The Supreme Court has ruled that a joint petition for the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) is maintainable against separate corporate entities if they are “intrinsically linked” to a single project. The Court upheld the admission of insolvency proceedings against M/s. Grand Venezia Commercial Towers Private Limited and M/s. Bhasin Infotech and Infrastructure Private Limited, dismissing the plea that a single petition could not be filed against two distinct corporate debtors.
The Bench, comprising Justice Sanjay Kumar and Justice K. Vinod Chandran, held that where two companies are jointly answerable to allottees and their operations are intertwined, a…