Supreme Court · 2022 INSC 630 · Decided 30 May 2022
Kotak Mahindra Bank Limited v. A. Balakrishnan & ANR.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 630 · [2022] 5 S.C.R. 1072
- Case number
- CIVIL APPEAL No. 689/2021
- Decided
- 30 May 2022
- Bench
- L. NAGESWARA RAO, BHUSHAN RAMKRISHNA GAVAI, A.S. BOPANNA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 433, 434; IBC Section 3, 5, 6, 7, 14
Headnote
Insolvency and Bankruptcy Code, 2016 : ss. 3, 5, 6, 7 and 14 - Corporate Insolvency Resolution Process (CIRP) - Initiation of - Issuance of Recovery Certificate, if would trigger the right to sue - On facts, respondent No.2-corporate debtor stood as of credit facilities sanctioned to the borrower entities by the appellant Bank - Default in payment of dues by the borrower entities - Compromise between the parties that the corporate debtor liable to pay the amount due from the borrower entities to the Bank, however failure to
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