Indian Bank vs Anshul Gupta

IN THE MATTER OF: Indian Bank ...Applicant

Versus

Anshul Gupta ...Contemnor/ Liquidator Tops Group Services & Solutions Ltd. Respondent

Present: For Applicant : Ms. Honey Satpal, Mr. Akash Agarwalla, Mr. Aman, Advocates. For Contemnor/ : Mr. Milan Singh Negi, Mr. Nikhil Kumar Jha, Ms. Respondent Katyayani, Mr. Utkarsh, Advocates.

With

Contempt Case (AT) No. 15 of 2026 in Company Appeal (AT) (Insolvency) No. 96 of 2025

IN THE MATTER OF: Indian Bank ...Applicant

Versus

Anshul Gupta ...Contemnor/ Liquidator Tops Group Services & Solutions Ltd. Respondent

Present: For Applicant : Ms. Honey Satpal, Mr. Akash Agarwalla, Mr. Aman, Advocates. For Contemnor/ : Mr. Milan Singh Negi, Mr. Nikhil Kumar Jha, Ms. Respondent Katyayani, Mr. Utkarsh, Advocates.

ORDER

(Hybrid Mode)

23.04.2026: This application has been filed by the Indian Bank praying

for initiating contempt proceeding against the Liquidator for contempt of

judgment of this Tribunal dated 08.07.2025 passed in Company Appeal (AT)

Cont'd.../ (Ins.) No.85 of 2025 and Company Appeal (AT) (Ins.) No.96 of 2025. Both

above appeals were filed by the Indian Bank challenging the order passed by

the Adjudicating Authority by which I.A. filed by the Indian Bank was rejected

and I.A. filed by the Resolution Professional was allowed directing the Indian

Bank to remit the IT refund which was received by the Corporate Debtor

during pendency of the CIRP. We are also informed that Appellant also filed

an appeal before Hon'ble Supreme Court, which also came to be dismissed on

06.10.2025.

2. Learned counsel for the Indian Bank has filed these contempt

applications alleging that the Liquidator has not decided the question

regarding realisation of security. Appellant has referred to Para 12 of the

judgment of this Tribunal. We have in Para 12 has observed that the manner

in which the appellant is to realise its security out of its claim which has been

filed before the liquidator were not the question which were required to be

considered in I.A. No. 2967/2021, which was allowed on 20.12.2022. We are

of the view that there is no disobedience of any direction passed in order dated

08.07.2025 giving any cause of action to the Appellant to file these contempt

applications. Contempt Applications are rejected.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) Archana/md

Contempt Case (AT) No.14 & 15 of 2026 in Company Appeal (AT) (Ins.) No. 85 & 96 of 2025 2 of 2