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Supreme Court of India

Forech India Ltd. v. Edelweiss Assets Reconstruction Co. Ltd.

Neutral citation
Bench R. F. Nariman and Navin Sinha JJ.
Decided 22 January 2019

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.

What the Court ordered

We are of the view that the NCLT was absolutely correct in applying Section 238 of the Code to an independent proceeding instituted by a secured financial creditor, namely, the Alchemist Asset Reconstruction Company Ltd.

Judgment, page 14

From the headnote

Insolvency & Bankruptcy Code, 2016 – ss.7, 9, 11, 238, 255 and The Eleventh Schedule – Proceedings u/ss.7 and 9, if independent of winding up process pending in High Court – Winding up petition filed by the appellant before High Court, against Respondent No.2-Company, alleging inability to pay dues – Respondent No.1, financial creditor of the self-same corporate debtor, filed insolvency petition u/s.7 of the 2016 Code before National Company Law Tribunal (NCLT) – Petition admitted – Appeal filed by the appellant against the order – Dismissed by Appellate Tribunal – Plea of appellant inter…

Authorities it was built on

Where later benches applied it

Of those, 1 relied on · 2 mentioned

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