Supreme Court of India held Insolvency and Bankruptcy Code cannot replace decree execution. Bench of Pamidighantam Sri Narasimha and Alok Aradhe restored NCLT order, imposed costs.
The NCLAT ruled that insolvency proceedings against Vatika Limited must be confined to a single real estate project, not the entire company. It emphasized a project-wise CIRP approach to protect homebuyers and unrelated stakeholders despite an established financial default.
The NCLAT Chennai closed suo motu contempt proceedings against IRP Anil Kumar Khicha after accepting his unconditional apology, as the Bench led by Justice Sharad Kumar Sharma held his conduct unacceptable but allowed closure with future caution assurance.
