Delay Condoned in Appeal; Proceedings Under IBC Deemed Inappropriate; Appeals Dismissed with Clarification.

The SC condoned the delay in Civil Appeal(D) No. 3564 of 2024. It concurred with the lower court's judgment that initiating proceedings under the IBC, 2016, was inappropriate given the case's factual context. The appeals were dismissed, with a clarification that these findings are not binding in other proceedings. Pending applications were disposed of.

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Issues involved: Delay condonation in Civil Appeal, appropriateness of initiating proceedings under the Insolvency and Bankruptcy Code, 2016.

Delay Condonation in Civil Appeal:
The Supreme Court, comprising HON'BLE MR. JUSTICE SANJIV KHANNA and HON'BLE MR. JUSTICE DIPANKAR DATTA, condoned the delay in Civil Appeal(D) No. 3564 of 2024.

Appropriateness of Initiating Proceedings under the Insolvency and Bankruptcy Code, 2016:
The Court agreed with the observations in the impugned judgment(s) that initiating proceedings under the Insolvency and Bankruptcy Code, 2016, was not the suitable remedy considering the factual background and disputes in the present cases. Consequently, the appeals were dismissed. However, it was clarified that these observations and the dismissal of the appeals would not be considered as binding findings in any other pending proceedings or those that the parties may initiate. Any pending application(s) were directed to stand disposed of.

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