2022 (2) TMI 1443 - SCH - Insolvency and Bankruptcy

Supreme Court dismisses civil appeals, upholds order, and grants liberty to initiate fresh CIRP for procedural compliance.

The SC dismissed the civil appeals, upholding the NCLAT's order dated 05.01.2022, as the appellant expressed inability to comply. The SC granted liberty ... Compliance with the order of the National Company Law Appellate Tribunal (NCLAT) dated 05.01.2022 - Initiation of fresh CIRP - Appellant submits that it is not possible for the appellant to comply with the terms of the order passed by the NCLAT - HELD THAT:- It is not required to interfere in the order impugned passed by NCLAT dated 05.01.2022. The civil appeals are accordingly dismissed. Issues involved: Compliance with the order of the National Company Law Appellate Tribunal (NCLAT) and initiation of a fresh Corporate Insolvency Resolution Process (CIRP).In the judgment, the Supreme Court, comprising Hon'ble Mr. Justice Ajay Rastogi and Hon'ble Mr. Justice Abhay S. Oka, heard the counsel for the appellant and the caveator. The court had previously asked the appellant to confirm readiness to comply with the NCLAT's order dated 05.01.2022. The appellant, through counsel, expressed inability to adhere to the terms of the NCLAT's order. The Supreme Court declined to interfere with the NCLAT's order dated 05.01.2022 and consequently dismissed the civil appeals. However, the court granted liberty to initiate a fresh Corporate Insolvency Resolution Process (CIRP) and undertake all necessary actions in accordance with the law. Any pending applications were disposed of by the court.