https://www.taxtmi.com/caselaws?id=409936 The writ petition under Article 226 challenging the cancellation of a debt restructuring proposal was dismissed by the court. The court held that the relationship between the parties was contractual, not involving public law elements suitable for Article 226 jurisdiction. It found the cancellation justified as the petitioners failed to meet essential conditions. The court emphasized that the Insolvency and Bankruptcy Code provides the appropriate forum for such disputes, highlighting the expertise of the National Company Law Tribunal in commercial matters. The court ruled that the NCLT should independently handle the proceedings without external influence. en-us Tue, 29 Jun 2021 00:00:00 +0530 Mon, 19 Jul 2021 20:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409936 The writ petition under Article 226 challenging the cancellation of a debt restructuring proposal was dismissed by the court. The court held that the relationship between the parties was contractual, not involving public law elements suitable for Article 226 jurisdiction. It found the cancellation justified as the petitioners failed to meet essential conditions. The court emphasized that the Insolvency and Bankruptcy Code provides the appropriate forum for such disputes, highlighting the expertise of the National Company Law Tribunal in commercial matters. The court ruled that the NCLT should independently handle the proceedings without external influence. Case-Laws Insolvency and Bankruptcy Tue, 29 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409936