INTRODUCTION The recent judgment passed in the case of Vidarbha Industries Power Limited v. Axis Bank Limited by the Supreme Court addressed the issue of whether Section 7(5)(a) of the Insolvency and Bankruptcy Code, 2016, (IBC) which pertains to the initiation of the Corporate Insolvency Resolution Process (CIRP) by a financial creditor, is a mandatory
The Parliament in the year 2016 introduced the much awaited reformed and an exhaustive law on matters specially limited to Insolvency and Bankruptcy. The Act was designed in order to give a more of a procedural aspect to the whole concept and hence it is in form of a code and not provisions. The preamble
Despite various decisions by the Hon’ble Supreme Court, ranging from Innoventive Industries to K. Sashidhar to the Essar Steel case, the Hon’ble Supreme Court has consistently laid out how the law should be interpreted with regard to the approval of a resolution plan and the primacy given to the commercial wisdom of CoC’s. Despite these
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