Supreme Court · 2019 INSC 148 · Decided 5 February 2019
K. Sashidhar v. Indian Overseas Bank & ORS.
- Court
- Supreme Court of India
- Citation
- 2019 INSC 148 · [2019] 3 S.C.R. 845
- Case number
- CIVIL APPEAL No. 10673/2018
- Decided
- 5 February 2019
- Bench
- A.M. KHANWILKAR, AJAY RASTOGI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 142; IBC Section 30(2), 25, 39, 30(6)
Headnote
Insolvency and Bankruptcy Code, 2016: s. 30(2) and (4), 31, 33 and 61(3) - Corporate Insolvency Resolution Process (CIRP) - Resolution plan rejected by impugned order on the ground that the plan did not garner support of not less than 75% of voting share of financial creditors held: Upon receipt of a "rejected" resolution plan, the adjudicating authority (NCLT) is obligated to initiate liquidation process u/s. 33(1) - It does not have authority to analyse or evaluate the commercial decision of the CoC or to enquire into the justness of the
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