# In the matter of Standard Chartered Bank Vs Satish Kumar Gupta

> NCLAT judgment dated 2019-03-18. Citation: TCN-2019-NCLAT-00720. The case involves multiple appeals before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 18 Mar 2019
- **Citation:** TCN-2019-NCLAT-00720
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/standard-chartered-bank-vs-satish-kumar-gupta-5b249ddd

## Summary

### Background

The case involves multiple appeals before the National Company Law Appellate Tribunal (NCLAT) concerning the resolution plan of Essar Steel India Ltd. The appeals raise questions about the distribution of debt between financial and operational creditors, the classification of operational creditors, and the fairness of the resolution plan.

## Facts

Several appeals were filed before the NCLAT regarding the resolution plan of Essar Steel India Ltd. Standard Chartered Bank, State Bank of India, and the Committee of Creditors of Essar Steel India through SBI are among the appellants. Satish Kumar Gupta, the Resolution Professional, is a respondent in multiple appeals. The core issue revolves around the distribution of debt between financial and operational creditors, the classification of operational creditors as related or non-related parties, and whether the resolution plan approved by the Committee of Creditors is fair and non-discriminatory to all stakeholders. The NCLAT is also examining whether Standard Chartered Bank can claim any amount payable as debt without invoking the guarantee as on the date of

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## Issues and analysis

### Issue 1: Whether Standard Chartered Bank in whose favour guarantee was given by 'M/s Essar Steel India Ltd. …

**Ratio:** The legal principle involves the interpretation of guarantee clauses and the rights of

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**Reasoning:** The court needs to determine if the guarantee can be invoked directly without fulfilling

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**Interpretation:** The interpretation revolves around the specific terms of the guarantee

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**Application:** The court will apply the legal principles to the specific facts of the case,

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Standard Chartered…
- **Respondents:** Essar Steel India…; Satish Kumar…

## Timeline

- **2019-03-18 — Order Da…**: The NCLAT heard the appeals and framed questions for consideration regarding the…
- **2019-03-27 — Next Hearin…**: Appeals posted for…

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