Supreme Court: Key Insights from ACIL Limited Insolvency Case – Law.asia
The Supreme Court recently held, in Ramkrishna Forgings Limited v Ravindra Loonkar, Resolution Professional of ACIL Limited and Anr, that when the National Company Law Tribunal (NCLT) invoked section 31(2) of the Insolvency and Bankruptcy Code, 2016 (IBC), not to approve a resolution plan, it could do so only through a reasoned order. Courts and…