https://www.taxtmi.com/caselaws?id=306928 Inherent powers under Section 151 of the Code of Civil Procedure cannot be used to grant relief contrary to an express statutory or regulatory mandate. The High Court held that, after the Supreme Court had given retroactive effect to the SEBI Circular dated 13 October 2020, voting on the resolution plan had to follow the ISIN-wise mechanism. Because the requisite ISIN-wise majority was not achieved, the Court refused to approve the resolution plan or confer an option on dissenting debenture holders. It also distinguished Section 151 CPC from the Supreme Court's power under Article 142, noting that relief in the nature of Article 142 cannot be granted by the High Court. en-us Fri, 16 Dec 2022 00:00:00 +0530 Mon, 06 Mar 2023 11:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306928 Inherent powers under Section 151 of the Code of Civil Procedure cannot be used to grant relief contrary to an express statutory or regulatory mandate. The High Court held that, after the Supreme Court had given retroactive effect to the SEBI Circular dated 13 October 2020, voting on the resolution plan had to follow the ISIN-wise mechanism. Because the requisite ISIN-wise majority was not achieved, the Court refused to approve the resolution plan or confer an option on dissenting debenture holders. It also distinguished Section 151 CPC from the Supreme Court's power under Article 142, noting that relief in the nature of Article 142 cannot be granted by the High Court. Case-Laws SEBI Fri, 16 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306928