M/S. Innoventive Industries Ltd vs Icici Bank on 31 August, 2017
The
question before the Regional Director was not implementation of the
resolution plan. He was exercising a statutory function under the 2013
Act. Thus, the Regional Director was not authorized by law to adjudicate
on the overriding effect of the provisions of IBC to facilitate shifting. The
decision in Ghanshyam Mishra & Sons (supra) or Innovative
Industries Ltd. Vs. ICICI Bank reported in (2018) 1 SCC 407 and
Duncan Industries Ltd. Vs. A J Agrochem reported in (2019) 9 SCC
725 do not apply. The Regional Director was not deciding whether
Resolution Plan should be given privacy or not.