Inoperative Scheme of Arrangement Cannot Stall Insolvency Under IBC: SC
New Delhi, Feb 26 (KNN) The Supreme Court on Tuesday held that insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) cannot be kept in abeyance on the basis of a Scheme of Arrangement that has become redundant due to non-compliance with statutory requirements. A Bench of Justices Sanjay Kumar and K. Vinod Chandran ruled…

