Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 2016 Insolvency and Bankruptcy Code |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Act(s) Referred | Insolvency and Bankruptcy Code, 2016 (31 of 2016) |
Case(s) Referred | Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3 |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Insolvency and Bankruptcy Code, 2016: ss. 30(1), 30(2), 31, 53 –Corporate Insolvency Resolution Process (CIRP) – Approval of resolution plan – Initiation of CIRP of Corporate Debtor – Resolution applicant declared successful – Resolution plan approved with 100 per cent voting share of the Committee of Creditors(CoC) and subsequently approved by NCLT – Appellants-Operational creditors challenged the order of NCLT approving the resolution plan on the ground that the claim of the appellants had not received a fair and equitable treatment – NCLAT upheld the order of NCLT holding that the equitable treatment can be claimed only by similarly situated creditors – On appeal, held: Decision to approve a resolution plan is entrusted to the CoC – Jurisdiction of the Adjudicating Authority and the Appellate Authority cannot extend into entering upon merits of a business decision made by a requisite majority of the CoC in its commercial wisdom – Nor there is a residual equity based jurisdiction in the Authorities to interfere in the decision of CoC – Commercial wisdom of the CoC in its collegial capacity is, thus, not justiciable – Equitable treatment of creditors is equitable treatment only within the same class – Financial creditors belong to a class distinct from operational creditors – Fair and equitable‘ norm does not mean that financial and operational creditors must be paid the same amounts in any resolution plan before it can pass muster – On facts, resolution plan duly approved by a requisite majority of the CoC in conformity with s. 30(4) – Exclusion of some of the financial creditors from the CoC of no consequence, once the plan approved by a 100 per cent voting share of the CoC – Furthermore, value of preference shares included in calculating the liquidation value of the CorporateDebtor; and that the liquidation value due to the unsecured operational creditors would remain nil – Jurisdiction of the Adjudicating Authority was confined by the provisions of s. 31(1) to determine whether the requirements of s. 30(2) have been fulfilled in the plan as approved by the CoC – Thus, the decisions of NCLT and NCLAT in conformity with law. ss. 31(1), 30(2) – Resolution plan – Approval by Committee of Creditors – Jurisdiction of NCLT and NCLAT – Held: Under the provisions of IBC, neither the Adjudicating Authority-NCLT nor the Appellate Authority-NCLAT have an unchartered jurisdiction in equity – Jurisdiction arises within and as a product of a statutory framework. Purpose and objective of – Held: IBC is a complete code in itself – It defines fair and equitable treatment by constituting a comprehensive framework within which the actors partake in the insolvency process – Process envisaged by the IBC is a direct representation of certain economic goals of the Indian economy – To submit that a residuary jurisdiction must be exercised to alter the delicate economic coordination envisaged by the statute, would do violence on its purpose and would be an impermissible exercise of the Adjudicating Authority‘s power of judicial review – Thus, once the requirements of the IBC have been fulfilled, the Adjudicating Authority and the Appellate Authority duty bound to abide the statutory provisions. Insolvency and Bankruptcy laws: Resolution/reorganization plans – Challenge to, on the grounds of fairness and equity by foreign jurisdictions vis-a-vis Indian insolvency regime – Discussed – United Kingdom‘s Insolvency Act, 1986 – United States‘ US Bankruptcy Code – Indian Insolvency and Bankruptcy Code, 2016. |
Judge | Hon'ble Dr. Justice D.Y. Chandrachud |
Neutral Citation | 2021 INSC 395 |
Petitioner | Pratap Technocrats (p) Ltd. & Ors. |
Respondent | Monitoring Committee Of Reliance Infratel Limited & Anr. |
SCR | [2021] 8 S.C.R. 938 |
Judgement Date | 2021-08-10 |
Case Number | 676 |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
Sl. | Authority | Responsibilities | Communication Details |
---|---|---|---|
1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |