At the heart of the judgment was a limited legal question: whether the successful bidder had been allowed to improve its offer after the process had effectively closed. On that basis, the Court found no reason to interfere with the lenders’ decision. The ruling is significant because it once again underlines a settled principle under the InsolvencyandBankruptcyCode:thecommercialwisdomoftheCommitteeofCreditors willnotordinarilybereopenedbycourtsunlessthereisaclearbreachoflawormaterial irregularity in the process. Beyond the legal findings of the Court, the SKS Power saga has been shadowed by external allegations concerning the company’s former promoter, Anil Gupta. The ruling serves as a stern reminder to the insolvency ecosystem that once a transparent process is followed and lenders take a commercial call within the framework of the law, the courts are unlikely to interfere.
