Landmark Supreme Court of India rulings, explained in clear, plain language.
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Can SRA sue Operational Creditor on same contract after CIRP extinguished OC's claim?
Modern Asset vs KNK Construction Private Limited
The Supreme Court upheld the arbitration appointment for the SRA's claim but directed that the Operational Creditor may raise a counterclaim solely for set-off, without any positive recovery, to ensure equity within the clean slate framework of the IBC.
Can a fraudulently initiated CIRP be recalled without terminating the entire process?
Orris Infrastructure Private Limited vs Rakesh Kumar Gupta & Ors.
The Supreme Court held that the Adjudicating Authority has power to recall a fraudulently initiated CIRP but must decide independently whether to continue or terminate the proceedings after hearing all stakeholders.
Can a liquidation auction bidder reclaim forfeited EMD for non-payment of balance?
M/S ASJ Finsolutions Pvt. Ltd. vs Vikram Bajaj
The Supreme Court dismissed the appeal and upheld forfeiture of EMD and all deposited amounts paid by a successful liquidation-auction bidder who failed to pay the balance sale consideration within 90 days.
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