# In the matter of Indian Bank Vs Ashok Kumar Tyagi & Ors.

> SC judgment dated 2023-09-01. Citation: TCN-2023-SC-00047. The Indian Bank filed an appeal against an order passed by the National Company Law Appellate…

- **Court:** SC
- **Order date:** 1 Sept 2023
- **Citation:** TCN-2023-SC-00047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/indian-bank-vs-ashok-kumar-tyagi-ors-f71d1c51

## Summary

### Background

The Indian Bank filed an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT order, dated 21.07.2023, granted sixty days to UCO Bank to consider a one-time settlement proposal submitted by the corporate debtor, M/s Darjeeling Organic Tea Estates Private Limited. The appellant contended that the corporate debtor was misusing this order to deal with and handover the physical possession of the properties of the corporate debtor. The respondent, Ashok Kumar Tyagi, former director of the corporate debtor, stated that an earlier NCLAT order dated 10.01.2023, prohibiting alienation of assets, continues to apply.

## Facts

The Indian Bank filed a civil appeal against Ashok Kumar Tyagi & Ors. regarding an order passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT order, dated 21.07.2023, granted 60 days to respondent no. 2, UCO Bank, to consider a one-time settlement proposal submitted by the corporate debtor, M/s Darjeeling Organic Tea Estates Private Limited. Indian Bank contended that the corporate debtor was misusing this order to deal with and handover the physical possession of the properties. Ashok Kumar Tyagi, former director of the corporate debtor, stated that an earlier NCLAT order dated 10.01.2023, prohibiting alienation of assets, continues to apply. The Interim Resolution Professional, Santanu Brahma, has been appointed and is functioning as per the

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## Issues and analysis

### Issue 1: Whether the corporate debtor is misusing the NCLAT order dated 21.07.2023 to deal with and handover …

**Ratio:** The court did not explicitly state a ratio but implied that the appellant has the right

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**Reasoning:** The court did not pass a detailed order and instead allowed the appellant to approach the

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**Interpretation:** This implies that the court acknowledged the possibility of misuse but did not

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**Application:** The Indian Bank can now file an application before the NCLT/NCLAT with evidence

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## Parties

- **Judges:** SANJIV K…; PANKAJ M…
- **Appellants:** Indian…
- **Respondents:** M/s. Darjeeling…; ASHOK KUMAR…

## Timeline

- **2023-01-10 — NCLAT Or…**: NCLAT passed an order prohibiting…
- **2023-05-03 — Letter from Corporate…**: Corporate debtor submitted a…

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