The ongoing insolvency resolution of Jaiprakash Associates Ltd. has once again brought into sharp focus the contours of “commercial wisdom” under the Insolvency and Bankruptcy Code, 2016, and the limits of judicial review in corporate insolvency resolution processes in India. The controversy, now before the National Company Law Appellate Tribunal (NCLAT), with a possible escalation to the Supreme Court of India, raises fundamental questions on transparency, fairness, and the sanctity of the resolution process.At the heart of the dispute lies the order dated March 17, 2026 passed by the Allahabad Bench of the National Company Law Tribunal approving the…
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