Supreme Court of India · 2019-02-05
K. SASHIDHAR vs INDIAN OVERSEAS BANK
- Citation / case number
- SC 2018/39315
- Court
- Supreme Court of India
- Petitioner
- K. SASHIDHAR
- Respondent
- INDIAN OVERSEAS BANK
- Author
- HON'BLE MR. JUSTICE A.M. KHANWILKAR
- Bench
- HON'BLE MR. JUSTICE AJAY RASTOGI HON'BLE MR. JUSTICE A.M. KHANWILKAR
Judgment text excerpt
The Supreme Court upheld the NCLAT's decision regarding the insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, specifically citing Sections 33 and 34. The Court affirmed the rejection of the resolution plan for Innoventive Industries Ltd. due to lack of support from 75% of financial creditors, warranting liquidation. Conversely, the Court remanded the case of Kamineni Steel & Power India Pvt. Ltd. back to NCLT Hyderabad for liquidation initiation, establishing the principle that a resolution plan must meet creditor approval thresholds to be valid.