Supreme Court of India
M/s S.S. Engineers v. Hindustan Petroleum Corporation Ltd. & Ors.
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.
From the headnote
Insolvency and Bankruptcy Code, 2016 – ss.7-9 – Held: NCLT, exercising powers u/s.7 or s.9, is not a debt collection forum – IBC tackles and/or deals with insolvency and bankruptcy – It is not the object of the IBC that Corporate Insolvency Resolut ion Process (CIRP) should be initiated to penalize solvent compan ies for non- payment of disputed dues claimed by an operational creditor – There are noticeable differences in the IBC between the p rocedure of initiation of CIRP by a financial creditor and initiation of CIRP by an operational creditor – On a reading of ss.8 and 9, it is pat ently
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