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Sep 30, 2021

SC rules regarding Equity-Based Jurisdiction of NCLT & NCLAT for IBC Matters

In Pratap Technocrats (P) Ltd. v. Monitoring Committee of Reliance Infratel Limited,[1] the Supreme Court held that the NCLT or the National Company Law Appellate Tribunal (‘NCLAT’) cannot interfere with the commercial wisdom underlying the approval granted by the Committee of Creditors (‘CoC’) to the resolution plan. The jurisdiction of NCLAT or NCLT is statutorily defined and cannot be equated with a jurisdiction in equity, that operates independently of the provision of the statute.

 

[1] 2021 SCC OnLine SC 569.

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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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