# In the matter of Sri Subhankar Bhowmik Vs. Union of India and Anr.

> HC judgment dated 2022-03-14. Citation: TCN-2022-HC-00056. The writ petition challenges the provisions of Section 3(10) of the Insolvency and Bankruptcy Code…

- **Court:** HC
- **Order date:** 14 Mar 2022
- **Citation:** TCN-2022-HC-00056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/sri-subhankar-bhowmik-vs-union-of-india-and-anr-dfb224b4

## Summary

### Background

The writ petition challenges the provisions of Section 3(10) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 9A, arguing that they fail to define 'other creditors' and thus violate Article 14 of the Constitution. The petitioner, a shareholder of public listed companies, claims that the IBC and its regulations do not adequately address the treatment of 'decree holders' in the insolvency resolution process, leading to classification issues. The petitioner seeks clarification on whether claims filed by 'decree holders' under CIRP should be treated on par with 'financial creditors'.

## Facts

Sri Subhankar Bhowmik filed a writ petition challenging Section 3(10) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 9A. The petitioner, a shareholder of public listed companies, argues that the IBC fails to define 'other creditors' and does not adequately address the treatment of 'decree holders' in the insolvency resolution process. The petitioner seeks a declaration that claims filed by 'decree holders' under CIRP should be treated on par with 'financial creditors'. The petition highlights the lack of authoritative pronouncements from the Supreme Court or High Court on the issues raised. The petitioner contends that without a clear prescription in the IBC, 'decree holders' fall into the residual class of 'other creditors,' which is arbitrary

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## Issues and analysis

### Issue 1: Whether the provisions of Section 3(10) of the Insolvency and Bankruptcy Code, 2016, read with …

**Ratio:** The IBC recognizes five types of creditors: 'financial creditor,' 'operational creditor,'

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**Reasoning:** The court reasons that the absence of a specific definition for 'decree holder' does not

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**Interpretation:** The court interprets the IBC to mean that while 'decree holders' are recognized

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**Application:** The court applies this reasoning to the specific facts by stating that the

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## Parties

- **Judges:** Indrajit M…; S G Chattop…
- **Appellants:** Subhankar B…
- **Respondents:** Union of…

## Timeline

- **2022-03-14 — Order Da…**: Order issued by the…
- **2016-05-28 — IBC Effecti…**: The Insolvency and Bankruptcy…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(10) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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