In Brief
The Supreme Court set aside a High Court judgment that had blocked a corporate insolvency resolution process in the case of Associate Decor Ltd. The respondent, a suspended director, had challenged the approval of a competitor's resolution plan, claiming he was not given proper notice before a Committee of Creditors meeting. The Court held that the High Court erred in entertaining the petition because the respondent waited nearly three years to approach the court (from February 2020 to January 2023) and had already filed similar objections before the insolvency tribunal. The Court emphasized that the Insolvency Code is a complete statutory scheme with its own remedies and should not be interrupted by routine judicial review, restoring the insolvency proceedings for expeditious completion.
The lawyer headnote and full judgment text are available to registered users.