# In the matter of Vivek Agarwal Vs. Kanak Resource Management Limited & Anr. Civil Appeal No(s). 3624-2020

> SC judgment dated 2020-12-01. Citation: TCN-2020-SC-00004. The case involves a civil appeal against the corporate debtor, Kanak Resource Management Limited.…

- **Court:** SC
- **Order date:** 1 Dec 2020
- **Citation:** TCN-2020-SC-00004
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/vivek-agarwal-vs-kanak-resource-management-limited-anr-civil-appeal-no-a59fc28d

## Summary

### Background

The case involves a civil appeal against the corporate debtor, Kanak Resource Management Limited. The Corporate Insolvency Resolution Proceedings (CIRP) against the corporate debtor commenced on 25 September 2017, following an order by the National Company Law Tribunal (NCLT). An appeal against this order was dismissed by the National Company Law Appellate Tribunal (NCLAT) on 5 October 2017. Subsequently, a resolution plan was approved by the Committee of Creditors. The NCLAT, in an unrelated case, stayed proceedings against the ILFS Group of Companies on 15 October 2018. The Resolution Professional then applied to the NCLAT for clarification of its order dated 15 October 2018, which was dismissed, granting liberty to approach the NCLT. The Resolution Professional then

…

## Facts

The Corporate Insolvency Resolution Proceedings (CIRP) against Kanak Resource Management Limited (the corporate debtor) commenced on 25 September 2017, based on an order from the National Company Law Tribunal (NCLT). An appeal against the NCLT's order was dismissed by the National Company Law Appellate Tribunal (NCLAT) on 5 October 2017. A resolution plan was approved by the Committee of Creditors. On 15 October 2018, the NCLAT issued a stay order in an unrelated case involving the ILFS Group of Companies. The Resolution Professional sought clarification from the NCLAT regarding its 15 October 2018 order, but the application was dismissed, with liberty to approach the NCLT. The Resolution Professional then applied for revival/continuance of the CIRP. The NCLT dismissed

…

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Proceedings (CIRP) against the corporate debtor was …

**Ratio:** The initiation of CIRP is governed by the Insolvency and Bankruptcy Code, 2016. The

…

**Reasoning:** The court needs to determine if the initial application met the requirements of the IBC

…

**Interpretation:** The interpretation of the relevant sections of the IBC concerning the

…

**Application:** The court will apply the provisions of the IBC to the facts of the case to

…

## Parties

- **Judges:** Dr Dhananjaya Y…; Indu Mal…; +1 more
- **Appellants:** Vivek Ag…
- **Respondents:** KANAK RESOURCE…
- **Other parties:** Over Tu…

## Timeline

- **2017-09-25 — CIRP Comm…**: Corporate Insolvency Resolution Proceedings commenced against the corporate debtor based…
- **2017-10-05 — Appeal Dis…**: An appeal against the NCLT's…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/supreme-court-of-india/vivek-agarwal-vs-kanak-resource-management-limited-anr-civil-appeal-no-a59fc28d