VIDARBHA INDUSTRIES POWER LIMITED vs AXIS BANK LIMITED

The Supreme Court addressed an appeal under the Insolvency and Bankruptcy Code, 2016, concerning the refusal of the NCLAT to stay the Corporate Insolvency Resolution Process initiated by Axis Bank against Vidarbha Industries Power Limited. The court examined the regulatory framework under the Electricity Act, 2003, and the implications of the insolvency proceedings on the appellant's operations as a generating company. Ultimately, the court upheld the NCLAT's decision, emphasizing the need for adherence to the insolvency process while considering the regulatory environment.