Tagged “asset-reconstruction”

Omkara Assets v. Amit Chaturvedi: defunct Scheme of Arrangement cannot stall Section 7

On 24 February 2026, the Supreme Court held that a stale and procedurally defective Scheme of Arrangement under Sections 391–394 of the Companies Act 1956 cannot defeat a Section 7 IBC application; Section 238 IBC override extends to defunct schemes; a 28-year corporate dispute reaches doctrinal resolution.