Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

The appellant, a former director of Ruchi Soya Industries Ltd., challenged the refusal of the resolution professional to furnish resolution plans and related documents to members of the suspended Board of Directors during the corporate insolvency resolution process. The Supreme Court examined the statutory scheme under…

The appellant trade union filed a petition under Section 8 of the Insolvency and Bankruptcy Code, 2016 on behalf of about 3,000 workers seeking payment of outstanding dues from the respondent jute mill, which had been closed. The NCLT and subsequently the NCLAT dismissed the petition, holding that a trade union is not …

The Supreme Court examined the constitutional validity of several provisions of the Insolvency and Bankruptcy Code, 2016, including the classification of financial versus operational creditors, the powers of the resolution professional, the evidentiary status of private information utilities, and the requirements of Se…

The Supreme Court considered appeals concerning the corporate insolvency resolution process (CIRP) of Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code, 2016. The resolution plan submitted by NBCC (India) Ltd. was approved by the Committee of Creditors (CoC) with a 97.36% voting share, but various…

The Supreme Court examined a corporate insolvency resolution process (CIRP) involving United Seamless Tubular Private Ltd., where the successful resolution applicant, Maharashtra Seamless Ltd. (MSL), had offered an upfront payment of Rs. 477 crore, which was below the average liquidation value of Rs. 597.54 crore deter…

Mobilox Innovations Pvt Ltd, an operational creditor, filed an application under the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of corporate insolvency against Kirusa Software Pvt Ltd for an unpaid operational debt of Rs.20,08,202.55. The corporate debtor raised a dispute, alleging breach of a non‑di…

The case arose when the Odisha High Court ordered the auction of a large parcel of land belonging to Hirakud Industrial Works Ltd. (the corporate debtor) while a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was pending before the National Company Law Tribunal (NCLT), which had already decl…

The Supreme Court considered three appeals where successful resolution applicants sought to withdraw or modify their resolution plans after approval by the Committee of Creditors (CoC) but before approval by the Adjudicating Authority under the Insolvency and Bankruptcy Code (IBC), 2016. The Court held that the IBC doe…

The Supreme Court considered the corporate insolvency case of Orissa Manganese & Minerals Ltd., where the National Company Law Tribunal approved a resolution plan submitted by GMSPL. The Court examined whether, after approval of a resolution plan under Section 31 of the Insolvency and Bankruptcy Code (I&B Code), the pl…

The Greater Noida Industrial Development Authority (GNIDA) claimed that it had submitted a claim of Rs 43.40 crore as a financial creditor against JNC Construction Ltd., but the resolution professional treated it as an operational creditor and the resolution plan approved by the NCLT omitted its claim and undervalued i…

RPS Infrastructure Ltd entered into a development agreement with KST Infrastructure Pvt Ltd, which later led to an arbitral award in favour of RPS in 2016. While the award was under challenge under Section 34 of the Arbitration Act, a corporate insolvency resolution process (CIRP) was initiated against KST Infrastructu…

The operational creditors (Pratap Technocrats and others) challenged the NCLT's approval of a resolution plan for Reliance Infratel Ltd., alleging that they were not given fair and equitable treatment and that the plan improperly excluded certain financial creditors and omitted the value of preference shares from the l…

The Supreme Court considered a batch of writ petitions challenging the constitutional validity of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, which classifies home‑buyers/allottees of real‑estate projects as "financial creditors" under the Code, thereby permitting them to invoke Section 7 and to be…

The Supreme Court examined the dispute between State Bank of India and other creditors (petitioners) and the consortium of Murari Lal Jalan and Florian Fritsch (respondent SRA) over the implementation of the approved resolution plan for Jet Airways. The core issue was whether the Performance Bank Guarantee (PBG) of Rs.…

The Supreme Court examined the Corporate Insolvency Resolution Process (CIRP) of Earth Infrastructures Limited (EIL) and whether the lease‑hold lands held by its subsidiaries could be treated as assets of the corporate debtor. The Court found that the subsidiaries were merely fronts for EIL, which was the real develope…

The Supreme Court considered appeals by K. Sashidhar challenging the rejection of resolution plans for two corporate debtors, KS&PIPL and IIL, by the Committee of Creditors (CoC). The CoC had approved the plans with less than the statutory 75% voting share of financial creditors, leading the NCLT to deem the plans reje…

The appellant, a Resolution Professional (RP), was appointed interim RP in a corporate insolvency case and submitted a claim of Rs 14,75,660 for fees and costs, of which Rs 5,66,667 was reimbursed by the respondent bank. The appellant sought the balance of Rs 9,08,993, but the NCLT directed payment of only the expenses…

The Supreme Court examined the eligibility of ArcelorMittal India Private Ltd (AMIPL) and Numetal Ltd to submit resolution plans for Essar Steel India Ltd (ESIL) under the Insolvency and Bankruptcy Code (IBC) after the introduction of Section 29A. The Court held that disqualification under sub‑clause (c) of Section 29A…

The Karad Urban Cooperative Bank Ltd., a financial creditor, filed a Section 7 petition under the Insolvency and Bankruptcy Code (IBC) against M/s Khandoba Prasanna Sakhar Karkhana Ltd., the corporate debtor. The Committee of Creditors (CoC) approved a resolution plan submitted by M/s Sai Agro (India) Chemicals, which …

The appellant, a promoter of M/s Siva Industries, sought withdrawal of a Corporate Insolvency Resolution Process (CIRP) that had been initiated against the corporate debtor after the Committee of Creditors (CoC) approved a settlement plan with 94.23% voting share. The Resolution Professional filed an application under …

The Supreme Court examined a batch of appeals challenging the National Company Law Appellate Tribunal's (NCLAT) order that set aside the approval of a resolution plan for Appu Hotels Ltd. The Court held that the resolution applicant, M.K. Rajagopalan, was ineligible to submit a plan because he was the managing trustee …