SC Upholds Rule: Only Applicants u/ss 7, 9, or 10 Can File Section 12A Applications in Insolvency Cases. The SC dismissed the Civil Appeal, affirming that an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, is permissible only by the ...
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SC Upholds Rule: Only Applicants u/ss 7, 9, or 10 Can File Section 12A Applications in Insolvency Cases.
The SC dismissed the Civil Appeal, affirming that an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, is permissible only by the applicant in proceedings under Sections 7, 9, or 10 of the IBC. The Court found no basis to overturn the impugned judgment.
Issues involved: Interpretation of Section 12A of the Insolvency and Bankruptcy Code, 2016.
The Supreme Court, comprising Hon'ble Mr. Justice Abhay S. Oka and Hon'ble Mr. Justice Ujjal Bhuyan, heard the appeal. The appellant was represented by Mr. Jay Savla, Senior Advocate, Ms. Madhusmita Bora, AOR, Mr. Pawan Kishore Singh, Advocate, Mr. Dipankar Singh, Advocate, and Ms. Pavithra V., Advocate.
The Court noted that an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 can only be made by the applicant in the applications under Section 7, Section 9, or Section 10 of the IBC. Based on this interpretation, the Court found no grounds to interfere with the impugned judgment. Consequently, the Civil Appeal was dismissed.
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