Supreme Court · 2022 INSC 710 · Decided 12 July 2022
Vidarbha Industries Power Limited v. Axis Bank Limited
- Court
- Supreme Court of India
- Citation
- 2022 INSC 710 · [2022] 12 S.C.R. 139
- Case number
- CIVIL APPEAL No. 4633/2021
- Decided
- 12 July 2022
- Bench
- INDIRA BANERJEE, J.K. MAHESHWARI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- IBC Section 7(5)(a), 9(5)(a), 9(2), 9(5), 7
Headnote
Insolvency and Bankruptcy Code 2016 - s.7(5)(a) - Interpretation of - Legislature has in its wisdom used the word 'may' in s.7(5)(a) of the Code in respect of an application for CIRP initiated by a financial creditor against a Corporate Debtor - It confers to admit an application of a Financial Creditor u/s.7 of the Code for initiation of CIRP - The existence of a financial debt and default in payment only give the financial creditor the right to apply for initiation of CIRP - NCLT is required to apply its mind to relevant factors
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