Case Details
Full Citation: Innoventive Industries Ltd vs ICICI Bank & Anr
Date: 31 August, 2017
Court: Supreme Court of India
Bench: Justice R.F. Nariman and Justice Navin Sinha
Civil Appeal No: 8337 of 2017
🔗 Comprehensive Cross-References
Related Supreme Court Cases
1. Mobilox Innovations Pvt Ltd v. Kirusa Software Pvt Ltd (2017)
- Citation: (2017) 9 SCC 783
- Relevance: Clarified distinction between Section 8 (operational creditors) and Section 9 applications
- Key Principle: Different evidentiary requirements for financial vs operational creditors
2. Lokhandwala Kataria Construction Pvt Ltd v. Nisus Finance & Investment Manager LLP (2021)
- Citation: (2021) 9 SCC 638
- Relevance: Further refined the definition of “default” post-Innoventive
- Key Principle: Continuing default vs one-time default distinction
3. Macquarie Bank Ltd v. Shilpi Cable Technologies Ltd (2018)
- Citation: (2018) 2 SCC 674
- Relevance: Financial creditor classification and foreign banks under IBC
- Key Principle: Cross-border insolvency applications
High Court Precedents
4. Binani Industries Ltd v. Bank of Baroda & Anr (NCLAT)
- Relevance: Application of Innoventive principles in banking sector disputes
- Key Takeaway: Timeline compliance for Section 7 applications
Statutory Framework
Primary Provisions
- Section 3(12) IBC 2016: Definition of “default”
- Section 7 IBC 2016: Initiation of CIRP by financial creditors
- Section 13 IBC 2016: Moratorium provisions
- Section 14 IBC 2016: Effects of moratorium
Post-Judgment Amendments
- IBC Amendment Act 2018: Clarification on “default” threshold
- IBC Amendment Act 2020: Pre-packaged insolvency introduction
Regulatory Framework
CIRP Regulations 2016
- Regulation 6: Form and manner of application by financial creditor
- Regulation 7: Documents required with application
- Regulation 13: Moratorium and its effects
- Regulation 15: Management of corporate debtor during moratorium
IBBI Regulations
- IBBI (IP) Regulations 2016: Insolvency Professional eligibility and conduct
- IBBI (CIRP) Regulations 2016: Process governance
Practical Applications
For Insolvency Professionals
- Due Diligence Requirements: Enhanced documentation standards post-Innoventive
- Timeline Management: Strict adherence to 270-day resolution timeline
- Stakeholder Communication: Improved transparency obligations
For Financial Institutions
- Documentation Standards: Robust loan documentation practices
- Default Notice Procedures: Standardized pre-filing requirements
- Recovery Mechanisms: IBC as preferred recovery route
Research Tips for Students
Key Study Areas
- Comparative Analysis: Study Innoventive alongside Mobilox for comprehensive understanding
- Timeline Charts: Create visual timelines for CIRP process milestones
- Case Studies: Analyze successful vs failed CIRP cases post-Innoventive
Examination Focus
- Multiple Choice Questions: Definition distinctions and timeline calculations
- Case Study Analysis: Application of Innoventive principles to hypothetical scenarios
- Essay Questions: Evolution of IBC jurisprudence post-2017
Recent Developments
2023-2024 Updates
- Supreme Court Clarifications: Recent judgments building on Innoventive framework
- Regulatory Changes: IBBI circular updates affecting CIRP procedures
- Market Impact: Statistical analysis of IBC success rates post-Innoventive
About This Analysis
This cross-reference analysis is specifically designed for Limited Insolvency Exam candidates, focusing on practical applications and examination-relevant principles.
For comprehensive coverage of 72+ landmark IBC cases with detailed analysis, practice questions, and examination strategies, explore our Limited Insolvency Exam eBook.
📖 Sample available here: Limited Insolvency Exam Sample
Prepared by Prakash K. Pandya, Advocate & Insolvency Professional
Chamber of Prakash K. Pandya | Mumbai
