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Supreme Court of India

A. Navinchandra Steels Private Limited v. Srei Equipment Finance Limited & Ors.

Neutral citation
Reported as [2021] 3 S.C.R. 597
Bench Rohinton Fali Nariman and B. R. Ga V Ai JJ.
Decided 1 March 2021

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.

What the Court ordered

We are of the view that NCLT was absolutely correct in applying Section 238 of the Code to an independent proceeding instituted by a secured financial creditor, namely, the Alchemist Asset Reconstruction Company Ltd.

Judgment, page 17

From the headnote

Insolvency and Bankruptcy Code, 2016 – ss.7, 9 – Companies Act, 1956 – ss.391-393, 446 – Companies Act, 2013 – s s.230(1), 279, fifth proviso to s.434(1)(c) – Winding up proceedings pe nding – Petition u/s.7 filed before NCLT – Maintainability of – Held: petition either u/s.7 or s.9, IBC is an independent proceeding unaffected by winding up proceedings that may be fi led qua the same company – Any “suppression” of the winding up p roceeding would not be of any effect in deciding a s.7 petition which is t o be tried on its own merits – Discretionary jurisdiction under the fifth proviso to

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