2026 INSC 206 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS.11746-11747 OF 2024 TORRENT POWER LTD. …APPELLANT VERSUS ASHISH ARJUNKUMAR RATHI & OTHERS …RESPONDENTS WITH CIVIL APPEAL NOS.11689-11690 OF 2024 CIVIL APPEAL NOS.12994-12995 OF 2024

J U D G M E N T

NAGARATHNA, J.

Preface:

The Insolvency and Bankruptcy Code, 2016 (for short, “IBC”)

marks a fundamental shift in India’s insolvency regime: from a court-centric model to a creditor-driven process. At its core lies the Signature Not Verified doctrine of commercial wisdom: a conscious legislative choice to Digitally signed by NEETU SACHDEVA Date: 2026.02.27

17:00:50 IST Reason:

vest decisive authority in the Committee of Creditors (for short, “CoC”), comprising financial creditors who bear the economic consequences of failure.

1.1 The IBC recognises that decisions on viability, valuation, and acceptable haircuts are inherently commercial, not judicial. Courts, therefore, do not substitute their assessment for that of the CoC. The adjudicating authority performs a supervisory role, ensuring statutory compliance and procedural fairness but refrains from second-guessing economic bodies, in this cas