INDIABULLS ASSET RECONSTRUCTION COMPANY LIMITED vs RAM KISHOR ARORA

The Supreme Court examined the order of the National Company Law Appellate Tribunal which converted a corporate insolvency resolution process into a project-specific process, restricting the committee of creditors to a single project. The Court analyzed whether such a restriction aligns with the provisions of the Insolvency and Bankruptcy Code, 2016, and the principles of corporate insolvency resolution. It emphasized the importance of a comprehensive resolution process for the entire corporate debtor rather than a project-wise approach. The Court upheld the Tribunal's order, considering it within the scope of the law, and clarified the procedural aspects of insolvency resolution.