There is total 16 judgments (reported in IBC Laws till 18.01.2023) were passed by various forms such NCLAT/NCLT referring Vidarbha Industries Power Ltd. Vs. Axis Bank Ltd. (2022) ibclaw.in 91 SC.
Similarly, total 8 judgments (reported in IBC Laws till 18.01.2023) were passed by various forms such NCLAT/NCLT referring State Tax Officer Vs. Rainbow Papers Ltd. (2022) ibclaw.in 107 SC.
On January 18, 2022, MCA has invited public comments on various amendments in IBC. In these proposed amendments, it has also proposed that:
a. Section 7 of IBC may be amended to clarify that while considering an application for initiation of the CIRP by the financial creditors, the AA is only required to be satisfied about the occurrence of a default and fulfilment of procedural requirements for this specific purpose (and nothing more). Where a default is established, it is mandatory for the AA to admit the application and initiate the CIRP.
b. All debts owed to Central Government and the State Government, irrespective of whether they are secured creditors pursuant to a security interest created by a mere operation of statute, shall be treated equally with other unsecured creditors.
These all judgments which referred Vidarbha Industries Power and Rainbow Papers judgment can be access using sub-subject in IBC Laws’s Case Law Portal.