https://www.taxtmi.com/caselaws?id=384341 The majority opinion in the case concluded that initiating Corporate Insolvency Resolution Process (CIRP) against a Government Company, as an instrumentality of the state, is impermissible under the Insolvency and Bankruptcy Code (IBC). It was determined that such action would effectively target the Government of India, not envisaged under the IBC. The tribunal suggested seeking alternative remedies, emphasizing public interest over IBC provisions. In contrast, the dissenting opinion argued for admitting the petition based on established debt and default, advocating for applying the Code to the Corporate Debtor without exemptions for government entities. en-us Tue, 16 Jul 2019 00:00:00 +0530 Mon, 12 Aug 2019 07:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384341 The majority opinion in the case concluded that initiating Corporate Insolvency Resolution Process (CIRP) against a Government Company, as an instrumentality of the state, is impermissible under the Insolvency and Bankruptcy Code (IBC). It was determined that such action would effectively target the Government of India, not envisaged under the IBC. The tribunal suggested seeking alternative remedies, emphasizing public interest over IBC provisions. In contrast, the dissenting opinion argued for admitting the petition based on established debt and default, advocating for applying the Code to the Corporate Debtor without exemptions for government entities. Case-Laws Insolvency and Bankruptcy Tue, 16 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384341