The Supreme Court of India, while deciding a batch of appeals involving ICICI Bank and SBI, held that simultaneous Corporate Insolvency Resolution Process (CIRP) proceedings against a principal debtor and its corporate guarantor are maintainable under the Insolvency and BankruptcyCode (IBC), 2016.
The Supreme Court of India has dismissed Dhanlaxmi Bank Limited’s appeal seeking initiation of insolvency proceedings, holding that the dispute stemmed from a contractual arrangement involving the builder’s obligations rather than a clear financial debt‑default scenario under the Insolvency and BankruptcyCode (IBC).
The Supreme Court has ruled in favour of ITC Ltd. by holding that imported quicklime containing less than 98%…