New Delhi, Sep 26 (PTI) Ordering liquidation of a debt-ridden company under the Insolvency and Bankruptcy Code has to be the last option, the Supreme Court said on Friday while upholding JSW Steel’s resolution plan for the ailing Bhushan Power and Steel Limited (BPSL).
The top court also held that interfering with the commercial wisdom of the Committee of Creditors (CoC) is ordinarily “non–justiciable” and any judicial intervention “would amount to the court rewriting the law and going against the very objectives of the IBC (Insolvency and Bankruptcy Code)”.
The significant observations were made by a bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran in the judgment. It…
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
