Supreme Court · 2022 INSC 1309 · Decided 15 July 2022
M/S S.S. Engineers v. Hindustan Petroleum Corporation LTD. & ORS.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 1309 · [2022] 18 S.C.R. 391
- Case number
- CIVIL APPEAL No. 4583/2022
- Decided
- 15 July 2022
- Bench
- INDIRA BANERJEE, V. RAMASUBRAMANIAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- IBC Section 7, 9
Headnote
Insolvency and Bankruptcy Code, 2016 - ss.7-9 - Held: NCLT, exercising powers u/s.7 or s.9, is not a debt collection forum - IBC tackles and/or deals with insolvency and bankruptcy - It is not the object of the IBC that Corporate Insolvency Resolution Process to penalize solvent companies for non- payment of disputed dues claimed by an operational creditor - There are noticeable differences in the IBC between the procedure of initiation of CIRP by a financial creditor and initiation of CIRP by an operational creditor - On a reading of
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