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Sep 30, 2022

SC Holds That Section 7(5)(A) of IBC Confers Discretionary Power on NCLT To Admit Application of Financial Creditor Seeking Initiation of CIRP of Corporate Debtor

The SC in the case of Vidarbha Industries Power Ltd. v. Axis Bank Ltd.,[1] held that the use of the word “may” in Section 7(5)(a) of the Insolvency and Bankruptcy Code (‘IBC’) is intended to confer discretionary power on the National Company Law Tribunal (‘NCLT’) to admit an application of a financial creditor seeking initiation of the Corporate Insolvency Resolution Process (‘CIRP’) of the corporate debtor. It held that in case of an application filed by financial creditor, the NCLT may examine expedience of initiation of CIRP, taking into account all relevant facts and circumstances, including the overall financial health and viability of the corporate debtor. The NCLT may in its discretion not admit the application of a financial creditor.

 

[1] Vidarbha Industries Power Ltd. v. Axis Bank Ltd., 2022 SCC OnLine SC 841.

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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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