On 22 January 2026, a two-judge bench held that section 60(5)(c) IBC does not empower the NCLT to declare title in a disputed trademark when the approved resolution plan itself flags rival claims; trademark adjudication must be left to the competent civil court.
On 27 May 2026, a two-judge bench held that once the Committee of Creditors approves a resolution plan, the Successful Resolution Applicant cannot renegotiate its terms — to permit otherwise would cause the architecture of the IBC to crumble.
On 15 November 2019 a three-judge bench of the Supreme Court delivered the most consequential IBC judgment of the post-*Swiss Ribbons* era. The Bench held that the Committee of Creditors' commercial wisdom on the distribution of resolution-plan proceeds — including unequal treatment of financial and operational creditors — is paramount; that the National Company Law Appellate Tribunal had erred in directing equal pro-rata distribution; that the *Section 53* waterfall is a guide but the CoC retains discretion subject to the *Section 30(2)(b)* minimum-liquidation-value floor; that the 'mandatorily' in the amended *Section 12* 330-day proviso is to be read down as directory in exceptional cases; and that the resolution applicant takes the corporate debtor on a 'clean slate' — claims not in the plan stand extinguished.
On 5 February 2019 a two-judge bench of the Supreme Court held that the Committee of Creditors' commercial wisdom in approving or rejecting a resolution plan by the requisite voting majority is non-justiciable. The National Company Law Tribunal's judicial review under *Section 31* is confined to *Section 30(2)* compliance — it cannot second-guess the CoC's commercial judgment. On rejection of all plans by the CoC, the Adjudicating Authority is obliged to initiate liquidation under *Section 33(1)*. The decision is the foundational articulation of the commercial-wisdom doctrine that organises post-2019 IBC jurisprudence.
On 21 May 2021 a two-judge bench of the Supreme Court, in Lalit Kumar Jain v. Union of India, upheld the Central Government's MCA Notification of 15 November 2019 selectively bringing Part III of the Insolvency and Bankruptcy Code into force for personal guarantors of corporate debtors as valid conditional legislation, and held that approval of a resolution plan for a corporate debtor under Section 31 does not, of itself, discharge a personal guarantor — surety liability rests on the independent footing of Section 128 of the Contract Act. A close reading of the judgment authored by Justice Ravindra Bhat, the doctrinal architecture of the Section 60(2) common-forum design, and the doctrinal arc through Dilip B. Jiwrajka.