TaxTMI 
TaxTMI 
TaxTMI 
The Supreme Court's Interpretation of IBC: Balancing Stakeholder Rights and Procedural Efficiency
X X X X Extracts X X X X
X X X X Extracts X X X X
....decision that delves deeply into the constitutional validity of specific sections of the Insolvency and Bankruptcy Code, 2016 (IBC), particularly Sections 95 to 100. This detailed commentary aims to provide an exhaustive analysis of the judgment's critical aspects, exploring the interplay between legal principles, procedural norms, and the roles of various entities within the IBC framework. C....
X X X X Extracts X X X X
X X X X Extracts X X X X
....visions and Strict Adherence to Statutory Timelines The imposition of a moratorium under Section 96 and its subsequent interpretation by the Court is another crucial aspect. Once a moratorium is effective, banks are restricted from initiating actions during this period, underscoring the importance of strict adherence to the timelines set by the IBC. This interpretation serves to protect the inter....
X X X X Extracts X X X X
X X X X Extracts X X X X
....fficiency and the rights of the parties involved​​. 4. Role and Independence of the Adjudicating Authority The Court emphasized the independent assessment role of the adjudicating authority. It must not rely solely on the resolution professional's report but engage in a fair process, providing the debtor an opportunity to present their case. This directive ensures that the adjudi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Intent and Procedural Formalities The judgment sheds light on the legislative intent behind the IBC, particularly in the context of procedural formalities. The Court's stance that the absence of an explicit mention of a hearing does not render a provision unconstitutional is pivotal. It implies that procedural requirements, such as hearings, can be inferred from the legislative framework, en....