# SANJAY DAVE vs. ANDHRA BANK LTD. & ORS.

> SC judgment dated 2026-05-27. Citation: TCN-2026-SC-00041. Sanjay Dave, a promoter/director of M/s. Oracle Home Textiles Limited (Corporate Debtor), submitted…

- **Court:** SC
- **Order date:** 27 May 2026
- **Citation:** TCN-2026-SC-00041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/sanjay-dave-vs-andhra-bank-ltd-ors-o5lwr

## Summary

### Background

Sanjay Dave, a promoter/director of M/s. Oracle Home Textiles Limited (Corporate Debtor), submitted a resolution plan during its Corporate Insolvency Resolution Process (CIRP). The plan was approved by the Committee of Creditors (CoC). However, Dave raised objections to the Letters of Intent (LoIs) issued by the Resolution Professional (RP), claiming they were conditional due to pending litigation by other prospective resolution applicants (PRAs) and a clause on employee litigation risk. He also contested the reduction of the performance guarantee submission period and the subsequent forfeiture of his Earnest Money Deposit (EMD) by the RP. The CIRP period ended without a confirmed plan, leading the CoC to vote for liquidation of the Corporate Debtor. The Adjudicating

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## Facts

The Corporate Insolvency Resolution Process (CIRP) out of which the present appeals arise, concerns the Corporate-Debtor by the name M/s. Oracle Home Textiles Limited.

The CIRP was admitted on 9th August, 2018, and the Resolution Professional (RP) came to be appointed.

On 6th February, 2019, a Request For Resolution Plan (RFRP) was issued by the RP.

The appellant, Sanjay Dave, who was the Promotor/Director of M/s. Oracle Home Textiles Limited (an MSME entity), submitted a Resolution Plan with the permission of the National Company Law Tribunal (NCLT).

On 10th May, 2021, the appellant was informed that his Resolution Plan had been approved by the Committee of Creditors (CoC) with a voting majority of 99.90%.

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## Issues and analysis

### Issue 1: Whether the Letters of Intent (LoIs) issued by the Resolution Professional were conditional due to …

**Ratio:** Stipulations in a Letter of Intent (LoI) making the resolution plan subject to the final

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**Reasoning:** The appellant was well aware of the pending litigations by other Prospective Resolution

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**Interpretation:** The doctrine of acquiescence applies when a party, having a right, stands by

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**Application:** Sanjay Dave, as the SRA, participated in CoC meetings where the pendency of PRA

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## Parties

- **Judges:** K.V. Viswanathan,…; VIPUL M. PA…
- **Appellants:** SANJAY…; M/s. Faze Three…; +1 more
- **Respondents:** M/s. Oracle Home…; ANDHRA BANK LTD.…
- **Other parties:** Committee of…; Andhra Ban…; +3 more
- **Advocates:** A. K. M…; U.C. N…; +4 more

## Timeline

- **2018-08-09 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) admitted for M/s. Oracle Home Textiles…
- **2019-02-06 — RFRP Iss…**: A Request For Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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