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Supreme Court of India

Vidarbha Industries Power Limited v. Axis Bank Limited

Neutral citation
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.

4 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 application for CIRP initiated by a financial creditor against a Corporate Debtor – It confers discretionary power on the Adjudicating Authority (NCLT) to admit an application of a Financial Creditor u/s.7 of the Code for initiation of CIRP – The existence of a financial debt and default in payment only give the financial creditor the right to apply for initiation of CIRP – NCLT is required to apply its mind to relevant factors…

Authorities it was built on

Where later benches applied it

Of those, 1 relied on · 1 distinguished · 2 mentioned

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