The Supreme Court set aside an Order of the Karnataka High Court in a writ petition interdicting the Corporate Insolvency Process.
The Court reiterated that the Insolvency and Bankruptcy Code is a complete code in itself, having sufficient checks and balances, remedial avenues and appeals.
The appeals before the Apex Court were filed under Article 136 of the Constitution challenging the judgment of the Karnataka High Court exercising power of judicial review interdicting the Corporate Insolvency Process which culminated in the acceptance of a resolution plan by the Committee of Creditors.
The Division Bench comprising Justice Pamidighantam Sri Narasimha & Justice Manoj Misra clarified, “Adherence of protocols and…
