# In the matter of Raghavendra G. Kundangar & Ors. Vs.  Shashi Agarwal & Anr. Company Appeal (AT) (Ins.) No. 886 of 2022

> NCLAT judgment dated 2022-08-24. Citation: TCN-2022-NCLAT-00265. This case involves an appeal against an order dated 6th May, 2022, passed by the National…

- **Court:** NCLAT
- **Order date:** 24 Aug 2022
- **Citation:** TCN-2022-NCLAT-00265
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/raghavendra-g-kundangar-ors-vs-shashi-agarwal-anr-company-appeal-41974f44

## Summary

### Background

This case involves an appeal against an order dated 6th May, 2022, passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in C.P.(IB) No. 1340 of 2018. The appellants, claiming to be shareholders of the Corporate Debtor, challenged the NCLT's order. The Respondent No. 2, claiming to be a Financial Creditor, had filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), alleging a subsisting financial debt related to the supply of materials to the Corporate Debtor. The appellants had previously appealed to the NCLT, which was dismissed, and subsequently to the Supreme Court under Section 62 of IBC, which was also dismissed in-limine. The debt of the Respondents was declared as Financial Debt in these proceedings. The appellants filed

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## Facts

Raghavendra G. Kundangar and 115 other individuals filed an appeal against the order dated 6th May, 2022, passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in C.P.(IB) No. 1340 of 2018. The appellants claimed to be shareholders of the Corporate Debtor. Jindal Steel and Power Limited, the Respondent No. 2, claimed to be a Financial Creditor and had filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), alleging a subsisting financial debt related to the supply of materials to the Corporate Debtor. The appellants had previously appealed to the NCLT, which was dismissed, and subsequently to the Supreme Court under Section 62 of IBC, which was also dismissed in-limine. The debt of the Respondents was declared as Financial Debt in

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## Issues and analysis

### Issue 1: Whether the order dated 11.03.2019 passed in CP(IB) No. 1340 of 2018 and the order dated 23.07.2019 …

**Ratio:** The doctrine of prospective overruling, as innovated by the Apex Court, aims to avoid

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**Reasoning:** The court reasoned that the overruling of earlier judgments does not automatically

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**Interpretation:** The interpretation focuses on the application of the doctrine of prospective

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**Application:** The court applied the principles to the present case, noting that the rights of

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Raghavendra G.…
- **Respondents:** Shashi Ag…

## Timeline

- **2018-01-01 — Application under…**: Respondent No. 2 filed an application under Section 7 of the Insolvency and Bankruptcy…
- **2019-08-16 — Supreme Court Appeal…**: The Appellants preferred appeal before the Hon'ble Apex Court under Section 62 of IBC…

## 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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