# In the matter of Anant Kajare Vs Eknath Aher & Anr. Civil Appeal No (s). 20971-2017

> SC judgment dated 2018-05-10. Citation: TCN-2018-SC-00053. The case involves multiple appeals and special leave petitions related to the insolvency…

- **Court:** SC
- **Order date:** 10 May 2018
- **Citation:** TCN-2018-SC-00053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/anant-kajare-vs-eknath-aher-anr-civil-appeal-no-7ba505b2

## Summary

### Background

The case involves multiple appeals and special leave petitions related to the insolvency proceedings of Citrus Check Inn Ltd. (CCIL) and Royal Twinkle Star Club Limited (RTSCL). The Supreme Court was addressing issues related to the management and valuation of the assets of these companies during the insolvency process. Previous orders, including one dated 2018-04-26, were referenced, and a joint meeting was held with representatives from various parties, including the Resolution Professional (RP) and SEBI.

## Facts

The case involves the insolvency proceedings of Citrus Check Inn Ltd. (CCIL) and Royal Twinkle Star Club Limited (RTSCL). A joint meeting was held on 2018-05-07 with representatives from CCIL, RTSCL, SEBI, and the Resolution Professional (RP). The Supreme Court had previously suggested this meeting in an order dated 2018-04-26. The court found that attachment orders had not been obtained as previously stated, but rather injunction orders. The court directed the formation of a Sale-cum-Monitoring Committee to oversee the valuation and sale of the companies' assets. M/s Deloitte was appointed as the special auditor for a Forensic Audit. The court also ordered the attachment of all properties of CCIL and RTSCL and directed the promoters and Directors to disclose their

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## Issues and analysis

### Issue 1: Whether a Sale-cum-Monitoring Committee should be formed to oversee the valuation and sale of …

**Ratio:** The court has the power to issue directions to ensure the efficient and transparent

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**Reasoning:** The court reasoned that a Sale-cum-Monitoring Committee would provide a structured

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**Interpretation:** This interprets the court's inherent power to facilitate the insolvency process

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**Application:** The court applied this principle by directing the formation of a committee

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## Parties

- **Judges:** ROHINTON FALI…; ABHAY MANOHAR…
- **Appellants:** ANANT K…
- **Respondents:** Citrus Check Inn…; ΕΚΝΑΤΗ…
- **Other parties:** Over Tu…

## Timeline

- **2018-04-26 — Previous…**: The Supreme Court suggested a joint meeting between the petitioner's representative, the…
- **2018-05-07 — Joint Me…**: A joint meeting took place with representatives from CCIL, RTSCL, SEBI, and the…

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