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The SC held that the High Court erred in exercising power of judicial review and interdicting the Corporate Insolvency Resolution Process (CIRP) culminating in approval of a resolution plan by the Committee of Creditors. The jurisdiction of the Adjudicating Authority u/s 60(5)(c) was reiterated. The CIRP proceedings commenced six years ago, and the resolution plan was approved four years back, emphasizing the importance of concluding CIRP expeditiously. Unjustified interference with IBC proceedings breaches the discipline of law. The High Court erred in entertaining the writ petition due to delay and laches, especially when the respondent initiated proceedings under the IBC seeking similar relief. The IBC is a complete code with sufficient checks, balances, and remedies. Adherence to protocols and procedures maintains legal discipline. While High Courts' supervisory and judicial review powers are critical constitutional safeguards, their exercise demands rigorous scrutiny and judicious application. The appeal was allowed.
The SC held that the High Court erred in exercising power of judicial review and interdicting the Corporate Insolvency Resolution Process (CIRP) culminating in approval of a resolution plan by the Committee of Creditors. The jurisdiction of the Adjudicating Authority u/s 60(5)(c) was reiterated. The CIRP proceedings commenced six years ago, and the resolution plan was approved four years back, emphasizing the importance of concluding CIRP expeditiously. Unjustified interference with IBC proceedings breaches the discipline of law. The High Court erred in entertaining the writ petition due to delay and laches, especially when the respondent initiated proceedings under the IBC seeking similar relief. The IBC is a complete code with sufficient checks, balances, and remedies. Adherence to protocols and procedures maintains legal discipline. While High Courts' supervisory and judicial review powers are critical constitutional safeguards, their exercise demands rigorous scrutiny and judicious application. The appeal was allowed.
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