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Supreme Court of India

Vidarbha Industries Power Limited v. Axis Bank Limited

Neutral citation
Reported as [2022] 12 S.C.R. 139
Bench Indira Banerjee and J. K. Maheshwari JJ.
Decided 12 July 2022
Status Distinguished

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.

3 Supreme Court benches have cited this judgment.

From the headnote

Insolvency and Bankruptcy Code 2016 – s.7(5)(a) – Interpretation of – Legislature has in its wisdom used the word ‘may’ in s.7(5)(a) of the Code in respect of an applicati on for CIRP initiated by a financial creditor against a Corpora te Debtor – It confers discretionary power on the Adjudicating Autho rity (NCLT) to admit an application of a Financial Creditor u/s.7 o f the Code for initiation of CIRP – The existence of a financial debt and default in payment only give the financial creditor the rig ht to apply for initiation of CIRP – NCLT is required to apply its min d to relevant factors

Authorities it was built on

Where later benches applied it

Of those, 1 relied on · 1 distinguished · 1 mentioned

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