SC limits CIRP to only one project of Supertech – Upheld NCLT direction

Indiabulls Asset Reconstruction Company Limited Vs Ram Kishore Arora & Ors. (Supreme Court of India) SC upheld NCLT interim directions, including constitution of CoC for Eco Village Project-II only; the said project to be completed with assistance of ex-management whereas other projects, apart from Eco Village-II, were ordered to be continued as ongoing projects. SC held that as at present, we should adopt the course which appears to carry lower risk of injustice, even if ultimately in the appeals, this Court may find otherwise or choose any other course. In that regard, the element of bal...