Phoenix ARC Private Limited v. Spade Financial Services Limited and Ors

Phoenix ARC Private Limited v. Spade Financial Services Limited and Ors

CIVIL APPELLATE JURISDICTION

Civil Appeal No. 3063 of 2020

Dr Dhananjaya Y Chandrachud, J

This judgment has been divided into sections to facilitate analysis. They are

A The appeals
B CIRP for the Corporate Debtor
C Proceedings before NCLT
D Proceedings before NCLAT
E Transactions of the Corporate Debtor
F Relationship between Anil Nanda and Arun Anand
G Whether Spade and AAA are financial creditors of the Corporate Debtor
G.1 Submission of Counsel
G.2 Assessment of preliminary submissions
G.2.1 Res Judicata
G.2.2 Issues before NCLAT
G.2.3 Remand to NCLAT
G.3 Analysis
G.3.1 Statutory Provisions
G.3.2 Financial Creditor and Financial Debt
G.3.3 Collusive Transactions
G.3.4 Spade and AAA
H Whether Spade and AAA are related parties
H.1 Submission of Counsel
H.2 Statutory provisions
H.3 Analysis
I Whether Spade and AAA can be excluded from the CoC
I.1 Submissions of Counsel
I.2 Related Parties and CoC
I.3 Amendment to First Proviso of Section 21(2)
I.4 Related Parties – Interpretation In Praesenti
J Conclusion

Read the Full Judgement below