Supreme Court · 2021 INSC 59 · Decided 3 February 2021
Phoenix Arc PVT. LTD. v. Ketulbhai Ramubhai Patel
- Court
- Supreme Court of India
- Citation
- 2021 INSC 59 · [2021] 1 S.C.R. 1043
- Case number
- CIVIL APPEAL No. 5146/2019
- Decided
- 3 February 2021
- Bench
- ASHOK BHUSHAN, M.R. SHAH, R. SUBHASH REDDY (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Contract Act Section 124, 126, 172; IBC Section 5(7), 5(8), 3, 60
Headnote
Insolvency and Bankruptcy code, 2016 - ss. 5(7), 5(8), 3 and 60 - Contract Act, 1872 - ss.124, 126 and 172 -L&T Infrastructure Finance company advanced the financial facility to 'D' - A facility agreement was executed between 'D' (borrower) company (lender) - Lender advanced to borrower Rs.40 crores - 'DV' (corporate debtor) gave an undertaking in favour of L&T Infrastructure Finance to the effect that 100% of their shareholding in GEL shall not be disposed of so long as any amounts were due and payable
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)