Pending Winding-Up Proceedings Do Not Bar Independent Section 7 IBC Application Unless Irreversible Stage Is Reached: SC

A. Navinchandra Steels Private Limited Vs SREI Equipment Finance Limited & Ors. (Supreme Court of India) The Supreme Court considered an appeal filed by an operational creditor challenging the judgment of the National Company Law Appellate Tribunal (NCLAT) concerning the maintainability of proceedings initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) in respect of a company against which winding-up proceedings were already pending before the Bombay High Court. The appellant contended that once a winding-up petition had been admitted and irreversible steps had been...