The Supreme Court of India has dismissed an appeal filed by Power Trust, the promoter of Hiranmaye Energy Ltd., challenging the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The Bench, comprising Chief Justice of India Surya Kant, Justice Joymalya Bagchi, and Justice Vipul M. Pancholi, upheld the orders of the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT), Kolkata Bench.
The Court held that the restructuring proposals relied upon by the appellant had not fructified into binding agreements due to the non-fulfillment of pre-implementation conditions, and therefore, the date of default remained 31.03.2018, falling outside the bar under…