# In the matter of Chirag Pitte  Vs State Bank Of India Through Manager & Anr.

> NCLAT judgment dated 2024-05-02. Citation: TCN-2024-NCLAT-00465. The case pertains to Company Appeal (AT) (Insolvency) No. 565 of 2024 before the National…

- **Court:** NCLAT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLAT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/chirag-pitte-vs-state-bank-of-india-through-manager-anr-7fe8beeb

## Summary

### Background

The case pertains to Company Appeal (AT) (Insolvency) No. 565 of 2024 before the National Company Law Appellate Tribunal, Principal Bench, New Delhi. The appeal involves Chirag Pitte, the Suspended Director of Shrivallabh Pittie Industries Ltd., as the Appellant, and State Bank of India through Manager & Anr. as the Respondents. The order concerns the non-deposition of 10% of the outstanding amount as per the previous order dated 21.03.2024, which was to be deposited by 30.04.2024.

## Facts

Chirag Pitte, the Suspended Director of Shrivallabh Pittie Industries Ltd., filed an appeal against State Bank of India. The court had previously ordered on 21.03.2024 that 10% of the outstanding amount be deposited by 30.04.2024. However, the Appellant failed to deposit the amount by the deadline. Consequently, the court vacated the interim stay. The case is now listed for hearing on 30th May, 2024. The key fact is the non-compliance with the court's order regarding the deposit, leading to the vacation of the interim stay.

## Issues and analysis

### Issue 1: Whether the interim stay should be vacated due to the Appellant's failure to deposit the required …

**Ratio:** The ratio is that failure to comply with court orders, specifically the non-deposition of

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**Reasoning:** The court reasoned that since the Appellant admittedly did not deposit the 10% of the

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**Interpretation:** The interpretation is that court orders must be strictly adhered to, and

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Yogesh K…; Barun M…; +1 more
- **Appellants:** Chirag…
- **Respondents:** Shrivallabh…; State Bank of…

## Timeline

- **2024-03-21 — Previous…**: Court ordered 10% of the…
- **2024-04-30 — Deadline for…**: Deadline for depositing 10%…

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