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Important Case Laws and Lessons Drawn
In Innoventive Industries Ltd. v. ICICI Bank, which provision did the Supreme Court hold prevails when the IBC's non obstante clause conflicts with a State Act's non obstante clause?
The Supreme Court held that the non obstante clause in the IBC, 2016 prevails over that in the State Act, so the Maharashtra Relief Undertakings Act cannot stand in the way of CIRP under the IBC.
In Swiss Ribbons v. Union of India, was the FC/OC classification under IBC held violative of Article 14?
No, the classification was held neither discriminatory nor arbitrary.
Can a State Government's declaration of an industrial company as a 'relief undertaking' block the initiation of CIRP under the IBC?
No. As held in Innoventive Industries Ltd. v. ICICI Bank, the IBC's non obstante clause overrides State legislation, and a State moratorium on debts cannot prevent financial creditors from initiating CIRP.
What is the outer time limit for completing a CIRP under Section 12 post-2019 amendment including litigation time?
330 days from insolvency commencement date, inclusive of litigation.
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