Topic
The Insolvency and Bankruptcy Code, 2016 sets out how the insolvency of companies, firms and individuals is resolved.
73 storiesLatest 16 Oct 2026, 18:13 IST
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The Supreme Court dismissed appeals against insolvency petitions by Omkara Asset Reconstruction against two hotel firms, holding that a default recorded with an information utility is sufficient proof.
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When Jaypee Infratech mortgaged 858 acres to secure its parent's debt, the Supreme Court held the charges were preferential transactions avoidable under Section 43 of the IBC. Here is the defence playbook.
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Swiss Ribbons v. Union of India (25 January 2019) upheld the IBC's unequal treatment of financial and operational creditors under Article 14 and the 90% voting threshold needed to withdraw an admitted insolvency case.
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The Supreme Court in Babulal Vardharji (2020) held Article 137 gives a financial creditor just three years from default to file a Section 7 IBC petition. We explain the ruling.
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The Supreme Court's 2017 Innoventive Industries ruling held Section 238 of the IBC overrides state relief laws. Here is how the non-obstante clause, SARFAESI notices and DRT appeals actually work for borrowers.
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Section 12A of the IBC lets a company settle and withdraw from insolvency, but only with 90% Committee of Creditors approval. The procedure, borrower defences and the Supreme Court Vallal RCK ruling.
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In Phoenix ARC vs Spade Financial Services (AIR 2021 SC 776), the Supreme Court held related party financial creditors have no vote on the Committee of Creditors under Section 21(2) IBC.
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Approval of a company's IBC resolution plan does not discharge a personal guarantor. Lalit Kumar Jain (2021) keeps surety liability co-extensive. Defences, deposits and timelines.
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In Anuj Jain vs Axis Bank (26 February 2020), the Supreme Court unwound Jaypee Infratech's mortgages over 858 acres as preferential and undervalued transactions under Sections 43 and 45 of the IBC.
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A loan default is not enforceable forever. After Kotak Mahindra Bank v A. Balakrishnan (2022), a DRT recovery certificate restarts the three-year limitation clock for Section 7 IBC.
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The Supreme Court in K. Sashidhar vs Indian Overseas Bank (5 February 2019) held that neither the NCLT nor the NCLAT can review a Committee of Creditors' rejection of a resolution plan under the IBC.
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On 10 March 2021 the Supreme Court held a CoC's 84.36% approval of a late resolution plan could not be second-guessed by the NCLAT on timeline grounds under the IBC, 2016.
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In Laxmi Pat Surana (AIR 2021 SC 1707), the Supreme Court held a financial creditor can take a corporate guarantor into CIRP under Section 7 IBC even where the principal borrower is not a company.
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On 15 March 2021 the Supreme Court held in Jagatramka vs Jindal Steel (AIR 2021 SC 1563) that a promoter barred by Section 29A IBC cannot use a Section 230 scheme to regain a company in liquidation.
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The Supreme Court's 2019 Embassy Property ruling holds that NCLT cannot review a government's sovereign decisions under the IBC - here is the forum map, procedure and borrower defences that follow.
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On 4 October 2018 the Supreme Court read Section 29A of the IBC for the first time, fixing eligibility at the resolution-plan submission date and piercing the corporate veil to find connected NPA accounts.
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The Supreme Court's Vidarbha Industries ruling made NCLT admission of an IBC Section 7 insolvency petition discretionary, not automatic. Here is how borrowers can use that defence, settle, or appeal.
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The Supreme Court's 2023 Goenka ruling: an approved IBC resolution plan extinguishes the company's debt but not the signatory-director's personal Section 138 cheque-bounce liability.
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How a financial creditor uses IBC Section 7 to force a corporate borrower into CIRP over a Rs 1 crore default, the NCLT procedure, and the borrower defences from Innoventive (2017) to Vidarbha (2022).
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Section 29A of the Insolvency and Bankruptcy Code bars ten classes of bidder from a resolution plan. What ArcelorMittal v. Satish Kumar Gupta settled about NPAs, control and timing.
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Lalit Kumar Jain (21 May 2021) holds that approval of a corporate debtor's resolution plan does not ipso facto discharge the personal guarantor. What survives paragraph 111, and what does not.
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The Supreme Court upheld IBC Sections 95 to 100 on 9 November 2023 in Dilip B Jiwrajka, but read natural justice into Section 100: a personal guarantor gets a full hearing and a reasoned order.
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On 25 January 2019 the Supreme Court in Swiss Ribbons v Union of India upheld the Insolvency and Bankruptcy Code, 2016, its financial-operational creditor split and the Section 29A promoter bar.
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Once the NCLT admits a company into insolvency, Section 14 IBC declares a moratorium that statutorily freezes SARFAESI enforcement, DRT suits and asset recovery against the corporate debtor.
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Under Section 96 of the IBC 2016, a personal guarantor gets an automatic interim-moratorium on the filing date itself, freezing SARFAESI, DRT and cheque-bounce action before any hearing.
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The Supreme Court's 15 November 2019 Essar Steel judgement made the Committee of Creditors' commercial wisdom near-final, confining the NCLT and NCLAT to a narrow Section 30(2) IBC compliance check.
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In B.K. Educational Services (2018), the Supreme Court held Article 137 of the Limitation Act applies to IBC Section 7 and 9 petitions: three years from default, and a time-barred debt cannot be revived.
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In Lalit Kumar Jain (21 May 2021) the Supreme Court held Part III of the IBC validly applies to personal guarantors and that a company's resolution plan does not discharge the guarantee. A borrower's playbook.
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Section 29A of the IBC bars defaulting promoters from resolution plans, but the NPA cure route survives. A borrower and promoter defence playbook grounded in the (2019) 4 SCC 17 ruling.
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On 25 January 2019, the Supreme Court in Swiss Ribbons v. Union of India upheld the Insolvency and Bankruptcy Code 2016 in full, ruling the financial-operational creditor divide constitutional under Article 14.
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Vidarbha Industries (12 July 2022) read may in IBC Section 7(5)(a) as NCLT discretion to refuse a CIRP admission despite a proven Rs 1 crore default - and how 2023 narrowed it.
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Innoventive Industries (2018) 1 SCC 407 fixed the IBC Section 7 test: prove a default and the NCLT must admit. The narrow defences a borrower actually keeps, and the 14-day clock.
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How the IBC Section 96 interim moratorium protects a personal guarantor from the filing date, and why Jiwrajka (2023 INSC 1018) reserves the guarantor's hearing for the Section 100 stage.
Enforcement
The NCLT approved and the NCLAT largely upheld the Suraksha Group's IBC resolution plan for Jaypee Infratech, a recovery route for more than 20,000 stranded homebuyers.
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Vidarbha (2022) held 'may' in IBC Section 7(5)(a) lets the NCLT refuse admission even when debt and default are proven; Suresh Kumar Reddy (2023) confined that discretion to exceptional cases.
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On 11 October 2018 the Supreme Court held the Limitation Act 1963 applies to IBC Sections 7 and 9 from 1 December 2016, that Section 238A is clarificatory, and that time-barred debt cannot trigger insolvency.
Enforcement
The NCLT dismissed Wave Megacity Centre's own Section 10 insolvency petition with Rs 1 crore costs, finding it filed to defraud stakeholders; the NCLAT upheld the order.
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In Essar Steel (2019) the Supreme Court held the Committee of Creditors' commercial wisdom on plan distribution is non-justiciable, confining NCLT and NCLAT review to Section 30(2) IBC compliance.
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On 25 January 2019 the Supreme Court upheld the IBC 2016 in full in Swiss Ribbons v Union of India, validating Section 29A's bar on defaulting promoters and the financial-creditor classification.
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A personal guarantor's playbook on IBC Sections 95 to 100: the Jiwrajka judgement (2023 INSC 1018), the Section 100 right to be heard, and the SARFAESI and DRT clocks that run alongside.
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On 31 August 2017 the Supreme Court gave the IBC its first authoritative reading in Innoventive v ICICI Bank: proof of default alone triggers Section 7, disputes are immaterial, and Section 238 overrides state law.
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On 11 May 2023 the Supreme Court in M. Suresh Kumar Reddy v Canara Bank confined Vidarbha and held the NCLT has hardly any discretion to refuse a Section 7 IBC admission once a Rs 1 crore default is proven.
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In Vidarbha Industries v Axis Bank (12 July 2022), the Supreme Court read "may" in Section 7(5)(a) IBC as tribunal discretion to decline a CIRP petition despite default. Here is what survives after 2023.
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In (2018) 1 SCC 407, decided 31 August 2017, the Supreme Court held Section 238 of the IBC overrides the Maharashtra Relief Undertakings Act 1958, so a state moratorium cannot bar a Section 7 CIRP filing.
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The Supreme Court held that 'may' in Section 7(5)(a) IBC is discretionary, so the NCLT can decline to admit a financial creditor's insolvency petition even when a Rs 1 crore default is admitted.
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The Supreme Court in Lalit Kumar Jain (21 May 2021) held that approving a corporate debtor resolution plan does not discharge a personal guarantor under Section 128 of the Contract Act.
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In Ghanashyam Mishra v Edelweiss (2021) 9 SCC 657, the Supreme Court held that once a resolution plan is approved under Section 31 IBC, all claims not in the plan, including government statutory dues, stand extinguished.
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The Supreme Court held on 14 August 2018 that the Section 14 IBC moratorium protects only the corporate debtor. Here is where a personal guarantor stands, and the defences that still work.
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The Supreme Court's 2019 Pioneer Urban ruling made homebuyers financial creditors under Section 5(8)(f) of the IBC. Read what the judgement held and what it means for buyers and NRIs.
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The Supreme Court's 21 May 2021 ruling in Lalit Kumar Jain confirms an approved corporate resolution plan does not discharge a personal guarantor. Here are the surviving liabilities, the Section 95 process, and the defences a borrower can still raise.
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The Supreme Court's 1 March 2021 ruling in P. Mohanraj freezes Section 138 cheque bounce cases against an insolvent company under the Section 14 IBC moratorium, but not its directors under Section 141.
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Mobilox v Kirusa (2018): the Supreme Court held that a plausible, bona fide dispute raised before the Section 8 demand notice bars an operational creditor's Section 9 IBC petition.
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How the Supreme Court's 15 November 2019 Essar Steel judgement, (2020) 8 SCC 531, made the Committee of Creditors' commercial wisdom on distribution largely non-justiciable under Sections 30 and 31 IBC.
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On 25 January 2019 the Supreme Court in Swiss Ribbons (2019) 4 SCC 17 upheld the entire Insolvency and Bankruptcy Code, validating creditor classification and the Section 29A promoter bar.
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Section 7(5)(a) of the IBC 2016 says the NCLT "may admit" a bank's insolvency petition. Vidarbha Industries (2022) made that word matter, and M. Suresh Kumar Reddy (2023) reined it back in.
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In Lalit Kumar Jain v. Union of India (21 May 2021) the Supreme Court held that approving a company's IBC resolution plan does not automatically discharge the personal guarantor. Here is what borrowers, lenders and NRIs must know.
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The Supreme Court's Jiwrajka judgement (9 November 2023) upheld Sections 95-100 of the IBC for personal guarantors and fixed exactly when a guarantor gets heard: at Section 100, not before.
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When the NCLT admits an insolvency petition, Section 14 of the IBC, 2016 freezes SARFAESI, DRT and all recovery action against a corporate debtor. Here is how the moratorium works and where it stops.
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In P. Mohanraj (1 March 2021) the Supreme Court held the Section 14 IBC moratorium freezes Section 138 cheque-bounce cases against a corporate debtor, but directors under Section 141 stay liable.
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The IBC Section 14 moratorium protects only the corporate debtor. After SBI v. V. Ramakrishnan (2018), lenders can pursue personal guarantors via SARFAESI even during a company's insolvency.
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