# In the matter of Chitra Sharma & Ors. vs. Union of India & Ors.

> SC judgment dated 2017-11-22. Citation: TCN-2017-SC-00007. This is a Writ Petition (Civil) filed in the Supreme Court of India. The case involves Chitra…

- **Court:** SC
- **Order date:** 22 Nov 2017
- **Citation:** TCN-2017-SC-00007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/chitra-sharma-ors-vs-union-of-india-ors-9f26a730

## Summary

### Background

This is a Writ Petition (Civil) filed in the Supreme Court of India. The case involves Chitra Sharma & Ors. as petitioners and Union of India & Ors. as respondents. The case includes applications for intervention, clarification/direction, impleadment, appropriate orders/directions, Vakalatnama and Memo of Appearance, permission to file application for direction, exemption from filing O.T., and permission to appear and argue in person. Several connected writ petitions and special leave petitions are also listed with the primary petition.

## Facts

Chitra Sharma & Ors. filed a Writ Petition (Civil) against the Union of India & Ors. The case involves applications for intervention, clarification, and other directions. Several related writ petitions and special leave petitions are connected to the main petition. The court is addressing concerns raised by home buyers regarding the realization of amounts owed to them by Jaiprakash Associates Limited (JAL). Jaiprakash Associates Limited (JAL) stated that the company is ready with 275 crores. The court directed the company to deposit Rs. 275 crores immediately and further amounts by specific dates. The independent and promoter directors were prohibited from alienating their personal or family assets.

## Issues and analysis

### Issue 1: Whether the independent directors and promoter directors should be allowed to alienate their …

**Ratio:** The principle of preventing alienation of assets to ensure funds are available to satisfy

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**Reasoning:** The Court reasoned that allowing the directors to alienate their assets would jeopardize

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**Interpretation:** This interprets the court's power to issue orders that protect the interests of

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**Application:** The court applied this principle by explicitly prohibiting the independent and

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## Parties

- **Judges:** THE CHIEF J…; A.M. KHAN…; +1 more
- **Appellants:** CHITRA S…
- **Respondents:** Jaiprakash…; Union of…

## Timeline

- **2017-11-22 — Hearing…**: The matters were called…
- **2017-12-13 — Deposit De…**: A sum of Rs.150 crores to…

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