Supreme Court and IBC
Litigation News
Does NCLT have discretion to admit CIRP under Section 7, IBC? Supreme Court to reconsider Vidarbha Industries judgment
In the Vidarbha Industries case, the top Court had held that the NCLT has the discretion to admit or reject CIRP applications filed by Financial Creditors.
The Supreme Court is slated to hear a plea that has questioned the correctness of the ruling in Vidarbha Industries Power Limited v. Axis Bank Limited, which had held that the NCLT has the discretion to admit or reject CIRP applications filed by Financial Creditors under Section 7(5)(a) of the Insolvency and Bankruptcy Code (IBC) [Maganlal Daga HUF v Jag Mohan Daga].