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Supreme Court of India

Asset Reconstruction Company (india) Limited v. Tulip Star Hotels Limited & Ors.

Neutral citation
Reported as [2022] 5 S.C.R. 1112
Bench Indira Banerjee and J. K. Maheshwari JJ.
Decided 1 August 2022

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

For the reasons discussed above, the impugned judgment and order is unsustainable in law and facts.

Judgment, page 59

From the headnote

Insolvency and Bankruptcy Code, 2016 – ss. 7(2), 62 & 238A – Limitation Act, 1963 – s. 18 – Corporate Insolvenc y Resolution Process (CIRP) – Extension of period of limitation – Acknowledgement in books of account – loan agreem ent was executed between the consortium of banks and the corporate debtor – Pursuant to which, a loan amount of Rs.129 crore was sanctione d to corporate debtor – Corporate debtor was classifi ed as non- performing asset (NPA) – Thereafter, parties entered into a settlement agreement – There were extensions of time and revised settlements – Ultimately, the appellant

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