Supreme Court Upholds Admission of Insolvency Application: M. Suresh Kumar Reddy vs. Canara Bank (2023) LEGAL ISSUE: Whether the National Company Law Tribunal (NCLT) has discretion to reject an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IB Code) once a financial debt […]
Supreme Court Upholds Admission of Insolvency Application: M. Suresh Kumar Reddy vs. Canara Bank (2023) Date of the Judgment: May 11, 2023 Citation: 2023 INSC 521 Judges: Abhay S. Oka, J., Rajesh Bindal, J. Can a corporate debtor avoid insolvency proceedings by claiming the creditor should have extended bank guarantees? The Supreme Court of India
Supreme Court Clarifies Adjudicating Authority’s Role in Insolvency Petitions: E S Krishnamurthy vs. Bharath Hi Tech Builders (2021) LEGAL ISSUE: The core legal issue is whether the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC) can dismiss a Section 7 petition for initiating the Corporate Insolvency Resolution Process (CIRP) solely because the corporate
