# In the matter of Vijay Kumar Jain Vs Standard Chartered Bank & Ors Civil Appeal No. 8430-2018

> SC judgment dated 2019-01-31. Citation: TCN-2019-SC-00095. The appeal arises from an Appellate Tribunal's judgment rejecting the appellant's request for…

- **Court:** SC
- **Order date:** 31 Jan 2019
- **Citation:** TCN-2019-SC-00095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/vijay-kumar-jain-vs-standard-chartered-bank-ors-civil-appeal-no-8430-2018-e06628c8

## Summary

### Background

The appeal arises from an Appellate Tribunal's judgment rejecting the appellant's request for directions to the resolution professional to provide relevant documents, including insolvency resolution plans, to members of the suspended Board of Directors of the corporate debtor. The corporate debtor, Ruchi Soya Industries Ltd., was incorporated on 06.01.1986. In September 2017, Standard Chartered Bank Ltd. and DBS Bank Ltd., filed company petitions against the corporate debtor. The petitions were admitted on 8th and 15th December 2017 by the NCLT. The appellant, a member of the suspended Board of Directors, was given notice and permitted to attend the first CoC meeting on 12.01.2018. He alleges that subsequent meetings were held without his participation. He filed an

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## Facts

Ruchi Soya Industries Ltd., the corporate debtor, was incorporated on 06.01.1986. Standard Chartered Bank Ltd. and DBS Bank Ltd. filed Company Petition Nos.1371 and 1372 in September 2017. These petitions were admitted by the NCLT on 8th and 15th December 2017. The appellant, Vijay Kumar Jain, a member of the suspended Board of Directors, was given notice for the first CoC meeting held on 12.01.2018. He alleges he was denied participation in subsequent meetings. He filed Miscellaneous Application No.518 of 2018 on 07.06.2018 before the NCLT, seeking to participate effectively in CoC meetings. On 12.08.2018, he executed a non-disclosure agreement. The NCLT dismissed his application on 01.08.2018. He appealed to the Appellate Tribunal, which recognized his right to

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## Issues and analysis

### Issue 1: Whether members of the suspended Board of Directors are entitled to receive copies of resolution …

**Ratio:** The statutory scheme of the Code, particularly Sections 21, 24, 25, 30, and 31, read with

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**Reasoning:** The court reasoned that the erstwhile Board of Directors, who may be guarantors, are

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**Interpretation:** The court interpreted the relevant provisions of the Code and Regulations to

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** ROHINTON FALI…; NAVIN S…
- **Appellants:** VIJAY KUMA…
- **Respondents:** Ruchi Soya…; Standard Chartered…

## Timeline

- **1986-01-06 — Incorporation of…**: Ruchi Soya Industries…
- **2017-09-01 — Filing of Company…**: Standard Chartered Bank Ltd. and DBS Bank Ltd.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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