https://www.taxtmi.com/caselaws?id=287844 The SC clarified that under IBC, Section 9(3)(c), a certificate from a financial institution is not mandatory for initiating CIRP. This interpretation, stemming from Macquarie Bank Ltd. v. Shilpi Cable Technologies Ltd., led to the dismissal of the petition due to the absence of such a certificate, affirming the non-maintainability of a second petition on the same grounds. The SC emphasized the non-precedential nature of the NCLAT's order, maintaining consistency with its prior rulings. en-us Wed, 31 Oct 2018 00:00:00 +0530 Thu, 14 Nov 2024 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287844 The SC clarified that under IBC, Section 9(3)(c), a certificate from a financial institution is not mandatory for initiating CIRP. This interpretation, stemming from Macquarie Bank Ltd. v. Shilpi Cable Technologies Ltd., led to the dismissal of the petition due to the absence of such a certificate, affirming the non-maintainability of a second petition on the same grounds. The SC emphasized the non-precedential nature of the NCLAT's order, maintaining consistency with its prior rulings. Case-Laws IBC Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287844