Reportable

2026 INSC 189 IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION Omkara Assets Reconstruction Private Limited.

….Appellant Versus Amit Chaturvedi and Ors.

….Respondents J U D G M E N T K. VINOD CHANDRAN, J.

1. Judicial impropriety vis-a-vis financial rectitude is the moot question arising in this appeal in the context of the proceedings pending under the Companies Act, 1956 and that initiated under the Insolvency and Bankruptcy Code, 2016 (for short, the IBC). The Stressed Assets Stabilization Fund of the bank who financed respondent No.2, approached the Adjudicating Authority under the IBC, the Company Law Tribunal, for initiating Corporate Insolvency Resolution Proceedings (CIRP) for recovery of an amount of Rs.154,33,12,274/- with future interest; on the principal of Rs.10,60,00,000/- disbursed by way of two term loans on 05.04.1999 Signature Not Verified Digitaly signed by SACHIN KUMAR SRIVASTAVA D 17 a : t 4 e 4 : : 2 3 0 6 2 I 6 S . T 02.24 and 12.12.2000; the default having commenced from 01.01.2003.

Reason:

Respondent No.2 resisted the claim on the grounds of pending proceedings with respect to a Scheme of Arrangement (SOA) under Sections 391 to 394 of the Comp