# In the matter of SREI Infrastructure Finance Limited Contempt Application No. 05-KB-2022 in I.A. (IB) No. 75-KB-2022 in C.P. (IB) No. 295-KB-2021

> NCLT judgment dated 2022-05-17. Citation: TCN-2022-NCLT-04803. The case pertains to a Contempt Petition No. 05/KB/2022 filed by Hemant Kanoria against Punjab…

- **Court:** NCLT
- **Order date:** 17 May 2022
- **Citation:** TCN-2022-NCLT-04803
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/srei-infrastructure-finance-limited-contempt-application-no-05-kb-2022-in-ia-ib-daf5946e

## Summary

### Background

The case pertains to a Contempt Petition No. 05/KB/2022 filed by Hemant Kanoria against Punjab & Sind Bank and others for allegedly violating an order dated 07 February 2022 passed by the Adjudicating Authority in IA (IB) No.75/KB/2022 in CP (IB) No. 295/KB/2021.

## Facts

Hemant Kanoria filed a Contempt Petition No. 05/KB/2022 against Punjab & Sind Bank and others.

The contempt petition alleges violation of an order dated 07 February 2022.

The order was passed by the Adjudicating Authority in IA (IB) No.75/KB/2022 in CP (IB) No. 295/KB/2021.

The applicant claims the respondents declared the accounts of SIFL and SEFL as fraud accounts based on the KPMG report.

The KPMG report was the subject matter of IA (IB) No.75/KB/2022.

The court had directed that there shall be no further dissemination of the KPMG report.

The respondents argued they only utilized the information from the KPMG report and analyzed it.

The respondents claimed they did not further circulate the KPMG report.

## Issues and analysis

### Issue 1: Whether the Respondents violated the order dated 07 February 2022 by declaring the accounts of SIFL …

**Ratio:** The court held that the

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**Reasoning:** The court reasoned that the Respondents had not circulated the KPMG report but had

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**Interpretation:** The court interpreted the order prohibiting dissemination as not preventing the

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**Application:** The court applied this interpretation to the facts and found that the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Hemant Ka…
- **Respondents:** Punjab & Si…; S. Kris…; +6 more
- **Other parties:** SREI Equipment…; SREI Infrastructur…
- **Advocates:** Ratnanko B…; Rishav Ba…; +4 more

## Timeline

- **2022-04-28 — Order reser…**: Order reserved on 28…
- **2022-05-17 — Order pronoun…**: Order pronounced on 17…

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