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Alchemist Limited And Another vs State Bank Of Sikkim And Others on 16 March, 2007

vii) In view of the principle laid down in the above decisions, coming to the facts of the case on hand, as discussed supra, the offences alleged arise out of an agreement dated 19.12.2018 entered into at New Delhi. The allegations against the petitioner and other accused are that they have not paid the amount agreed in terms of the said agreement dated 19.12.2018 and, thus, they have defrauded respondent No.2 Company by violating the terms of the said agreement. Mere registration of the Companies at Hyderabad, existence of its registered offices at Hyderabad, filing of insolvency proceedings in NCLT, Hyderabad, will not form part of cause of action with regard to allegations leveled against the petitioner herein at Hyderabad. Filing of insolvency proceedings in Hyderabad do not have any material bearing on the alleged offences as they arise out of the Settlement Agreement dated 19.12.2018 entered into at New Delhi. Further, the insolvency proceedings were initiated in NCLT Hyderabad because of specific territorial jurisdiction conferred on it under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016.
Supreme Court of India Cites 16 - Cited by 229 - C K Thakker - Full Document
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