TORRENT POWER LTD. Vs. ASHISH ARJUNKUMAR RATHI

JUDGEMENT

(1.) Preface: The Insolvency and Bankruptcy Code, 2016 (for short, "IBC") marks a fundamental shift in India's insolvency regime: from a court-centric model to a creditor-driven process. At its core lies the doctrine of commercial wisdom: a conscious legislative choice to vest decisive authority in the Committee of Creditors (for short, "CoC"), comprising financial creditors who bear the economic consequences of failure.

(2.) The unsuccessful resolution applicants being aggrieved by the dismissal of their appeals by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (for short, "NCLAT"), are before this Court by filing the present civil appeals under Sec. 62 of the IBC.

(3.) SKS Power Generation (Chhattisgarh) Ltd. is the Corporate Debtor against whom an application was filed by Bank of Baroda under Sec. 7 of the IBC seeking initiation of Corporate Insolvency Resolution Process (for short, "CIRP"). The same was admitted by order dtd. 29/4/2022 passed by the NCLT in Company Petition (IB) No. 893 of 2021. Respondent No.1 was appointed as the Interim Resolution Professional (for short, "IRP") and he came to be confirmed as the RP by the CoC and subsequently by the NCLT.