Supreme Court of India · 2021-02-01
PHOENIX ARC PRIVATE LIMITED vs SPADE FINANCIAL SERVICES LIMITED
- Citation / case number
- SC 2020/14990
- Court
- Supreme Court of India
- Petitioner
- PHOENIX ARC PRIVATE LIMITED
- Respondent
- SPADE FINANCIAL SERVICES LIMITED
- Author
- HON'BLE THE CHIEF JUSTICE
- Bench
- HON'BLE MR. JUSTICE M.R. SHAH HON'BLE THE CHIEF JUSTICE
Judgment text excerpt
The Supreme Court addressed appeals concerning the classification of Spade Financial Services and AAA Landmark as financial creditors under the Insolvency and Bankruptcy Code, 2016. The court analyzed the nature of their transactions with the corporate debtor and the implications of being classified as related parties. Ultimately, the court upheld the NCLAT's decision, affirming the exclusion of Spade and AAA from the Committee of Creditors (CoC) due to their related party status.