Supreme Court of India · 2022-06-03
VALLAL RCK vs M/S SIVA INDUSTRIES AND HOLDINGS LIMITED
- Citation / case number
- SC 2022/5047
- Court
- Supreme Court of India
- Petitioner
- VALLAL RCK
- Respondent
- M/S SIVA INDUSTRIES AND HOLDINGS LIMITED
- Author
- HON'BLE MR. JUSTICE B.R. GAVAI
- Bench
- HON'BLE MS. JUSTICE HIMA KOHLI HON'BLE MR. JUSTICE B.R. GAVAI
Judgment text excerpt
The Supreme Court examined appeals against the NCLAT's dismissal of applications under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of insolvency proceedings based on a settlement plan. The court upheld the NCLAT's decision, affirming that the adjudicating authority has the discretion to allow or reject such applications. Consequently, the appeals were dismissed, reinforcing the authority of the NCLT and NCLAT in insolvency matters.