Issues arising in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, are being resolved by decisions of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), which are vested with the powers of adjudicating authority under the code, as well as by the Supreme Court.
Senior associate
SNG & Partners
In M/s Innoventive Industries Ltd v ICICI Bank and another, the Supreme Court addressed the question of whether state legislation providing a moratorium period of two years for debt repayment would override the default under the code for the purpose of admitting an application for initiating insolvency proceedings. The court held that section 2…
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