# In the matter of Amit Ahirrao Vs Anagha Anasingaraju

> SC judgment dated 2024-07-11. Citation: TCN-2024-SC-00055. The case involves a civil appeal in the Supreme Court of India concerning the Insolvency and…

- **Court:** SC
- **Order date:** 11 Jul 2024
- **Citation:** TCN-2024-SC-00055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/amit-ahirrao-vs-anagha-anasingaraju-06c3daee

## Summary

### Background

The case involves a civil appeal in the Supreme Court of India concerning the Insolvency and Bankruptcy Code, 2016. The appellant, Amit Ahirrao, was the erstwhile director of the corporate debtor, M/s. Virtue Infra and Entertainment Private Limited. Proceedings under the IBC were initiated by Sakharam Tambolkar, a financial creditor. The application enclosed the consent terms agreed upon between the appellant Amit Ahirrao and respondent No.2, Sakharam Tambolkar. The ex-wife of the appellant, Maithilee Tambolkar, also a financial creditor, and Sanjeev Autoparts Mfrs. Pvt. Ltd., an operational creditor, also signed the consent terms. A.M. Patel Infrastructure Pvt. Ltd. also filed an application for intervention/impleadment and objections to the consent terms, claiming to

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## Facts

Amit Ahirrao was the erstwhile director of M/s. Virtue Infra and Entertainment Private Limited, the corporate debtor. Sakharam Tambolkar initiated proceedings under the Insolvency and Bankruptcy Code, 2016, as a financial creditor. The appellant and respondent No. 2, Sakharam Tambolkar, agreed upon consent terms. The ex-wife of the appellant, Maithilee Tambolkar, and Sanjeev Autoparts Mfrs. Pvt. Ltd. also signed the consent terms. A.M. Patel Infrastructure Pvt. Ltd. claimed to be an operational creditor, but its claim was not accepted by the liquidator. An application under Section 66 of the IBC for avoidance of transaction was filed but not yet adjudicated. The consent terms were taken on record, leading to the withdrawal of the liquidation order and revival of the

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## Issues and analysis

### Issue 1: Whether the consent terms agreed upon by the parties can be taken on record by the Supreme Court …

**Ratio:** The Supreme Court has the power under Article 142 of the Constitution of India to pass

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**Reasoning:** The court considered the consent terms agreed upon by the parties and found it

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**Interpretation:** Article 142 empowers the Supreme Court to pass orders necessary for doing

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**Application:** The court applied Article 142 to take the consent terms on record, which

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## Parties

- **Judges:** SANJIV K…; Sanjay…; +1 more
- **Appellants:** AMIT AH…
- **Respondents:** M/s. Virtue Infra…; ANAGHA ANASINGHARA…
- **Advocates:** Rahul Ch…; Shirish K.…; +10 more

## Timeline

- **2023-01-01 — Civil Appea…**: Civil Appeal No. 4697/2023 was…
- **2024-07-11 — Hearing…**: The appeal was called…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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