# In the matter of Bank of Baroda (Erstwhile Vijaya Bank) and Others vs. Suchi Paper Mills Ltd and Others

> SC judgment dated 2024-03-18. Citation: TCN-2024-SC-00085. The case involves an appeal against an order of the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** SC
- **Order date:** 18 Mar 2024
- **Citation:** TCN-2024-SC-00085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/bank-of-baroda-erstwhile-vijaya-bank-and-others-vs-suchi-paper-mills-ltd-and-oth-fd10a45a

## Summary

### Background

The case involves an appeal against an order of the National Company Law Appellate Tribunal (NCLAT) which had set aside the order of the National Company Law Tribunal (NCLT) approving a Resolution Plan. The NCLAT's decision was based on the fact that the Resolution Plan was approved by a Single Member of the NCLT in violation of Section 419(3) of the Companies Act 2013, and that the circumstances required under Section 30(2) of the Insolvency and Bankruptcy Code 2016 were not considered.

## Facts

The Bank of Baroda (Erstwhile Vijaya Bank) filed an appeal against an order by the National Company Law Appellate Tribunal (NCLAT). The NCLAT had set aside an order of the National Company Law Tribunal (NCLT) which approved a Resolution Plan for Suchi Paper Mills Ltd. The NCLAT's decision was based on the fact that a single member of the NCLT approved the Resolution Plan, violating Section 419(3) of the Companies Act 2013. The NCLAT also noted that the NCLT failed to consider the requirements of Section 30(2) of the Insolvency and Bankruptcy Code 2016. During the Supreme Court hearing, it was submitted that substantial steps were taken to implement the approved plan and that the dues of the financial creditors were also settled. The Supreme Court disposed of the

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## Issues and analysis

### Issue 1: Whether the approval of the Resolution Plan by a single member of the NCLT was in violation of …

**Ratio:** Section 419(3) of the Companies Act 2013 mandates that certain matters before the NCLT

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**Reasoning:** The NCLAT observed that the approval of the Resolution Plan by a single member of the

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**Interpretation:** Section 419(3) is interpreted to ensure that significant decisions, such as the

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**Application:** The NCLAT's decision to set aside the NCLT's order was based on the application

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## Parties

- **Judges:** Dr Dhananjaya Y…; J.B. PARD…; +1 more
- **Appellants:** Bank of Baroda…
- **Respondents:** Suchi Paper Mills…
- **Other parties:** Affir…

## Timeline

- **2020-04-01 — NCLT Ord…**: The National Company Law Tribunal…
- **2023-10-16 — NCLAT Or…**: The National Company Law Appellate Tribunal…

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