Arcelormittal India Private Limited v. Satish Kumar Gupta
What is important is that it is the commercial wisdom of this majority of creditors which is to determine, through negotiation with the prospective resolution applicant, as to how and in what manner the corporate resolution process is to take place. Further, the Hon’ble Supreme Court held that the legislation has consciously provided limited grounds for allowing an appeal.
Phoenic Are Private Limited v. Spade Financial Services Limited and ors
For the success of the Insolvency regime, it is necessary, that person taking undue advantage of IBC provisions be prevented from introducing sham transactions so that the same doesn’t operate to detriments of rights of legitimate creditors. Such sham transactions are to be regarded as “avoidable transactions”, which can be tested on the test of “The real nature of transaction”.
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