NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) No. 346 of 2018 & I.A. No.1139 of 2019 IN THE MATTER OF: Union of India ...Appellant Vs. Infrastructure Leasing & Financial Services Ltd. & Ors. ....Respondents Present: Mr. Kapil Sibal, Senior Advocate, Mr. Abhinav Vashisht, Senior Advocate, Ms. Arun Kathapalia, Senior Advocate, Mr. Manmeet Singh, Mr. Anukrit Gupta, Mr. Abhinandan Banerjee and Ms. Ria Kohli, Advocates for Intervenors. Mr. Krishnendu Datta, Ms. Madhusneta, Ms. Kanika Tandon and Ms. Shivangi Khurana, Advocates for NHAI – Applicant. Mr. Gopal Jain, Senior Advocate, Mr. Ramesh Babu, Ms. Manish Singh and Ms. Swati Setia, Advocates for Reserve Bank of India. Mr. Gopal Jain, Sr. Advocate with Mr. Ashish Mukhi, Ms. Madhurima Sarangi, Mr. Kamlendra P. Singh, Advocates for UTI AMC, UTI RSL, UTI MF, HDFC PF, Kotak PF, SBI PF, LIC PF. Mr. Arun Kathpalia, Senior Advocate with Mr. Sidharth Sethi and Ms. Tanya Tiwari, Advocates for PTC India Financial Services – Intervenor. Mr. Ajay Bhargava, Ms. Vanita Bhargava, Mr. Aseem Chaturvedi, Ms. Wamika Trehan, Advocates for Mashreq Bank, Aditya Birla Finance Ltd., Apollo Munich, West Coast Paper Mills Ltd., HUL Union Fund, MC Rubel India Ltd. Mr. R.B. Trivedi, Advocate for BOI (Respondent No.15) Mr. Singh, for Citizen Credit Co-operative Bank.
27
Embed
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI … · Dr. Abhishek Manu Singhvi, Senior Advocate with Mr. Diwakar Maheshwari, Mr. Avishkar Singhvi, Mr. Shreyas ... Mr. Dheeraj
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Company Appeal (AT) No. 346 of 2018 & I.A. No.1139 of 2019
Present: Mr. Kapil Sibal, Senior Advocate, Mr. Abhinav Vashisht,
Senior Advocate, Ms. Arun Kathapalia, Senior Advocate, Mr. Manmeet Singh, Mr. Anukrit Gupta, Mr. Abhinandan Banerjee and Ms. Ria Kohli, Advocates for Intervenors.
Mr. Krishnendu Datta, Ms. Madhusneta, Ms. Kanika
Tandon and Ms. Shivangi Khurana, Advocates for NHAI – Applicant.
Mr. Gopal Jain, Senior Advocate, Mr. Ramesh Babu, Ms.
Manish Singh and Ms. Swati Setia, Advocates for Reserve
Bank of India.
Mr. Gopal Jain, Sr. Advocate with Mr. Ashish Mukhi, Ms.
Madhurima Sarangi, Mr. Kamlendra P. Singh, Advocates
for UTI AMC, UTI RSL, UTI MF, HDFC PF, Kotak PF, SBI
PF, LIC PF.
Mr. Arun Kathpalia, Senior Advocate with Mr. Sidharth Sethi and Ms. Tanya Tiwari, Advocates for PTC India Financial Services – Intervenor.
Mr. Ajay Bhargava, Ms. Vanita Bhargava, Mr. Aseem
Chaturvedi, Ms. Wamika Trehan, Advocates for Mashreq Bank, Aditya Birla Finance Ltd., Apollo Munich, West Coast Paper Mills Ltd., HUL Union Fund, MC Rubel India
Ltd.
Mr. R.B. Trivedi, Advocate for BOI (Respondent No.15)
Mr. Singh, for Citizen Credit Co-operative Bank.
2
Mr. Ashish Prasad and Sanyam Saxena, for Appolo Tyres; Hindalco Employees Provident Fund; Hindalco
Employee Fund-II; Naysara Energies Employee Fund and ICBC.
Mr. Atul Shanker Mathur, Ms. Priya Singh and Ms. Sweta, Advocates for Mother Dairy Fruit & Vegetable Pvt.
Ltd.
Mr. Atul Shanker Mathur, Ms. Priya Singh and Ms.
Sweta, Advocates for NDDB PF Trust
Mr. Atul Shanker Mathur, Ms. Priya Singh and Ms. Sweta, Advocates for BHEL PF Trust.
Mr. Abhinav Goyal and Mr. Pallav Mongia, Advocates for Yokogawa India Ltd. Employees Provident Fund and BALCO Employees Provident Fund, Intervenors.
Mr. Rohit Gandhi, Mr. Bindu, Mr. Aprajita Swarup and
Mr. Dhruv, Advocates for ITGI Employee Provident Fund Trust – for Appellant.
Mr. Bindu, Mr. Rohit Sondhi, Mr. Aprajita Swarup and Mr. Dhruv, Advocates for IFFCO-Tokio General Insurance
Co. Ltd. – Appellant.
Mr. Nishant Menon, Mrs. Kavita Sarin, Mr. Shafiq
Ahmed, Advocates for Intervener in IA 1251 & 1257 Ravi Kirishan Chandre for Applicant.
Mr. Piyush Bansal and Mr. Gurcharan Singh Advocate
for Interpleaders (1) HPGCPL – Employees Pension Fund
Trust (2) HVPNL – Employees Pension Fund Trust (3)
UBHVNL – Employees Pension Fund Trust (4) HVPNL –
Employees Provident Fund Trust and (5) UBHVNL –
Employees Provident Fund Trust.
Mr. Gucharan Singh, Advocate for Interpleader (1) Dalal
& Broacha Stock Broking Pvt. Ltd. and Mudra
Communication Pvt. Ltd. – Employees Pension Fund
Trust.
Dr. Abhishek Manu Singhvi, Senior Advocate with Mr.
Diwakar Maheshwari, Mr. Avishkar Singhvi, Mr. Shreyas
Edupuganti and Mr. Ashwij Ramaiah, Advocates for
Indus Ind Bank, Respondent 16.
3
Mr. Kailash Vasdev, Senior Advocate with Mr. Diwakar
Maheshwari and Mr. Shreyas Edupuganti, Advocates for
Asian Paints Factory PF Trust, Asian Paints Office PF
Trust, Asian paints Gratuity Trust and Asian Paints SAF
Trust, Intervenors.
Mr. Diwakar Maheshwari and Mr. Shreyas Edupuganti,
Advocates for Himami Ltd. Staff Provident Institution,
Bajaj Finance Ltd., CESC Limited Provident Fund and
CESC Ltd. - Intervenors.
Ms. Priyambada Mishra and Ms. Shweta Duggal,
Advocates for Food Corporation of India.
Ms. P.S. Chandralekha and Mr. P.I. Jose, Advocates for
Bassein Catholic Cooperative Bank, I.A. No.422/2019.
Mr. Ashish Rana and Mr. Anurag Kr. Singh, Advocates
for Intervenor (Exim Bank).
Mr. Krishna Dev J. and Mr. Rana Sandeep Advocates for
Ray Constructions, Intervenor.
Mr. Arun Kathpalia, Senior Advocate with Mr. Sidharth
Sethi and Ms. Tanya Tiwari, Advocates for (PFS).
Mr. Dheeraj Nair and Mr. Kumar Kislay, Advocates for
Intervenor – EDC, Kotak Trust Invesco Trust.
Ms. Priyanka, Advocate for Adizath Industries (QC).
Mr. Arun Mani, Ms. Anannya Ghosh, Mr. Abhinav
Raghuvanshi and Ms. Gaurika Mohan, Advocates for
Intervenors.
Ms. Mallika Prabhakar for Sanjay Bajaj for Karnataka
Bank (Intervenor).
Ms. Mallika Prabhakar for Sanjay Bajaj for Punjab &
Sind Bank (Intervenor).
Mr. Vardhman Kaushik and Mr. Sangkrito Chauhan,
Advocates for Intervenor, Tata Motors Fin. Ltd.
4
Mr. Avijit Dikshit, Advocate for Powergrid EPF Trust, Powergrid EGF Trust, Powergrid Employees Defined
Contribution Superannuation Benefit (Pension) Scheme. Ms. Monika Benjamin, Advocate for Boxco Far East Pvt.
Ltd.
Mr. Himanshu Gupta, Advocate for DIAL Employees PF
Trust.
Mr. Shashwat Bhardwaj, Advocate on behalf of Ms. Anjali
Sharma, Advocate for Applicants – SAIL; Indian Iron &
Arunima Bishnoi, Advocates for Crompton Greaves PF
No.1 (Intervenor).
Mr. L.K. Bhushan and Ms. Aditi Awasty, M/s Dua Associates, Advocates for Mccann Ericksion (Intervenor).
Mr. Chitranshul Sinha, Advocate for Deutsche Bank.
Mr. Gollamudi Sri Harsha Datta and Ashish Virmani Advocates for EGIS.
Mr. Anupam Kumar, Advocate for The Press Trust of India.
Mr. Parth Chopra, Advocate for Respondent Nos.4, 5, 6, 7 and 8.
5
Mr. Amit Agrawal, Ms. Aanchal Tikmani and Mr. Sahil Raveen, Advocates for Army Group Insurance Fund
(Intervenor) Diary No.11382/19.
Mr. Manih Dogra, Ms. Sonali Jaitely Bakshi and Mr.
Sharad Sharma, Advocates for Shapoorji Pallonji Pvt. Ltd. (Intervenor).
Mr. Sumit Arora Advocate for Navodyay Vidalyay Samiti (Intervenor)
Mr. Abhirup Dasgupta, Mr. Ishaan Duggal, Advocates for DHFL Prameria Ltd. (Intervenor)
Mr. Abhirup Dasgupta, Mr. Ishaan Duggal, Advocates Provident Fund (Intervenor).
Mr. Mohammad and Mr. Brijesh Ujjainnwal, Advocates for Infosys Ltd. Employee Provident Fund Trust.
Mr. Vishnu Sharma, Mr. Sourav Roy and Mr. Ashutosh Kumar, Advocates for Noida Authority (Impleadment party).
Mr. T. Sunder Ramanathan and Ms. Prerana De,
Advocates for HPCL Pension Fund Trust & BPCL Pension Fund Trust.
Mr. Amit S. Chadha, Senior Advocate with Mr. Shivek Trehana, Mr. Mehul M. Gupta and Mr. Pranay Mohan Govil, Advocates for Maharashtra Metro Rail Corporation
I.A. No.2077 and 2076.
Mr. Sanjeev Singh and Mr. Prashant Tripathi, Advocates for Aditya Birla Finance Ltd.
Mr. Gaurav Kejriwal and Mr. Sujit Keshri, Advocates for Bharatiya Reserve Bank Note Mudran Pvt. Ltd.
Mr. Vikram Hegde, Advocate for IREDA
Mr. R. Sudhinder, Ms. Nimita Kaul and Ms. Amrita Sarkar for Superannuation Fund of Housing Development, Finance Corporation Ltd., Housing
Development Finance Corporation Ltd., Provident Fund, Gratuity Fund of Housing Development Finance
Mr. Rahul Kripalani, Advocate for Countdown Financial
Services Ltd.
Mr. Sunil Fernandes, Mr. Karan Nagrath, Mr. Siddharth
Sharma, Ms. Anju Thomas and Mr. Darpan Sachdeva, Advocates.
Mr. Sidhanatha Barua, Advocate
Mr. T.P. Sindhu and Mr. Lakshman.RS and Mr. Mukund P.Unny, Advocates
Mr. Abhishek Gupta, Mr. Harshil Gupta, Advocates for
NALCO Employees Provident Fund Trust.
Mr. Anil Kher, Sr. Advocate with Ms. Disha Bajaj,
Advocate for Everest
Mr. Satendra K. Rai, Advocate
Mr. Sanjay Kapur, Ms. Meghna Karnwal, Mr. Bharath
Ganga Dharan and Mr. Kauser Husain, Advocates for SBI.
Mr. Atul Nigam, Mr. Nishant Nigam and Mr. Anubhav Tyagi, Advocates for Arvind Ltd.
Mr. Manoj, Advocate for FCI
Mr. Avneesh Garg and Mr. M.T. Reddy, Advocates for Hindustan Aeronatics Ltd.
Mr. Rudreshwar Singh and Mr. Gautam Singh, Advocates for First Rand Bank
Mr. Rudreshwar Singh and Mr. Gautam Singh,
Advocates for Punj Lyodd Ltd.
Mr. Rudreshwar Singh and Mr. Gautam Singh,
Advocates for Punj Loyodd Employees Provides Ltd.
Mr. Gautam Singh, Advocate for Arun Enterprises
Ms. Priya Sharma, Advocate for Vijya Bank
Mr. Gautam Singh and Ms. Priyanka Das, Advocates for Assam Tea Employees
7
Mr. Parag Maini, Mr. Abhimanyu Chopra, Mr. Raghav
Chadha and Mr. Parth Chopra, Advocates for South Indian Bank
Mr. Saransh Jain and Mr. Madhavam Sharma, Advocates for Jupiter Capital
Ms. Sriparna Dutta, Advocate for Titan Industries
Mr. R.B. Trivedi, Advocate for BOI
Mr. Yojit Mehra and Mr. Ajitesh Soni, Advocates for Maihar Cement, 63 Moons and SBI.
Mr. Krishna Dev J. and Mr. Rana Sandeep, Advocates for Ray Construction.
Mr. Rajgopal and Mr. Jasdeep S. Dhillon, Advocates for Skylark Infra and Sammon Infra
Mr. Anshuman Gupta, Mr. Syed Asalam Abib and Mr. Prateek Khaitan, Advocates for Jammu & Kashmir
Bank.
Mr. Abhirup Das Gupta and Mr. Ishaan Duggal, Advocates for DHFL Pramerica and Tata Power Consolidated PF.
Mr. Alok Dhir, Mr. Kunal Godhwari and Ms. Varsha Banerjee, Advocates for Punjab National Bank.
Ms. Jayashree S. Dasgupta and Ms. Saloni Chowdhri,
Advocates for Wavell Investment Pvt. Ltd.
Mr. Mohit Singh, Advocate for ICICI Bank
Mr. Rajiv Dutta, Sr. Advocate and Ms. Kanika Singhal,
Advocates for Axis Bank
Ms. Garima Jain and Mr. Balaji Srinivasan, Advocates for SIDCO Employees PF Trust.
Ms. Samridhi Hota, Advocate for J.K Paper Employees PF and J.K. Ltd. officers superannuation scheme, PF of
Tinplate Company of India Ltd., Tinplate Company Executive Staff, Superannuation Fund Limited Gratuity Fund., Tata Teleservices Ltd. Provident Fund Trust., Tata
Steel Limited Gratuity Fund, Provident Fund of TSL, Tata
8
Steel Limited Employees Pension Scheme, Tata Elxci India Employees Provident Find, Mutual Fund AMC.
Ms. Anushka Sharda Ms. Diviaana harg Advocate for Zyan Industries Ltd. and PPL Employees Provident Fund
Trust.
Mr. Ramji Srinivasan, Senior Advocate with Ms. Gauri Rasgotra, Mr. L. Vishwanathan, Mr. Raunak Dhillon, Mr. Vikash Kumar Jha, Mr. Karan Khanna, Mr. Aditya
Sikka, Ms. Ananya Dhar Chodhury and Mr. Hariharan for Cyril Amarchand Mangaldas.
Mr. Sanjay Shorey, Director, Legal Prosecution MCA
Mr. Sanjay Bhatt, Advocate for IDBI Trusteeship Mr. Brijesh Kumar Tamber, Mr. Vinay Singh Bist, Mr.
Pawan Kumar and Ms. Deepika Singh, Advocates for Allahabad Bank and Indian Bank
Mr. Ankit Vijaywargiya and Mr. Shrey Patnaik, Advocates for IRCON Medical Trust and IRCON ERF Trust.
Mr. Aditya Verma and Mr. Shrey Patnaik, Advocates for
Coastal Marine Construction & Engineering Ltd. Mr. Muthuvel Palani M., Advocate for Loyal Textile Mills
Ltd., Employees Provident Fund and Valli Cotton Traders Ltd., Employees Gratuity Fund.
Mr. Anand Shankar Jha, Mr. Arpit Gupta and Md. Ali, Advocates for Mahindra and Mahindra Ltd., Mahindra
and Mahindra Staff Provident Fund and MCC India Employees Provident Fund Trust.
Mr. Kamal Kant Jha, Mr. Prabhakar Thakur and Ms. Kriti Kumari, Advocates
Ms. Anushree Kapadia and Ms. Kavita Bhardwaj, Advocates
Mr. Anil Kaushik, Mr. Abhishek Mishra and Mr. Akash Bhardwaj, Advocates for EIL
Mr. Ankur S. Kulkarni and Ms. Richa Bhardwaj,
Advocates for Sun Iron Steel & Co.
Mr. Abhishek Anand, Mr. Anant A. Pavgi and Ms.
Chetna Singh, Advocates
9
Mr. Tushar Tyagi, Advocate for Shree Gautam
Construction Pvt. Ltd. Mr. Rajnish Sinha and Ms. Shreya Kohli, Advocates for
ENSO Infrastructure Pvt. Ltd.
Mr. Rajiv S. Roy, Mr. Avrojyoti Chatterjee, Mr. Abhijit Roy
and Ms. Jayasree Saha, Advocates for Canara Bank &
UCO Bank.
Mr. Ashish Rana and Mr. Anurag Kr. Singh, Advocates for Exim Bank
Mr. Kailash Pandey and Mr. Ranjeet Singh, Advocates for
Electronics India Ltd. Management Staff Provident Fund Trust.
Mr. Amit Tyagi and Mr. Haridutt Kr. Mishra, Advocates for TLG India Pvt. Ltd. Employees Provident Fund and
Sapient Consulting Employees Provident Fund Trust.
Mr. Debarshi Bhuyan, Advocate for Godrej Consumer
Products Ltd. Provident Fund
Ms. Richa Sandilya, Advocate for Indian Overseas Bank Ms. Risha Mittal, Mr. Karan Mehra and Ms. Simran
Mehrotra, Advocates for SAS Employees Provident Fund Trust.
Mr. B. Banerjee, Advocate
Mr. Arun Kathpalia, Sr. Advocate with Mr. Pramaya Goyal, Mr. Dharav Shah and Mr. Chiranjivi Sharma, Advocates for HDFC Mutual Fund.
With
Company Appeal (AT) No. 347 of 2018 IN THE MATTER OF:
Infrastructure Leasing and
Financial Services Ltd. ...Appellant
Vs.
10
Union of India & Ors. ...Respondents
Present: Mr. Ramji Srinivasan, Senior Advocate with Ms. Gauri
Rasgotra, Mr. L. Vishwanathan, Mr. Raunak Dhillon, Mr. Vikash Kumar Jha, Mr. Karan Khanna, Mr. Aditya
Sikka, Ms. Ananya Dhar Chodhury and Mr. Hariharan for Cyril Amarchand Mangaldas.
Mr. Krishnendu Datta, Ms. Madhusneta, Ms. Kanika Tandon and Ms. Shivangi Khurana, Advocates for NHAI –
Applicant. Mr. Abhishek Kumar and Ms. Arvshi Gupta, Advocates
for R-14 (PFC) and PFC EPF, PFC EGF and PFC SMF.
Mr. Gopal Jain, Senior Advocate, Mr. Ramesh Babu, Ms.
Manish Singh and Ms. Swati Setia, Advocates for Reserve
Bank of India.
Mr. Gopal Jain, Sr. Advocate with Mr. Ashish Mukhi, Ms.
Madhurima Sarangi, Mr. Kamlendra P. Singh, Advocates
for UTI AMC, UTI RSL, UTI MF, HDFC PF, Kotak PF, SBI
PF, LIC PF.
Mr. Gopal Jain, Sr. Advocate with Mr. Ashish Mukhi, and
Mr. Kamlendra Singh, Advocates UTI Mutual Fund.
Mr. Ashish Mukhi, and Mr. Kamlendra Singh, Advocates
for Hindustan Zinc Ltd.
Mr. Debal K. Banerjee, Sr. Advocate with Mr. Pankaj
Vivek, Advocate for Respondent No.13 – Bank of Baroda.
Mr. Arun Kathpalia, Senior Advocate with Mr. Sidharth
Sethi and Ms. Tanya Tiwari, Advocates for PTC India Financial Services – Intervenor.
Mr. Ajay Bhargava, Ms. Vanita Bhargava, Mr. Aseem Chaturvedi, Ms. Wamika Trehan, Advocates for Mashreq
Bank, Aditya Birla Finance Ltd., Apollo Munich, West Coast Paper Mills Ltd., HUL Union Fund, MC Rubel India Ltd.
Mr. Atul Shanker Mathur, Ms. Priya Singh and Ms.
Sweta, Advocates for Mother Dairy Fruit & Vegetable Pvt.
Ltd.
11
Mr. Atul Shanker Mathur, Ms. Priya Singh and Ms.
Sweta, Advocates for NDDB PF Trust Mr. Atul Shanker Mathur, Ms. Priya Singh and Ms.
Sweta, Advocates for BHEL PF Trust.
Mr. Piyush Bansal and Mr. Gurcharan Singh Advocate
for Interpleaders (1) HPGCPL – Employees Pension Fund
Trust (2) HVPNL – Employees Pension Fund Trust (3)
UBHVNL – Employees Pension Fund Trust (4) HVPNL –
Employees Provident Fund Trust and (5) UBHVNL –
Employees Provident Fund Trust.
Mr. Gucharan Singh, Advocate for Interpleader (1) Dalal
& Broacha Stock Broking Pvt. Ltd. and Mudra
Communication Pvt. Ltd. – Employees Pension Fund
Trust.
Mr. Krishna Dev J. and Mr. Rana Sandeep Advocates for
Ray Constructions, Intervenor.
Mr. Arun Kathpalia, Senior Advocate with Mr. Sidharth
Sethi and Ms. Tanya Tiwari, Advocates for (PFS).
Mr. Dheeraj Nair and Mr. Kumar Kislay, Advocates for
Intervenor – EDC, Kotak Trust Invesco Trust.
Mr. Aakash Sirohi and Mr. Indralal, Advocates for M/s
Shakti Traders (Diary No.9649/19)
Ms. Mallika Prabhakar for Sanjay Bajaj for Karnataka
Bank (Intervenor).
Ms. Mallika Prabhakar for Sanjay Bajaj for Punjab & Sind Bank (Intervenor).
Mr. Adarsh Tripathi and Mr. Anish Gupta, Advocates for
NTPC Limited Employees Provident Fund Trust.
Mr. Vikas Kumar, Mr. Manish Paliwal, Mr. Ashutosh K.
Sharma, Advocates (Corporate Legal Partners) for BEL.
Mr. Gollamudi Sri Harsha Datta and Ashish Virmani, Advocates for EGIS.
12
Mr. Amit Agrawal, Ms. Aanchal Tikmani and Mr. Sahil
Raveen, Advocates for Army Group Insurance Fund (Intervenor) Diary No.11382/19.
Mr. Manih Dogra, Ms. Sonali Jaitely Bakshi and Mr. Sharad Sharma, Advocates for Shapoorji Pallonji Pvt.
Ltd. (Intervenor). Mr. Vishnu Sharma, Mr. Sourav Roy and Mr. Ashutosh
Kumar, Advocates for Noida Authority (Impleadment party)
Mr. Abhijeet Sinha and Mr. Arijit Mazumdar and Mr. Shambo Nandy, Advocates for SREI Infrastructures
Finance Ltd.
Mr. R. Sudhinder, Ms. Nimita Kaul and Ms. Amrita
Sarkar for Superannuation Fund of Housing Development, Finance Corporation Ltd., Housing
Development Finance Corporation Ltd., Provident Fund, Gratuity Fund of Housing Development Finance Corporation Ltd., Gruh Finance Ltd., Employees Gratuity