https://www.taxtmi.com/caselaws?id=308501 The Supreme Court dismissed a review petition regarding the interpretation of Section 7(5) of the Insolvency and Bankruptcy Code (IBC). The Court reaffirmed that the adjudicating authority has the power to admit or reject an application under this section, with no provision for compelling parties to settle disputes. It clarified that the issue was not about mandatory versus discretionary provisions but rather about the authority's ability to impose a settlement on unwilling parties. The Court emphasized that judicial interpretations are case-specific and not equivalent to statutory provisions, ultimately upholding the original judgment and disposing of the review petition and any pending applications. en-us Thu, 22 Sep 2022 00:00:00 +0530 Thu, 29 Jun 2023 20:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308501 The Supreme Court dismissed a review petition regarding the interpretation of Section 7(5) of the Insolvency and Bankruptcy Code (IBC). The Court reaffirmed that the adjudicating authority has the power to admit or reject an application under this section, with no provision for compelling parties to settle disputes. It clarified that the issue was not about mandatory versus discretionary provisions but rather about the authority's ability to impose a settlement on unwilling parties. The Court emphasized that judicial interpretations are case-specific and not equivalent to statutory provisions, ultimately upholding the original judgment and disposing of the review petition and any pending applications. Case-Laws Insolvency and Bankruptcy Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308501