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Supreme Court of India

K. Sashidhar v. Indian Overseas Bank & Ors.

Neutral citation
Reported as [2019] 3 S.C.R. 845
Bench A.M. Khanwilkar and Ajay Rastogi JJ.
Decided 5 February 2019

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

24 Supreme Court benches have cited this judgment.

What the Court ordered

We hold that the NCLAT has justly concluded in the impugned decision that the resolution plan of the concerned corporate debtor(s) has not been approved by requisite percent of voting share of the financial creditors; and in absence of any alternative resolution plan presented within the statutory period of 270 days, the inevitable sequel is to initiate liquidation process under Section 33 of the Code.

Judgment, page 68

From the headnote

Insolvency and Bankruptcy Code, 2016: s. 30(2) and (4), 31, 33 and 61(3) – Corporate Inso lvency Resolution Process (CIRP) – Resolution plan rejected by imp ugned order on the ground that the plan did not garner support of not less than 75% of voting share of financial creditors con stituting Committee of Creditors (COC) – On appeal, held: Upon rec eipt of a “rejected” resolution plan, the adjudicating authorit y (NCLT) is obligated to initiate liquidation process u/s. 33(1) – It does not have authority to analyse or evaluate the commercial decision of the CoC or to enquire into the justness

Authorities it was built on

Where later benches applied it

Of those, 5 relied on · 11 referred to · 8 mentioned

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