Supreme Court Affirms Compliance of Resolution Plan with IBC – Declines Interference in Approved Judgment
- REEDLAW
- 3 days ago
- 2 min read
The Supreme Court affirmed that the approved resolution plan was in compliance with the provisions of the Insolvency and Bankruptcy Code, 2016, and declined to interfere with the impugned judgment.
The Supreme Court Bench comprising Chief Justice Sanjiv Khanna, Justice Sanjay Kumar, and Justice K.V. Viswanathan, while considering multiple appeals along with connected interlocutory applications, observed that the impugned judgment was in conformity with the provisions of the Insolvency and Bankruptcy Code, 2016, and therefore did not warrant interference. The Court left open the issue regarding non-payment under the resolution plan, allowing the appellants to raise the matter before the appropriate authorities in accordance with law.
The Supreme Court dismissed the appeals, holding that there were no valid grounds to interfere with the impugned judgment. The Court found the judgment to be in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, and therefore upheld it without modification.
During the proceedings, the appellants submitted that they were not being paid in accordance with the approved resolution plan. However, the Court refrained from making any observations or comments on this issue, thereby not expressing any opinion on the merits of the grievance raised.
The Court clarified that the appellants were at liberty to raise the said issue before the appropriate authorities in accordance with law. Additionally, all pending applications, if any, were directed to stand disposed of as a consequence of the dismissal of the appeals.
Mr. Gaurav Gupta, Advocate, Ms. Antara Mishra, Advocate, Mr. Shashank Singh, Advocate, Mr. O.P. Harsh Singh Munday, Advocate, Mr. Manish Dhingra, Advocate, Mr. Praveen Swarup, AOR, represented the Appellants.
To access the full content related to this article, including the complete judgment text, detailed legal analysis, ratio decidendi, headnotes, cited case laws, and updates on relevant statutes and notifications, we invite you to subscribe to our premium service.
Click "Subscribe" to unlock these exclusive legal resources.
If you are already a subscriber, please explore these resources by clicking the following citation/link.
ความคิดเห็น