Introduction
The judgment rendered by the Supreme Court of India in the matter arising from the insolvency proceedings against Hiranmaye Energy Ltd.1 constitutes a significant pronouncement on several foundational principles of the Insolvency and Bankruptcy Code, 2016 (hereinafter ‘the Code’ or ‘IBC’). The case, brought before the apex court at the instance of Power Trust the promoter of Hiranmaye Energy Ltd. arose as a challenge to the initiation of the Corporate Insolvency Resolution Process (‘CIRP’) by REC Ltd., a financial creditor. The Supreme Court’s ruling, affirming the admission of the insolvency petition and declining to interfere with the commercial decisions of the Committee of Creditors (‘CoC’), has…