Supreme Court says repeated challenges by unsuccessful bidders erode IBC’s framework

New Delhi: The Supreme Court on Friday pulled up unsuccessful bidding companies in insolvency cases for challenging commercial decisions taken by lenders, warning that such attempts undermine the design of India's bankruptcy framework. A bench led by Justice B.V. Nagarathna made the observations while upholding the resolution plan of Sarda Energy & Minerals Ltd for SKS Power Generation (Chhattisgarh) Ltd. The court dismissed appeals filed by Torrent Power Ltd, Jindal Power Ltd and Singapore-based Vantage Po ...