Disapproving a High Court’s ordeer interdicting of a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), the Supreme Court recently observed that the IBC is a complete code in itself, having sufficient checks and balances, and thus, the exercise of supervisory and judicial review powers by High Courts demands rigorous scrutiny and judicious application.
Allowing the appeal of a successful resolution applicant against Karnataka High Court’s interdicting of the CIRP, a bench of Justices PS Narasimha and Manoj Misra said,
“In view of the delay in approaching the High Court, particularly when respondent no.1 himself has initiated proceedings under the Code by filing interlocutory applications seeking…
