Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 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 Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Insolvency and Bankruptcy Code, 2016: s. 31 – Corporate Insolvency Resolution Process (CIRP) – Resolution plan which provided upfront payment of Rs. 477 crores was approved by the Adjudicating Authority – Appellate Tribunal directed the successful resolution applicant to increase the upfront payment amount of Rs. 477 crores to Rs. 597.54 crores i.e. equal to average liquidation value – Appeal to Supreme Court – Held: There is no provision in the Code or the Regulations which requires that bid of a resolution applicant has to match liquidation value – The Adjudicating Authority has not committed breach of provisions u/s. 31 – Appellate Authority ought not to have interfered with the order of the Adjudicating Authority in directing the successful resolution application to enhance their fund inflow upfront. s. 12-A – Applicability of – Held: The exit route prescribed u/s. 12-A is not applicable to resolution applicant – The procedure envisaged therein only applies to applicants invoking ss. 7, 9 and 10 of the Code. |
Judge | Hon'ble Mr. Justice Aniruddha Bose |
Neutral Citation | 2020 INSC 76 |
Petitioner | Maharashtra Seamless Limited |
Respondent | Padmanabhan Venkatesh & Ors. |
SCR | [2020] 2 S.C.R. 1157 |
Judgement Date | 2020-01-22 |
Case Number | 4242 |
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