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Insolvency and Bankruptcy Code

Shri Karshni Alloys Pvt. Ltd. v. Ramakrishnan Sadasivan; 2025 INSC 1411 - IBC -NCLT Rules- Forfeiture Condition

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Insolvency and Bankruptcy Code 2016 [IBC]- National Company Law Tribunal Rules, 2016 - Rule 15 ; Indian Contract Act,1872 - Section 74 - The sale purely under the supervision of the Adjudicating Authority, i.e., the NCLT, and the forfeiture condition stipulated by the NCLT while granting extension of time cannot be equated with a forfeiture clause in a contract. (Para 19)

IBC - Time is a crucial facet of the scheme under the IBC and to allow such proceedings to lapse into indefinite delay would plainly defeat the very object of the statute. (Para 18)

Case Info


Case Details

  • Case name: M/s. Shri Karshni Alloys Private Limited v. Ramakrishnan Sadasivan
  • Neutral citation: 2025 INSC 1411
  • Coram: Justice Sanjay Kumar; Justice Alok Aradhe
  • Judgment date: December 10, 2025 (New Delhi)

Caselaws and Citations

  • Kridhan Infrastructure Private Limited v. Venkatesan Sankaranarayan and others, (2021) 6 SCC 94

Statutes / Laws Referred

  • Insolvency and Bankruptcy Code, 2016 (Section 62)
  • IBBI (Liquidation Process) Regulations, 2016 (Regulation 33(2)(c) and 33(2)(d); Schedule I)
  • National Company Law Tribunal Rules, 2016 (Rule 15)
  • Indian Contract Act, 1872 (Section 74)
  • Constitution of India (Article 226)
National Cooperative Development Corporation vs Assistant Commissioner of Income Tax 2025 INSC 1414 - Income Tax Act - Long Term Finance Business
National Cooperative Development Corporation vs Assistant Commissioner of Income Tax 2025 INSC 1414 - Income Tax Act - Long Term Finance Business.pdf
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