# ICICI Bank Limited & Ors. vs. ERA Infrastructure (India) Limited & Ors.

> SC judgment dated 2026-02-26. Citation: TCN-2026-SC-00071. A batch of appeals arose from different orders of the NCLAT and NCLT, primarily addressing the…

- **Court:** SC
- **Order date:** 26 Feb 2026
- **Citation:** TCN-2026-SC-00071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/icici-bank-limited-ors-vs-era-infrastructure-9alpy

## Summary

### Background

A batch of appeals arose from different orders of the NCLAT and NCLT, primarily addressing the maintainability of simultaneous Corporate Insolvency Resolution Process (CIRP) proceedings against a principal debtor and its corporate guarantor, or vice-versa, under the Insolvency and Bankruptcy Code, 2016. Many NCLT/NCLAT orders had rejected such simultaneous applications, relying on the precedent set in Vishnu Kumar Agarwal v. M/s Piramal Enterprises Ltd., which held that once a claim is admitted against one corporate debtor (principal or guarantor), a second application for the same claim against another corporate debtor cannot be admitted. Conversely, some orders allowed simultaneous CIRP, relying on SBI v. Athena Energy Ventures (P) Ltd., which differentiated Vishnu

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## Facts

ICICI Bank initiated CIRP against ERA Infrastructure (India) Limited as a Financial Creditor, based on loans advanced to group companies for which Era Infra Engineering Private Limited provided guarantees.

ERA Infrastructure (India) Limited defaulted on a sanctioned loan of Rs. 300 crore (later reduced to Rs. 200 crore), leading to its declaration as Non-Performing Asset.

ICICI's claim against Era Infra Engineering Private Limited (guarantor) was admitted in its CIRP, but NCLT rejected ICICI's subsequent Section 7 application against ERA Infrastructure (India) Limited (principal debtor) citing Vishnu Kumar Agarwal.

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## Issues and analysis

### Issue 1: Whether simultaneous proceedings for Corporate Insolvency Resolution Process under the Insolvency …

**Ratio:** Simultaneous insolvency proceedings against the principal debtor and its corporate

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**Reasoning:** The Supreme Court, relying on its previous decision in BRS Ventures Investments Ltd.,

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**Interpretation:** Section 60(2) and 60(3) of the IBC, when read in conjunction with the

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**Application:** The NCLAT's previous stance in Vishnu Kumar Agarwal, which prevented

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## Parties

- **Judges:** DIPANKAR…; AUGUSTINE GEORGE…
- **Appellants:** ICICI Bank…; Anubhav Anilkumar…; +5 more
- **Respondents:** Era Infrastructure…; Hyderabad Ring…; +10 more
- **Other parties:** CoC (for Era…; CoC (for Marg…; +9 more

## Timeline

- **2018-05-08 — CIRP Init…**: CIRP initiated against Era Infra…
- **2019-02-04 — CIRP Admi…**: NCLT admitted CIRP application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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