https://www.taxtmi.com/caselaws?id=438354 The Supreme Court dismissed an application seeking clarification of a judgment regarding insolvency proceedings under the Insolvency and Bankruptcy Code. The Court ruled that the applicant, an unsecured financial creditor, lacked standing in the matter and could not challenge the previous judgment indirectly. It clarified that Section 66 of the IBC does not hold other entities liable, and civil remedies against third parties are separate. The Court affirmed that recovery actions against third parties are available under the law but are distinct from Section 66 remedies. en-us Fri, 19 May 2023 00:00:00 +0530 Mon, 29 May 2023 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438354 The Supreme Court dismissed an application seeking clarification of a judgment regarding insolvency proceedings under the Insolvency and Bankruptcy Code. The Court ruled that the applicant, an unsecured financial creditor, lacked standing in the matter and could not challenge the previous judgment indirectly. It clarified that Section 66 of the IBC does not hold other entities liable, and civil remedies against third parties are separate. The Court affirmed that recovery actions against third parties are available under the law but are distinct from Section 66 remedies. Case-Laws Insolvency and Bankruptcy Fri, 19 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438354