SC Sets Aside Karnataka HC Order Interdicting CIRP Process

The Supreme Court overturned the Karnataka High Court’s decision to halt the Corporate Insolvency Resolution Process, stressing that the IBC is a comprehensive law with sufficient checks and balances. 

The Court noted that the High Court's intervention was erroneous, particularly due to the significant delay in challenging the process. It emphasized that judicial review in CIRP matters must be exercised with caution and rejected the claim of natural justice violation.

Rejecting the High Court's jurisdiction, the Court directed the Adjudicating Authority to resume and expedite the CIRP proceedings from where they were interrupted, reinforcing the importance of procedural discipline.