Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 446 Insolvency and Bankruptcy Code 9 – Companies Act 1956 – ss.391-393 2016 – ss.7 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case(s) Referred | Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3 Referred Case 4 Referred Case 5 Referred Case 6 Referred Case 7 Referred Case 8 Referred Case 9 |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Insolvency and Bankruptcy Code, 2016 – ss.7, 9 – Companies Act, 1956 – ss.391-393, 446 – Companies Act, 2013 – ss.230(1), 279, fifth proviso to s.434(1)(c) – Winding up proceedings pending – Petition u/s.7 filed before NCLT – Maintainability of – Held: A petition either u/s.7 or s.9, IBC is an independent proceeding unaffected by winding up proceedings that may be filed qua the same company – Any “suppression” of the winding up proceeding would not be of any effect in deciding a s.7 petition which is to be tried on its own merits – Discretionary jurisdiction under the fifth proviso to s.434(1)(c), 2013 Act, cannot prevail over the undoubted jurisdiction of the NCLT under the IBC once the parameters of s.7 and other provisions of the IBC have been met – Plea of appellant that respondent no.1 suppressed the winding up proceeding in its application u/s.7, IBC before the NCLT is of no avail – Winding up petition does not trump any subsequent attempt at revival of the company through a petition u/s.7 or s.9, IBC – Further, on facts, nothing can be said to have become irretrievable in the sense mentioned in paragraph 31 of Action Ispat and Power Pvt. Ltd. v. Shyam Metalics and Energy Ltd. reported as 2020 SCC OnLine SC 1025 – Interim order vacated. Insolvency and Bankruptcy Code, 2016 – Object of vis-à-vis Companies Act – Discussed. Interpretation of Statutes: Special Law v. General Law – Discussed – Insolvency and Bankruptcy Code, 2016 – Companies Act. Non-obstante clause – Insolvency and Bankruptcy Code, 2016 – s.238 – Held: Non-obstante clause in s.238 makes it even clearer that in case of conflict, the provisions of the IBC will prevail – Companies Act. |
Judge | Hon'ble Mr. Justice R.F. Nariman |
Neutral Citation | 2021 INSC 128 |
Petitioner | A. Navinchandra Steels Private Limited |
Respondent | Srei Equipment Finance Limited & Ors. |
SCR | [2021] 3 S.C.R. 597 |
Judgement Date | 2020-03-01 |
Case Number | 4230-4234 |
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