Intersection Of Article 142 And IBC: A Unique Precedent In Corporate Insolvency

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Utkarsh Tiwari, Amity Law School, Amity University, Noida, UP

ABSTRACT

This article is based on the recent order of the Honourable Supreme Court with reference to the corporate insolvency resolution process of Supertech Realtors. What made this order unique was the application of Article 142 of the Constitution of India by the Honourable Supreme Court, regarding a court-constituted committee to oversee the corporate insolvency resolution process of the corporate debtor. This article provides a brief discussion of the CIRP and the application of Article 142. What makes this case worth discussion is a rare application of the inherent powers of the Supreme Court in a corporate insolvency process. This order of the Supreme Court has created a unique precedent where it bypasses standard statutory procedure, i.e. creation of a Committee of Creditors to do complete justice.

Keywords: Article 142, Insolvency and Bankruptcy Code, Corporate Insolvency Resolution Process, Supertech Realtors.

INTERSECTION OF ARTICLE 142 AND IBC- A UNIQUE PRECEDENT IN CORPORATE INSOLVENCY.pdf

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