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PTI, Apr 19, 2024, 6:10 PM IST
A special court presided over by a sessions judge or an additional sessions judge has the jurisdiction to try a complaint under the Insolvency and Bankruptcy Code (IBC), 2016, the Supreme Court held on Friday as it quashed a 2022 verdict of the Bombay High Court.
The Bombay High Court had allowed a plea challenging the order passed by an additional sessions judge directing issuance of process against two former directors of a firm on a complaint filed by the Insolvency and Bankruptcy Board of India.
While dealing with an appeal filed by the Board challenging the high court verdict, a bench of Justices B R Gavai and Sandeep Mehta said the HC had “grossly erred” in quashing the complaint only on the ground that it was filed before a special court presided over by a sessions judge.
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