Supreme Court of India Judgements

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Supreme Court upheld the provisions of Insolvency and Bankruptcy Code, 2016 which applies to personal guarantors of corporate debtors.

Bysclaw

May 21, 2021

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By sclaw

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I B C

Insolvency and Bankruptcy Code, 2016 (IBC) — Sections 7, 3(10), 5(7), 5(8) — Corporate Insolvency Resolution Process (CIRP) — Admission of petition — Appeal against NCLAT order setting aside NCLT order and directing admission of Section 7 petition — Held, IBC is not a debt recovery legislation but for reorganisation and insolvency resolution — Initiation of CIRP as a substitute for execution of a civil court decree is an abuse of process.

Apr 27, 2026 sclaw
I B C

Insolvency and Bankruptcy Code, 2016 — Section 9 — Application for corporate insolvency resolution process — Existence of a pre-existing dispute — Adjudicating authority must reject the application if notice of dispute has been received by the operational creditor or there is a record of dispute — The dispute must bring to the notice of the operational creditor the “existence” of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending — The authority needs to see if there is a plausible contention which requires further investigation and that the “dispute” is not a patently feeble legal argument or an assertion of fact unsupported by evidence — It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster — However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed — The Court does not at this stage examine the merits of the dispute except to the extent indicated above — So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application.

Apr 12, 2026 sclaw
I B C

Insolvency and Bankruptcy Code, 2016 (IBC) — Section 12A — Withdrawal of Corporate Insolvency Resolution Process (CIRP) — Commercial Wisdom of Committee of Creditors (CoC) — Primacy of CoC’s commercial wisdom in deciding withdrawal of CIRP is non-justiciable and not subject to appeal or review by adjudicating authorities, except on grounds of statutory illegality or jurisdictional infirmity — Supreme Court in a miscellaneous application concerning a disposed SLP from a civil revision cannot adjudicate rival offers or substitute its view for the CoC’s business decision.

Mar 24, 2026 sclaw

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