Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Insolvency and Bankruptcy code 2016 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case(s) Referred | Referred Case 0 Referred Case 1 |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
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) and L&T Infrastructure Finance 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 and outstanding under the financial assistance proposed to be provided by L&T Infra to the borrower –A Pledge agreement was also executed between ‘DV’ and L&T Infrastructure Finance company by which agreement 40,160 shares of GEL were pledged as security –L&T assigned all rights, title and interest in the financial facility including any security, interest in favour of appellant –‘D’(borrower) failed to repay – Bank filed petition u/s.7 of the Code to initiate the corporate resolution process in respect of ‘DV’(corporate debtor) – Pursuant to commencement of CIRP in respect of corporate debtor, the appellant filed its claim for an amount of Rs.83,49,85,667/- with respondent, the Interim Resolution Professional – Respondent opined that the corporate debtor’s liability was restricted to pledge of shares –Appellant filed application before the NCLT – NCLT held that appellant’s status as financial creditor of the corporate debtor is not proved in light of s.5(8) of the Code – NCLAT dismissed the appeal filed by the appellant – On appeal, held: A contract of guarantee is a contract to perform the promise, or discharge the liability, of a third person in case of his default – The present is not case where the corporate debtor has entered into a contract to perform the promise, or discharge the liability of borrower in case of his default – The Pledge Agreement is limited to pledge 40,160 shares as security –The corporate debtor has never promised to discharge the liability of borrower –It was borrower who had promised to repay the loan of Rs.40 crores in Facility Agreement and it was borrower who had undertaken to discharge the liability towards lender – The appellant at best will be a secured debtor qua above security but shall not be a financial creditor within the meaning of s.5 sub-sections (7) and (8) – The appellant is not financial creditor of the corporate debtor – The decision of the Resolution Professional is upheld. |
Judge | Hon'ble Mr. Justice Ashok Bhushan |
Neutral Citation | 2021 INSC 59 |
Petitioner | Phoenix Arc Pvt. Ltd. |
Respondent | Ketulbhai Ramubhai Patel |
SCR | [2021] 1 S.C.R. 1043 |
Judgement Date | 2021-02-03 |
Case Number | 5146 |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
Sl. | Authority | Responsibilities | Communication Details |
---|---|---|---|
1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |