Authority: Supreme Court of India

Order Date: 31-07-2026

Case Overview

  • Appellant: M/S Manjeet Cotton Pvt. Ltd; Respondent: Phoenix Arc Pvt. Ltd.
  • Civil Appeal No. 9306/2026 was listed for admission on 31 July 2026 before a two‑judge bench of Justice S.V.N. Bhatti and Justice N.V. Anjaria.
  • The appellant, through senior counsel K. Parameshwar, contended that the adjudicating authority’s denial of the appellant’s claim and the direction to distribute surplus generated during the Corporate Insolvency Resolution Process (CIRP) under Section 53 of the Insolvency and Bankruptcy Code, 2016, were “ex facie” untenable.
  • The contention relied on the Resolution Plan (page 184, clause 4.1.ii) which states that, apart from the claims and settlements envisaged in the plan, no other payment or settlement shall be made to any person or entity for claims arising prior to the Transfer Date, and such extinguishment shall be binding on all stakeholders.

Final Outcome

  • The Court issued an order directing that a notice be issued to the parties, with the notice returnable on 17‑08‑2026.
  • The Court also permitted the filing of a “Dasti” (hand‑written) document in the proceedings.

Topics: Insolvency, Corporate Law