Breaches Discipline Of Law Laid Down In IBC' : Supreme Court Disapproves Of HC Deferring CIRP Under Article 226

The Supreme Court disapproved of the Telangana High Court’s decision to defer the Corporate Insolvency Resolution Process (CIRP) under Article 226 of the Constitution. The Supreme Court held that the High Court exceeded its jurisdiction by deferring the CIRP when the main relief sought in the writ petition was refused. The case involved a petition to consolidate the CIRP of two companies, which was rejected by the NCLT and NCLAT. The Supreme Court’s ruling emphasizes the need for adherence to the established legal framework for insolvency proceedings.