# In the matter of Ankit Metal and Power Limited C.P (IB) No. 704-KB-2017

> NCLT judgment dated 2018-03-07. Citation: TCN-2018-NCLT-01742. The case pertains to C.P. (IB) No. 704/KB/2017 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 7 Mar 2018
- **Citation:** TCN-2018-NCLT-01742
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ankit-metal-and-power-limited-cp-ib-no-704-kb-2017-938e5dab

## Summary

### Background

The case pertains to C.P. (IB) No. 704/KB/2017 before the National Company Law Tribunal (NCLT), Kolkata Bench. The corporate debtor's counsel is present, while no one represents the operational creditor. The corporate debtor's counsel brought to the court's notice the Supreme Court's judgement dated 05/03/2018 in Civil Appeal No(s) 2483 of 2018, involving Ankit Metal and Power Limited versus Gandhar Oil Refinery (India) Limited.

## Facts

The case involves Gandhar Oil Refinery (India) Ltd. as the corporate debtor and Ankit Metal & Power Limited as the operational creditor. A petition, C.P. (IB) No. 704/KB/2017, was filed under Section 9 of the IBC. The corporate debtor's counsel appeared before the NCLT, Kolkata Bench, and brought to the court's attention a judgement dated 05/03/2018 of the Hon'ble Supreme Court in Civil Appeal No(s) 2483 of 2018 (M/s. Ankit Metal and Power Limited -versus- M/s. Gandhar Oil Refinery (India) Limited). The Supreme Court had set aside the order of the Adjudicating Authority dated 14/02/2018. The relevance of this fact is that the Supreme Court's decision directly impacts the proceedings before the NCLT, leading to the closure of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the order of the Adjudicating Authority dated 14/02/2018 should be set aside in light of …

**Ratio:** The ratio is that a decision of the Supreme Court is binding on all lower courts and

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**Reasoning:** The NCLT acknowledges the Supreme Court's judgement in Civil Appeal No(s) 2483 of 2018,

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**Interpretation:** This issue involves the interpretation of the principle of judicial hierarchy

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**Application:** The Supreme Court's decision in Civil Appeal No(s) 2483 of 2018, which involved

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## Parties

- **Judges:** Jinan…
- **Appellants:** Ankit Metal and…
- **Respondents:** Gandhar Oil…; Gandhar Oil…

## Timeline

- **2018-03-07 — Hearing…**: Hearing held on 7th…
- **2018-03-05 — Supreme Court…**: Judgement dated 05/03/2018 of the Hon'ble Supreme Court in Civil Appeal No(s) 2483 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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