In Brief
Maharashtra Seamless Limited (MSL) appealed against an order regarding corporate insolvency resolution. The Supreme Court held that a resolution plan must comply with the Insolvency and Bankruptcy Code's objects and statements. MSL, the successful resolution applicant, could not take over the corporate debtor's assets unless the plan was modified as directed. The Court ordered the Resolution Professional to take physical possession of the assets and hand them over to MSL within four weeks, with assistance from police and administrative authorities. The appeal was allowed, affirming statutory protections for financial creditors while ensuring compliance with the Code's framework.
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