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        Case ID :
        IBC

        The HC quashed the order blacklisting the petitioner company for...

        Tripura High Court Overturns Company Blacklisting Post-Insolvency Resolution, Citing Disproportionate Impact and Judicial Review Necessity.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The HC quashed the order blacklisting the petitioner company for 3 years and debarring it from participating in future tenders by the Government of Tripura. Approving the resolution plan under the I&B Code aims to revive the corporate debtor as a going concern with a clean slate. Blacklisting post-resolution would defeat this objective and be disproportionate after forfeiture of the performance bank guarantee. The plea against blacklisting was not entertained by the Arbitral Tribunal. Denying judicial review would amount to denying a legal remedy. The order of blacklisting was quashed to uphold the I&B Code's aim of corporate revival.
                                Note: It is a system-generated summary and is for quick reference only.
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