Arun Kumar Jagatramka vs Jindal Steel And Power Ltd.

The Supreme Court addressed the interplay between the Insolvency and Bankruptcy Code (IBC) and the Companies Act, particularly focusing on the constitutional validity of Regulation 2B of the Liquidation Process Regulations, 2016. The court held that individuals ineligible during the resolution process cannot participate in the liquidation process, reinforcing the 'clean slate' principle. The judgment clarified the legal framework governing insolvency proceedings and affirmed the need for strict adherence to eligibility criteria.