2022 (7) TMI 1353 - SCH - Insolvency and Bankruptcy

Maintainability of petition - availability of alternative remedy - paramount contention advanced by the appellants is that the learned single Judge egregiously erred in dismissing the writ petition on the ground of availability of alternative remedy - it was held by High Court that When a provision is interpreted by the Tribunal to arrive at a conclusion in regard to the application filed before it, it cannot be said that the Tribunal has passed the order without jurisdiction. At the most, what the appellants could allege is only the illegality of the order passed, which is a subject matter to be considered by the appellate Tribunal in terms of Section 61 of the Insolvency and Bankruptcy Code, 2016, which is a well defined provision exemplifying the powers of the Tribunal. HELD THAT - There are no grounds to interfere with the impugned judgment and order of the High Court in exercise of jurisdiction under Article 136 of the Constitution of India SLP dismissed.

Summary

The Supreme Court dismissed the special leave petition as they found no grounds to interfere with the impugned judgment and order of the High Court. Pending applications, if any, were disposed of accordingly.