# In the matter of ICICI Bank Limited Vs. Aseem Srivastav and Another Civil Appeal No. 990 of 2021

> SC judgment dated 2021-04-16. Citation: TCN-2021-SC-00049. The case involves an appeal before the Supreme Court of India against an order of the National…

- **Court:** SC
- **Order date:** 16 Apr 2021
- **Citation:** TCN-2021-SC-00049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/icici-bank-limited-vs-aseem-srivastav-and-another-civil-appeal-no-990-of-2021-73f5565f

## Summary

### Background

The case involves an appeal before the Supreme Court of India against an order of the National Company Law Appellate Tribunal (NCLAT). The NCLAT order admitted an application under Section 7 of the Insolvency and Bankruptcy Code 2016. The appeal before the NCLAT was pending, and the appellants were aggrieved by certain directions of the NCLAT, specifically regarding the Interim Resolution Professional continuing to run the Corporate Debtor and the stay on the constitution of the Committee of Creditors.

## Facts

The ICICI Bank Limited filed a Civil Appeal No 990 of 2021 before the Supreme Court of India. The appeal concerned proceedings before the National Company Law Appellate Tribunal (NCLAT) related to an application admitted under Section 7 of the Insolvency and Bankruptcy Code 2016. The appeal before the NCLAT was still pending. The appellants were aggrieved by the NCLAT's directions that (i) the Interim Resolution Professional should continue to run the Corporate Debtor as a going concern with the assistance of the erstwhile Management, and (ii) the constitution of the Committee of Creditors has been stayed. The appellant's counsel argued that these directions would bring the resolution process to a standstill, especially considering the Corporate Debtor's admission of

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## Issues and analysis

### Issue 1: Whether the directions of the NCLAT regarding the Interim Resolution Professional and the stay on …

**Ratio:** The ratio is based on the principle of expeditious resolution under the Insolvency and

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**Reasoning:** The Court acknowledged the appellant's argument that the NCLAT's directions could impede

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**Interpretation:** The interpretation involves balancing the need for the Interim Resolution

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**Application:** The Court applied the principle of expeditious resolution by directing the

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## Parties

- **Judges:** Dr Dhananjaya Y…; M.R.…
- **Appellants:** ICICI Bank…
- **Respondents:** Mr Aseem Sr…

## Timeline

- **2021-02-26 — Appeal Posted for…**: The appeal was posted for…
- **2021-03-19 — Admission…**: The appeal was scheduled for…

## 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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