Case Name: Rakesh Dalpatram Panchal vs M/s. Kisan Steels Pvt. Ltd & Anr.
Court: Supreme Court of India
Civil Appeal No.: 7916/2026
Date of Order: 29-05-2026
Relevant Applications: IA No.153165/2026, IA No.154265/2026, IA No.166605/2026 (impleadment), IA No.166614/2026 (directions)
Parties Involved
Appellant: Rakesh Dalpatram Panchal (promoter of Gemini Engi‑Fab Private Limited)
Respondents: M/s. Kisan Steels Pvt. Ltd, other operational creditors
Additional Respondent: Deutsche Bank (added via IA No.166605/2026)
Counsel for Appellant: Senior Counsel Mukul Rohatgi, Amar Dave, Mahesh Agarwal, etc.
Counsel for Respondents: Ashish Mohan, Shreshth Jain, Neha B., etc.
Issues / Allegations / Violations
Respondent No.1 filed a Section 9 petition under the Insolvency and Bankruptcy Code, 2016 claiming Rs 3,97,44,173.
Dispute over claim amount: Respondent originally demanded Rs 5.91 crore, appellant offered Rs 4.25 crore; the crystallised claim in the petition is Rs 3.97 crore.
Prior dispute concerning quality of material supplied contributed to the amount crystallisation.
Debit freeze imposed on Current Account No.000033767470019 of Gemini Engi‑Fab Private Ltd by Deutsche Bank, allegedly due to CIRP proceedings.
Findings & Observations
The Court observed that the appellant has undertaken to deposit Rs 4.25 crore and therefore the debit freeze, which is solely because of the CIRP, should be lifted.
Deutsche Bank’s letter dated 22.05.2026 confirmed that the account was frozen even before the status‑quo order dated 18.05.2026.
Penalties / Settlements / Directions
De‑freeze Order: Deutsche Bank is directed to immediately de‑freeze the current account.
Affidavit Undertaking: The appellant shall file a personal affidavit by 30.05.2026 confirming that the amount will be deposited within two days of de‑freezing.
Deposit Instructions: Within 48 hours of de‑freezing, Rs 4.25 crore shall be deposited in the Registry of the Supreme Court, to be kept in a short‑term Fixed Deposit Receipt (FDR) in a nationalised bank on an auto‑renewal basis.
Contempt Warning: Breach of the undertaking will attract contempt proceedings.
Corrective Actions & Future Obligations
Deutsche Bank must lift the freeze on the specified current account forthwith.
The appellant must deposit the stipulated amount within the stipulated timeframe and maintain it in the prescribed FDR.
The appellant must submit the personal affidavit undertaking as directed.
Final Ruling & Enforcement
IA No.166605/2026 for impleadment of Deutsche Bank is allowed.
IA No.166614/2026 is disposed with the above directions.
The status‑quo order remains in effect until compliance; non‑compliance will result in contempt of court.
