SC on Adjudicating Authority have Discretionary power to admit application of Financial Creditor for initiation of CIRP: SC

Vidarbha Industries Power Limited Vs Axis Bank Limited (Supreme Court of India) Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110001 14th July, 2022 Subject: Judgment1 dated 12th July, 2022 of the Hon’ble SC in the matter Vidarbha Industries Power Limited Vs. Axis Bank Limited [Civil appeal No. 4633 of 2021]. The Hon’ble Supreme Court vide its order dated 12th July, 2022 held that section 7(5)(a) of Insolvency and Bankruptcy Code, 2016 (the Code), confers discretionary power on the Adjudicating Authority (AA) to admit an application o...