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Dec 31, 2022

SC Dismisses Review Petition in Vidarbha Industries Power Ltd. v. Axis Bank Limited

In Axis Bank Limited v. Vidarbha Industries Power Limited,[1] the SC held that there are no grounds to review its judgment in Vidarbha Industries Power Ltd. v. Axis Bank Limited[2] which had held that the use of the word ‘may’ in Section 7(5)(a) of the IBC is intended to confer discretionary power on the NCLT to admit an application of a financial creditor seeking initiation of the corporate insolvency resolution process of the corporate debtor.

 

[1] Axis Bank Limited v. Vidarbha Industries Power Limited, 2022 SCC OnLine SC 1339.

[2] Vidarbha Industries Power Ltd. v. Axis Bank Limited, Civil Appeal 4633 of 2021.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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