Supreme Court of India · 2021-04-15
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED vs BISHAL JAISWAL
- Citation / case number
- SC 2021/2660
- Court
- Supreme Court of India
- Petitioner
- ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED
- Respondent
- BISHAL JAISWAL
- Author
- HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN
- Bench
- HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN, HON'BLE MR. JUSTICE B.R. GAVAI, HON'BLE MR. JUSTICE HRISHIKESH ROY
Judgment text excerpt
The Supreme Court addressed the legal standing of Asset Reconstruction Companies (ARCs) in initiating insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The court clarified that ARCs, as assignees of debt, possess the requisite locus standi to file applications for insolvency against corporate debtors. The judgment reinforced the procedural legitimacy of ARCs in the context of the SARFAESI Act and the IBC, ultimately ruling in favor of the appellant, Asset Reconstruction Company (India) Limited.