IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRP

The Supreme Court set aside the High Court’s order that had interdicted the Corporate Insolvency Resolution Process (CIRP). The case involved a challenge to the initiation of CIRP, where the High Court had temporarily halted the process. The Supreme Court ruled that the IBC is a complete code for insolvency proceedings and that judicial review of the initiation of CIRP should be subject to rigorous scrutiny. The ruling emphasizes the need to respect the statutory framework of IBC and discourages interference from courts without a strong legal basis.