Insolvency And Bankruptcy Board Of ... vs Satyanarayan Bankatlal Malu

The Supreme Court upheld the High Court's decision to quash the order of the Additional Sessions Judge directing issuance of process against the Ex-Directors of SBM Paper Mills Pvt. Ltd. under Section 236 of the Insolvency and Bankruptcy Code, 2016, read with Sections 190, 193, and 200 of the Code of Criminal Procedure, 1973. The Court established that the jurisdiction of the Sessions Court was not properly invoked in this case, as the proceedings were initiated without adequate compliance with the statutory requirements. Consequently, the appeal was dismissed, affirming the High Court's ruling.