Supreme Court of India

AXIS BANK LIMITEDversusNAREN SETH & ANR.

Citation: 2024 INSC 105
Decided: 19 January 2024
Bench: VIKRAM NATH

Holding

The Court corrected paragraph 20 of the 2023 judgment, reading “unsecured creditor” as “secured creditor”.

Summary

The applicant‑appellant filed a miscellaneous application seeking clarification of a Supreme Court judgment dated 12 September 2023 in Civil Appeal No. 2085 of 2022, specifically the use of the term “unsecured creditor” in paragraph 20. The Court, after hearing counsel, held that the term should be read as “secured creditor”. Consequently, the 2023 judgment was corrected to that extent and the delay in filing the application was condoned. The application was disposed of, effecting the correction. The matter arose from an order of the National Company Law Appellate Tribunal in an insolvency appeal, involving the Insolvency and Bankruptcy Code, 2016 and the Limitation Act, 1963.

Issues considered

Whether the term ‘unsecured creditor’ in paragraph 20 of the 2023 judgment requires correction to ‘secured creditor’.
Whether the clarification application is maintainable and the delay in filing can be condoned.

Legislation cited

Subjects

InsolvencyBankruptcyLimitationClarification of judgmentCorrection in judgmentUnsecured creditorSecured creditor

Judgment

          [2024] 1 S.C.R. 1183 : 2024 INSC 105

                      Axis Bank Limited
                             v.
                      Naren Seth & Anr.
                    (M.A. No. 190 of 2024)
                               In
                (Civil Appeal No. 2085 of 2022)
                         19 January 2024
  [Vikram Nath and Satish Chandra Sharma, JJ.]

                     Issue for Consideration
Application was filed by the applicant-appellant seeking clarification
of the judgment reported in [2023] 14 SCR 581.

                            Headnotes
Insolvency and Bankruptcy Code, 2016 – Limitation Act, 1963
– Judgment reported in [2023] 14 SCR 581, corrected to an
extent – Word “unsecured creditor” referred in para 20 of the
judgment to be read as “secured creditor”.

                         Case Law Cited
     Axis Bank Ltd. v. Naren Seth & Anr., [2023] 14 SCR
     581 – Corrected to an extent.

                            List of Acts
Insolvency and Bankruptcy Code, 2016; Limitation Act, 1963

                         List of Keywords
Insolvency; Bankruptcy; Limitation; Clarification of judgment;
Correction in judgment; Unsecured creditor; Secured creditor

                        Case Arising From

CIVIL APPELLATE JURISDICTION : Miscellaneous Application
No.190 Of 2024
From the Judgment and Order dated 22.09.2021 of the National
Company Law Appellate Tribunal, Principal Bench, New Delhi in
Company Appeal (AT) (Insolvency) No.930 of 2021.
1184                                                          [2024] 1 S.C.R.

                      Digital Supreme Court Reports


                         Appearances for Parties
     Sanjiv Sen, Sr. Adv., Ujjal Banerjee, Akash Khurana, Advs. for the
     Appellant.
     Ms. Neha Sharma, Surya Prakash, Ms. Megha Karnwal, Arjun Bhatia,
     Devesh Dubey, Ms. Mahima Kapur, Ms. Divya Singh Pundir, Vikas
     Mehta, Advs. for the Respondents.

                Judgment / Order of the Supreme Court
                                       Order
     Delay condoned.
2.   This application is filed by the applicant- appellant seeking clarification
     of the judgment dated 12.09.2023 passed in Civil Appeal No.2085
     of 2022.
3.   Heard learned counsel for the parties.
4.   The word “unsecured creditor” referred to in paragraph 20 of the
     judgment be now read as “secured creditor”.
5.   Judgment dated 12.09.2023 is corrected to the above extent only.
6.   Miscellaneous application is disposed of accordingly.


     Headnotes prepared by: Bibhuti Bhushan Bose            Result of the case:
                                                              M.A. disposed of.

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