Authority: High Court at Calcutta
Order Date: August 21, 2026
Case Overview
- Parties: Applicant Persis A. Khambatta (review applicant) vs. Industrial Investment Bank of India Ltd (respondent, in voluntary liquidation).
- The applicant filed IA No. GA/1/2026 seeking condonation of delay in filing a Memorandum of Review; respondent did not object.
- The court condoned the delay and proceeded to consider the merits of the review.
- The applicant argued that issues raised were not before the Supreme Court; a Special Leave Petition (SLP) filed against the March 12, 2026 judgment was dismissed on July 27, 2026, and therefore the Doctrine of Merger should not apply.
- The applicant also contended that consent letters did not comply with Section 106 of the Companies Act, 1956, constituting an error apparent on the face of the record.
- The court noted that the SLP dismissal did not address merits, so the Doctrine of Merger was inapplicable.
- The court held that a review cannot re‑appraise evidence or sit in appeal over the earlier judgment; consequently, no merit was found in the prayer for review.
Final Outcome
- The review application (RVWO/31/2026) and the connected application GA/1/2026 are dismissed without any order as to costs.
Topics: Insolvency, Banking Law