Authority: Supreme Court of India
Order Date: 29-09-2026
Case Overview
- Parties: Lok Holdings and Constructions Limited (petitioner) vs State Bank of India & others (respondents).
- Origin: Special Leave Petition filed against the Bombay High Court's final judgment and order dated 14‑11‑2025 in WP No. 4705/2024.
- Counsel for petitioner: Akash Kakade, Sarosh Damania, Somanatha Padhan, Prashant Phad, Sharvari Shinde, Umar Farooq.
- Bench: Justices Pamidighantam, Sri Narasimha, Alok Aradhe.
- Interim applications listed: IA‑281251/2026 (condonation of delay), IA‑281250/2026 (exemption from filing C/C), IA‑281249/2026 (exemption from filing O.T.), IA‑278497/2026 (condonation of delay in refiling/curing defects).
Observations & Directions
1. The Court condoned the delay in filing the interim applications.
2. While not inclined to entertain the SLP, the Court clarified that the petitioner may approach the Adjudicating Authority to raise objections about inclusion of the disputed property in the Corporate Insolvency Resolution Process (CIRP) by filing an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Such application will be considered on its merits.
3. The Court expressed no opinion on the maintainability or merits of the underlying dispute.
4. The Special Leave Petition is dismissed.
5. Any pending applications, if any, are ordered disposed of.
Final Outcome
- The SLP is dismissed; delay in filing is condoned; petitioner is allowed to seek relief from the Adjudicating Authority under IBC Section 60(5); all pending applications are closed.
Topics: Insolvency, Banking Litigation, Supreme Court Orders