CourtSupreme Court of India
Decision31 August 2017
CollectionInsolvency, NCLT & Restructuring
FormatCRUX Case Note

The Crux

For a financial-creditor application, the adjudicating authority examines whether a financial debt exists and whether default has occurred within the statutory framework.

What the Court held

In one of the earliest major IBC decisions, the Supreme Court explained the architecture of Section 7, the concept of default and the Code's overriding effect where State law conflicts with the central insolvency regime.

Why it matters

The case remains foundational to the commencement of CIRP by financial creditors and to understanding the IBC as a complete, time-bound insolvency framework.

CRUX practice note

This note isolates the proposition most likely to matter in practice. The precise ratio, factual limits and subsequent treatment of the authority should always be checked against the judgment itself before professional reliance.

Official source

The link below is to the Supreme Court of India’s official website or judgment repository.

Official Supreme Court source Innoventive Industries Ltd. v. ICICI Bank & Anr. — official court source The judgment text remains controlling. This CRUX note is an editorial summary for general information.

This Insight is for general informational purposes only and does not constitute legal advice.

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