Sick Industrial Companies Act, 1985

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 Madras Aluminium Co. Ltd., a sick industrial unit, applied on 24 December 2001 to reduce its contracted maximum electricity demand from 23,000 KVA to 10,000 KVA. The Tamil Nadu Electricity Board (TNEB) failed to act on the request for over two and a half years, during which the company was forced to pay charges for…

Carona Ltd., a public limited company with paid‑up share capital exceeding Rs. 1 crore, was let a premises by a partnership landlord. After defaulting on rent, the landlord gave notice terminating the tenancy on 31 March 2001 and filed an eviction suit. While the suit was pending, the tenant passed a resolution to redu…