K.Sashidhar v. Overseas Indian Bank & Ors. (Civil Appeal No. 10673 of 2018)

In the case of K.Sashidhar v. Overseas Indian Bank & Ors. (Civil Appeal No. 10673 of 2018), the Supreme Court of India passed its order on February 5, 2019, under which the SC has ruled, that there is no power and competence of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to examine or review the commercial decisions made by the Committee of Creditors. This case emerged as a result of an appeal against the NCLAT order, documenting the rejection of Innoventive Industries Limited (IIL) and Kamineni Steel & Power Private Limited (KSPIPL) resolution proposals and guiding the commencement of the liquidation process under the Insolvency and Bankruptcy Code, 2016 (IBC) against the two firms.

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