Tripura HC quashes blacklisting of company after I&B Code resolution plan approval.

The Tripura High Court annulled the blacklisting of a company by the Government of Tripura for three years, which also barred it from future tenders. This decision followed the approval of a resolution plan under the Insolvency and Bankruptcy Code (I&B Code), intended to revive the corporate debtor with a clean slate. The court found that blacklisting the company post-resolution would undermine this objective and was disproportionate, especially after the forfeiture of the performance bank guarantee. The Arbitral Tribunal did not address the plea against blacklisting, and the court emphasized the necessity of judicial review to ensure legal remedies. .....

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