TMI Blog2021 (7) TMI 1425X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Innoventive Industries Ltd v. ICICI Bank [ 2017 (9) TMI 58 - SUPREME COURT ], the IBC, 2016 is a Single Unified Umbrella Code, covering the entire gamut of the law relating to insolvency resolution of corporate persons and others in a time bound manner. The code provides a three-tier mechanism namely, (i) the NCLT, which is the adjudicating authority (ii) the NCLAT, which is the appellate authority (iii) the Supreme Court, which is the final authority, for dealing with all issues that may arise in relation to the re-organisation and insolvency resolution of corporate persons. An order passed by the NCLT is appealable to the NCLAT under Section 61 of the Code and the orders of the NCLAT are amenable to the appellate jurisdiction of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pointing the second respondent as Interim Resolution Professional(IRP). The IRP was reappointed as the Resolution Professional (RP) by the members of the Committee of Creditors. In accordance with the procedure prescribed by the Code, application under Sections 30(6) and 31(1) was filed by the RP, seeking approval of the Resolution Plan submitted by the third respondent; Resolution Applicant. By Ext.P2 order dated 22.02.2021, the NCLT approved the Resolution Plan and made it effective from the date of order. Being aggrieved by Ext.P2 order, the petitioners, who are Operational Creditors, preferred appeals before the National Company Law Appellate Tribunal (NCLAT). These writ petitions are filed on the premise that the appeals and stay petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sdiction under Article 226 of the Constitution, will defeat the very objective of the Code, which has been enacted with a view to consolidate and amend the law relating to insolvency resolution. Attention is drawn to the observations of the Honourable Supreme Court in Swiss Ribbons Pvt.Ltd and another v. Union of India and others [(2019) 4 SCC 17] and Ghanashyam Mishra and Sons Private Ltd v. Edelweiss Asset Reconstruction Company [2021 SCC Online SC 313] to contend that the IBC, 2016 being a self contained Code, the High Courts should refrain from interfering with the resolution process. 5. Learned Counsel for the petitioners submitted that their appeals have been accepted by the NCLAT, but are yet to be numbered and posted for admissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 61 of the Code and the orders of the NCLAT are amenable to the appellate jurisdiction of the Supreme Court under Section 62. 8. In S wiss Ribbons Pvt.Ltd (supra), the Honourable Supreme Court, while rejecting the challenge against certain provisions of the code held as under: The Insolvency Code is a legislation which deals with economic matters and, in the larger sense, deals with the economy of the country as a whole. Earlier experiments, as we have seen, in terms of legislations having failed, 'trial' having led to repeated 'errors', ultimately led to the enactment of the Code. The experiment contained in the Code, judged by the generality of its provisions and not by so-called crudities and inequities that ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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