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Insolvency and BankruptcyApril 24, 2024Case LawsSC
Offences triable by Special Court - offences other than the Companies Act i.e. under the IBC Act - The Supreme Court held that the IBC is a complete code in itself and incorporates the provisions of the Companies Act concerning Special Courts by reference to the state of the law at the time of the IBC's enactment. The Court clarified that such incorporation means subsequent amendments to the Companies Act do not alter the jurisdictional framework established by the IBC for trying its offenses. This was deemed "legislation by incorporation" rather than "legislation by reference." The Court overturned the High Court's decision, reinstating the jurisdiction of the Special Courts under the Companies Act to try IBC offenses and remanding the case for consideration on its merits.
Offences triable by Special Court - offences other than the Companies Act i.e. under the IBC Act - The Supreme Court held that the IBC is a complete code in itself and incorporates the provisions of the Companies Act concerning Special Courts by reference to the state of the law at the time of the IBC's enactment. The Court clarified that such incorporation means subsequent amendments to the Companies Act do not alter the jurisdictional framework established by the IBC for trying its offenses. This was deemed "legislation by incorporation" rather than "legislation by reference." The Court overturned the High Court's decision, reinstating the jurisdiction of the Special Courts under the Companies Act to try IBC offenses and remanding the case for consideration on its merits.
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