Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan under IBC, says SC

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Last updated: 19 April 2021
Quick Summary
The Supreme Court has clarified that the Adjudicating Authority's powers are limited when approving a resolution plan under the Insolvency and Bankruptcy Code (IBC). This ruling pertains to the corporate insolvency resolution process (CIRP) of Jaypee Infratech Limited, where a resolution plan by NBCC (India) Limited was approved by creditors but faced objections from various stakeholders. The court's decision addresses the scope of the Adjudicating Authority's role amidst these disputes.

Court :
Supreme Court of India

Brief :
This batch of civil appeals, special appeals and transfer cases essentially relate to the resolution plan in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 concerning the corporate debtor, Jaypee Infratech Limited , whose activities do impact a large number of persons/entities, including the buyers of flats/apartments in its real estate development projects.

Citation :
CIVIL APPEAL NO. 3395 OF 2020

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