# In the matter of ICICI Bank Limited & Ors. vs. Era Infrastructure (India) Limited & Ors.

> SC judgment dated 2026-02-26. Citation: TCN-2026-SC-00013. The case involves multiple civil appeals and a special leave petition arising from different orders…

- **Court:** SC
- **Order date:** 26 Feb 2026
- **Citation:** TCN-2026-SC-00013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/icici-bank-limited-ors-vs-era-infrastructure-67c7fd38

## Summary

### Background

The case involves multiple civil appeals and a special leave petition arising from different orders of the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT). The central issue is whether simultaneous Corporate Insolvency Resolution Process (CIRP) proceedings can be initiated against a principal debtor and its corporate guarantor under the Insolvency and Bankruptcy Code, 2016 (IBC).

## Facts

ICICI Bank filed an application under Section 7 of the IBC against ERA Infrastructure (India) Limited as the Corporate Debtor.

The NCLT rejected ICICI's application based on a prior NCLAT judgment in Vishnu Kumar Agarwal v. M/s Piramal Enterprises Ltd.

Bank of India filed an application under Section 7 of the IBC against RNA Corp. Pvt. Ltd., which was allowed by the NCLT.

International Finance Corporation granted a loan to Punj Lloyd Upstream Limited, with Punj Lloyd Limited as guarantor.

NCLT initiated CIRP against Marg Limited at the instance of ICICI, which was later allowed to be withdrawn due to a settlement.

NCLT initiated CIRP against Greengrow Commercial Pvt Ltd, which was challenged by its ex-director, Bijay Kumar Agarwal.

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## Issues and analysis

### Issue 1: Whether simultaneous CIRP proceedings can be initiated against a principal debtor and its corporate …

**Ratio:** Section 60(2) of the IBC contemplates separate or simultaneous insolvency proceedings

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**Reasoning:** The court interprets Section 60(2) to mean that the adjudicating authority can adjudicate

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**Interpretation:** The IBC permits separate or simultaneous proceedings to be initiated under

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**Application:** The court allows appeals where the NCLT/NCLAT had rejected CIRP applications

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## Parties

- **Judges:** DIPANKAR…; AUGUSTINE GEORGE…
- **Appellants:** ICICI Bank…; Anubhav Anilkumar…; +5 more
- **Respondents:** Era Infrastructure…; Hyderabad Ring…; +11 more
- **Other parties:** ICICI…; SREI Equipment…; +4 more

## Timeline

- **2019-05-07 — NCLT Ord…**: NCLT, Principal Bench, Delhi passed an order…
- **2018-05-08 — CIRP Init…**: CIRP initiated against Era Infra…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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