Uttara Foods and Feeds Private Limited V. Mona Pharmachem

The Supreme Court's judgment in the present case involves restricting the NCLT from providing for a halt to the resolution process, but this is an economically ineffective move as the NCLT and NCALT's provision to halt the resolution process will give banks and corporate creditors the opportunity to minimize their losses on default loans. The Supreme Court's decision is based on the needs of the general public and made from the point of view of policy makers.

Innoventive Industries Ltd Vs. ICICI Bank Ltd.

The observations of the Hon'ble Supreme Court in this case may be viewed as a broad affirmation of the NCLAT ruling in Kirusa Software Case where it was held that a 'dispute' pursuant to Section 8(2) must not be pending in a suit or arbitration proceeding; however, the same must be 'pending' and cannot be raised by the corporate debtor for the first time while it is pending.

Debt Recovery and Securitization

This article discusses the objective and important provisions for debt recovery and securitization under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. This article also discusses the views of the Hon’ble Supreme Court on the same with decided case laws.