Supreme Court Says Article 142 Cannot Be Invoked To Cure Illegalities In Jaipur Udyog Rehabilitation Efforts

The Supreme Court on Wednesday refused to invoke its powers under Article 142 of the Constitution, which allows it to pass orders to do complete justice, to condone illegalities in a long-running dispute involving defunct Jaipur Udyog Ltd. (JUL), directing disbursal of workers' dues estimated at over Rs. 100 crore and appointment of an administrator to oversee the process. Separately, the court directed the deposit of Rs 51 crore realised from the sale of the Kanpur unit for utilisation...

Appeal Filed By Suspended Director In Corporate Debtor's Name Not Maintainable After IRP Appointment: Supreme Court

The Supreme Court has dismissed an appeal filed by a suspended director of Ambro Asia Pvt. Ltd., holding that once an Interim Resolution Professional (IRP) is appointed and the management of the corporate debtor vests in it, a suspended director cannot maintain an appeal in the company's name under the Insolvency and Bankruptcy Code. In a judgment delivered on April 10, a bench of Justices Sanjay Kumar and K. Vinod Chandran said that after admission of insolvency proceedings and appointment of...

Multi-State Co-Operative Societies Can Bid In CIRP Only If Bye-Laws Allow, Is In Same Line Of Business: Supreme Court

The Supreme Court on Thursday held that a multi-state co-operative society cannot submit a resolution plan under the Insolvency and Bankruptcy Code unless the investment is permitted by its bye-laws and falls either in a subsidiary institution or in the “same line of business”. The court clarified that under Section 64(d) of the Multi-State Co-operative Societies Act, 2002, an MSCS can invest its funds only in a subsidiary institution or in an entity engaged in the same line of business, and...

RCIL Insolvency: Bank Of Baroda Moves Supreme Court Against NCLAT Ruling On ₹195 Crore Reliance Bhutan Loan

Bank of Baroda has approached the Supreme Court in the insolvency of Reliance Communications Infrastructure Ltd (RCIL), questioning an NCLAT ruling that lenders cannot revisit a resolution plan after it has been approved. The dispute centers on a Rs 195 crore Reliance Bhutan Loan and how it is to be distributed among creditors. At the heart of the case is a decision taken by the Committee of Creditors (CoC) to reallocate this loan in favour of dissenting financial creditors. Bank of Baroda had...

Supreme Court Issues Notice In Homebuyers' Writ Against Ansal Properties' ₹257 Crore Default

The Supreme Court on Monday, 6 April, issued notice in a writ petition filed by the Genuine Homebuyers Association for Relief (GHAR), in Uttar Pradesh, challenging the insolvency proceedings against Ansal Properties and Infrastructure Ltd in relation to the Sushant Golf City project in Lucknow. A Bench of Justices J.B. Pardiwala and K.V. Viswanathan, after hearing the homebuyer association, directed that the petition be tagged with the main matter involving Ansal Properties. Advocate Prashant...

Supreme Court Declines To Interfere With Adani Plan For Jaiprakash, Urges NCLAT To Expedite Vedanta Appeals

The Supreme Court on Monday, 6 April, declined to interfere with the implementation of the resolution plan submitted by Adani Enterprises for Jaiprakash Associates Ltd, and directing the National Company Law Appellate Tribunal (NCLAT) to expedite hearing of the appeals filed by Vedanta Ltd, scheduled for 10 April. A Bench of Chief Justice Surya Kant and Justice Joymalya Bagchi said: “In view of the fact that Company Appeal AT (Ins) 552, 553 of 2026 are now listed for final hearing before the...

Satinder Singh Bhasin Could Not Use IBC Limitation To Shield ₹50 Crore Bail Deposit From BIIPL: Supreme Court

The Supreme Court on Thursday, while considering pleas seeking cancellation of bail granted to Satinder Singh Bhasin, rejected his contention that the Interim Resolution Professional (IRP) of Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), of which he is a director, could not question the Rs.50 crore deposited as a bail condition due to the two-year look-back period under the Insolvency and Bankruptcy Code.It found that the amount that had been deposited for securing the bail was sourced...

Supreme Court Dismisses BCCI Review Against Order Setting Aside NCLAT Decision Closing Byju's CIRP

The Supreme Court recently dismissed a review petition filed by the Board of Control for Cricket in India (BCCI) against its October 23, 2024 ruling in the Byju's insolvency case.In that ruling, the court had set aside the National Company Law Appellate Tribunal's approval of a post-admission settlement in the corporate insolvency resolution process of Think & Learn Pvt. Ltd., Byju's parent company. It had also held that once insolvency proceedings are admitted, they cannot be withdrawn...

Vedanta Moves Supreme Court Against NCLAT Refusal To Stay Implementation Of Adani's JAL Resolution Plan

Vedanta Ltd has moved the Supreme Court assailing the National Company Law Appellate Tribunal's order declining interim relief against implementation of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd.The plan, approved by the NCLT on March 17, 2026, with a 93.81% CoC vote, is under challenge over the alleged non-consideration of Vedanta's higher bid in breach of the value maximisation objective under the Insolvency and Bankruptcy Code.Jaiprakash Associates Limited, which...

Supreme Court Rejects Recall Plea In Disposed SLP, Says Court Cannot Compare Rival Offers Before CoC Under IBC

The Supreme Court on Monday dismissed a miscellaneous application seeking recall of its February 25, 2025 order dismissing an SLP in a dispute over an agreement to sell a property of a corporate debtor, holding that a disposed Special Leave Petition cannot be reopened on the basis of subsequent developments in insolvency proceedings or rival financial offers before the Committee of Creditors.A bench of Justices Vikram Nath and Sandeep Mehta emphasized that the court cannot sit in appeal over the...

Supreme Court Allows Set-Off Defence Against Ujaas Energy Though Counterclaim Extinguished Under IBC

The Supreme Court on Friday allowed West Bengal Power Development Corporation Ltd. to raise a plea of set-off as a defence in arbitration proceedings against Ujaas Energy Ltd., even though its counterclaim stood extinguished after approval of the resolution plan under the Insolvency and Bankruptcy Code. A bench of Justices Dipankar Datta and Augustine George Masih while granting the relief observed: “Upon a cumulative consideration of all relevant factors, we hold that the...

Supreme Court Refuses To Interfere With NCLAT Order Upholding CIRP Against Kirtiman Cements

The Supreme Court on Friday declined to interfere with a National Company Law Appellate Tribunal (NCLAT) judgment upholding the initiation of Corporate Insolvency Resolution Process (CIRP) against Kirtiman Cements and Packaging Industries Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan dismissed the Civil Appeal filed under Section 62 of the IBC, stating that it was not inclined to interfere with the NCLAT's...