The Supreme Court of India has set aside an order of the National Company Law Appellate Tribunal (NCLAT) that had stayed insolvency proceedings against a Corporate Debtor due to a pending Scheme of Arrangement (SOA) under the Companies Act, 1956. A Bench comprising Justice Sanjay Kumar and Justice K. Vinod Chandran held that “judicial discipline”
IBC Overrides ‘Defunct’ Companies Act Schemes; Supreme Court Restores Insolvency Proceedings Against Corporate Debtor
