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Commercial Laws
Apex court declines to use powers to reverse liquidation orders

The Supreme Court has declined to use its powers relegated under Article 142 to revoke the liquidation order pronounced by National Company Law Appellate Tribunal (NCLAT) in Kamineni Steel & Power India and Innoventive Industries saying it will set a trend in the insolvency proceedings under IBC. Article 142 of the Constitution allows the Supreme Court to pass any orders it thinks necessary to serve justice.

News Source:- https://www.thehindubusinessline.com/news/apex-courtnoscno-declines-to-use-powers-to-reverse-liquidation-orders/article26230913.ece