Supreme Court of India
Dbs Bank Limited Singapore v. Ruchi Soya Industries Limited and Another
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.
1 Supreme Court bench has cited this judgment.
What the Court ordered
For the above reasons, reject the submission on behalf of the respondents that Section 30(2)(b)(ii) is unworkable because it involves deeming fiction relating to liquidation, which is inapplicable during the CIRP period.
Judgment, page 24
From the headnote
Issue for Consideration Whether s.30(2)(b)(ii) of the Insolvency and Bankruptcy Code, 2016, as amended in 2019, entitles the dissenting financial creditor to be paid the minimum value of its security interest; whether the amendments made in the substantive portion of s.30(2), in terms of Explanation 2 will be applicable when the first appeal was heard by NCLAT. Headnotes Insolvency and Bankruptcy Code, 2016 – s.30(2)(b)(ii) – Interpretation: Held: s.30(2)(b)(ii) forfends the dissenting financial creditor from settling for a lower amount payable under the resolution plan – financial creditor
Authorities it was built on
- 2019 Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors.
- 2019 Committee of Creditors of Essar Steel India Limited through Authorised Signatory v. Satish Kumar Gupta & Ors.
- 2021 Jaypee Kensington Boulevard Apartments Welfare Association & Ors. v. Nbcc (india) Ltd. & Ors.
- 2021 India Resurgence Arc Private Limited v. M/s. Amit Metaliks Limited & Anr.
Where later benches applied it
Of those, 1 referred to
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