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of <h1>Supreme Court Sets Precedents on CIRP Compliance, CoC Authority, and COVID-19 Impact under IBC 2016.</h1> The Supreme Court of India delivered a landmark judgment addressing key aspects of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The case involved a hotel company in financial distress, with the resolution plan approved by the Committee of Creditors (CoC) facing legal challenges. The Supreme Court examined issues such as compliance with CIRP regulations, the CoC's authority, eligibility of the resolution applicant, and treatment of related party creditors. It also considered the impact of COVID-19 on CIRP timelines. The judgment emphasized the balance between commercial wisdom and legal compliance, setting important precedents for future insolvency cases.
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