Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
Transfer fee demand on leasehold land transfer by statutory corporation challenged; petition dismissed for fact suppression and inapplicable IBC Secti...
In a CIRP concerning a mixed-use real estate project, the dominant issue was whether extraordinary powers could be invoked to ensure an equitable resolution among competing stakeholders, particularly protecting homebuyers, where the ordinary CIRP architecture was viewed as inadequate to secure balanced outcomes. The Court accepted the amicus recommendations and stakeholder responses indicating broad confidence in a court-monitored mechanism, and held that the case warranted exercise of Article 142 to "do complete justice" while maintaining fidelity to IBC objectives. Consequently, it directed a court-appointed committee with judicial oversight to ensure continuity of the resolution process and safeguard homebuyers' rights. - SC
In a CIRP concerning a mixed-use real estate project, the dominant issue was whether extraordinary powers could be invoked to ensure an equitable resolution among competing stakeholders, particularly protecting homebuyers, where the ordinary CIRP architecture was viewed as inadequate to secure balanced outcomes. The Court accepted the amicus recommendations and stakeholder responses indicating broad confidence in a court-monitored mechanism, and held that the case warranted exercise of Article 142 to "do complete justice" while maintaining fidelity to IBC objectives. Consequently, it directed a court-appointed committee with judicial oversight to ensure continuity of the resolution process and safeguard homebuyers' rights. - SC
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