# In the matter of Supreme Infrastructure India Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02024. The case involves a Company Petition (CP) filed by ICICI Bank Limited against Supreme…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-infrastructure-india-limited-1a67b7eb

## Summary

### Background

The case involves a Company Petition (CP) filed by ICICI Bank Limited against Supreme Infrastructure India Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The NCLT Mumbai Bench had reserved the matter for orders on 31.01.2024. An appeal was preferred against the recall of stay in IA 133/2023 in CA 653/2022 by Bench-II of NCLT Mumbai, recalling its earlier order dated 23.12.2023, which had stayed all Section 7 applications filed/to be filed under the IBC in a scheme application. The Hon'ble NCLAT issued notice and directed the parties to complete pleadings. The Hon'ble Bombay High Court disposed of a WP but granted stay against pronouncement of final orders by NCLT until the recall application was decided. Bench-II of NCLT Mumbai recalled their

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## Facts

ICICI Bank Limited filed a Company Petition (CP (IB)/1312(MB)2022) under Section 7 of the IBC against Supreme Infrastructure India Limited. The NCLT Mumbai Bench reserved the matter for orders on 31.01.2024. The Corporate Debtor (Supreme Infrastructure India Limited) filed an appeal against the recall of stay in IA 133/2023 in CA 653/2022 by Bench-II of NCLT Mumbai, which had recalled its earlier order dated 23.12.2023, staying all Section 7 applications under the IBC in a scheme application. The Hon'ble NCLAT issued notice and directed the parties to complete pleadings. The Hon'ble Bombay High Court disposed of a WP but granted stay against pronouncement of final orders by NCLT until the recall application was decided. Bench-II of NCLT Mumbai recalled their earlier

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## Issues and analysis

### Issue 1: Whether the NCLT can proceed with the pronouncement of final orders in CP (IB)/1312(MB)2022 under …

**Ratio:** The principle of judicial comity and the need to adhere to the directions of superior

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**Reasoning:** The NCLAT issued notice in the appeal against the recall of stay, and the Bombay High

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**Interpretation:** The NCLT must interpret the orders of the NCLAT and the High Court to determine

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**Application:** The NCLT has directed the corporate debtor to provide clarity regarding the

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Respondents:** Supreme Infrastruc…; ICICI Bank…

## Timeline

- **2024-01-31 — Matter Reserved for…**: The NCLT Mumbai Bench reserved the matter for pronouncing final orders after hearing the…
- **2023-12-23 — Earlier Sta…**: Bench-II of NCLT Mumbai passed an order staying all Section 7 applications filed/to be…

## 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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