent Corporate Insolvency Resolution Process (CIRP) starting December 9, 2021. The CIRP was initiated by a financial creditor. Mr. Shiv Charan, Ms. Pushpalata Bai, and Ms. Bharti Agarwal ("Resolution Applicants") proposed a resolution plan that was approved by the NCLT on February 17, 2023. Prior to the CIRP, First Information Reports (FIRs) were filed against the Corporate Debtor and its promoters alleging cheating and criminal breach of trust. The Directorate of Enforcement (ED) filed an Enforcement Case Information Report (ECIR) estimating the "proceeds of crime" at Rs. 8,522.27 crores. The ED attached the Corporate Debtor's assets, including four bank accounts with a total

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## Issues and analysis

### Issue 1: Whether the NCLT had the jurisdiction to direct the ED to release the Attached Properties, invoking …

**Ratio:** Section 32A of the IBC, 2016, is a non-obstante provision that provides immunity to the

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**Reasoning:** The court reasoned that Section 32A is triggered upon the approval of a resolution plan

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**Interpretation:** The court interpreted Section 32A as a provision that aims to provide a clean

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**Application:** The court applied Section 32A to the facts of the case, noting that a

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## Parties

- **Judges:** B. P. COLAB…; SOMASEKHAR…
- **Appellants:** Shiv Ch…
- **Respondents:** DSK Southern…; Adjudicating…
- **Other parties:** 7th Edition…; Money laun…; +4 more

## Timeline

- **2017-10-20 — FIRs Fil…**: Various First Information Reports alleging offences of cheating and criminal breach of…
- **2018-03-08 — ECIR Fil…**: Enforcement Case Information Report (ECIR/01/MBZO-II/2018) was filed by the Directorate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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