# In the matter of Supreme Manor Wada Bhiwandi  Infrastructure Pvt. Ltd. MA Nos.1296-2019 & 2439-2019 in C.P. (IB) 3219 of 2018

> NCLT judgment dated 2020-08-11. Citation: TCN-2020-NCLT-00861. Union Bank of India filed a petition against Supreme Manor Wada Bhiwandi Infrastructure Pvt Ltd…

- **Court:** NCLT
- **Order date:** 11 Aug 2020
- **Citation:** TCN-2020-NCLT-00861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/supreme-manor-wada-bhiwandi-infrastructure-pvt-ltd-ma-nos1296-2019-2439-2019-in-d7c43855

## Summary

### Background

Union Bank of India filed a petition against Supreme Manor Wada Bhiwandi Infrastructure Pvt Ltd for initiating Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency & Bankruptcy Code, 2016, alleging default in payment of Rs.165,19,44,297. The corporate debtor was under Joint Lenders Forum (JLF) Restructuring Package, with Union Bank of India as the lead member. Corrective action plans, including Strategic Debt Restructuring (SDR), were invoked. Lenders invoked pledge of 51% shares for change of management. Kalyan Toll Infrastructure Ltd (KTIL) submitted a bid, initially agreed upon, but later appraised with a credit opinion of RP5. The lenders noted that the bid involving change in ownership could not be considered due to RBI's circular

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## Facts

Union Bank of India (the Petitioner) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Supreme Manor Wada Bhiwandi Infrastructure Pvt Ltd (the Corporate Debtor) for initiating CIRP due to a default of Rs.165,19,44,297. The Corporate Debtor was part of a Joint Lenders Forum (JLF) Restructuring Package, with the Petitioner as the lead member. A Strategic Debt Restructuring (SDR) was invoked. The lenders, including the applicant, invoked a pledge of 51% shares as part of a change in management. Kalyan Toll Infrastructure Ltd (KTIL) submitted a bid, which was initially agreed upon in the JLF meeting held on 4.4.2018. However, in the JLF meeting held on 11.5.2018, the process advisor informed the members that KTIL received a credit

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## Issues and analysis

### Issue 1: Whether the company petition filed by Union Bank of India against Supreme Manor Wada Bhiwandi …

**Ratio:** The Supreme Court in Dharani Sugars and Chemicals Ltd vs. Union of India &Ors. held

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**Reasoning:** The NCLT reasoned that the company petition filed by Union Bank of India was based solely

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**Interpretation:** The Supreme Court's judgment in Dharani Sugars effectively nullified the RBI

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**Application:** In this case, the NCLT applied the ratio of the Dharani Sugars case to the

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Appellants:** Union Bank of…
- **Respondents:** Supreme Manor…
- **Advocates:** Nirman S…; Rahul S…; +2 more

## Timeline

- **2016-11-24 — Retrospective NPA…**: Account classified as NPA as per RBI…
- **2018-02-12 — RBI Circular…**: RBI issued a circular on the resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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