Innoventive Industries Ltd. v. ICICI Bank
Published by Finin2min
Innoventive Industries Ltd. v. ICICI Bank explained in simple, practical Finin2min style.
Innoventive Industries Ltd. v. ICICI Bank
Authority: Supreme Court of India
Decision date: 31 Aug 2017
Core issue: IBC admission threshold and repugnancy with state relief law
1. Parties and authority
| Field | Detail |
|---|---|
| Case | Innoventive Industries Ltd. v. ICICI Bank |
| Authority | Supreme Court of India |
| Timeline marker | 31 Aug 2017 |
| Subject | IBC admission threshold and repugnancy with state relief law |
2. Timeline
- Transaction / compliance event created the dispute.
- Department/regulator/lender/company took a formal position.
- Lower forum or appellate authority considered the dispute.
- Supreme Court of India settled or materially shaped the legal position on 31 Aug 2017.
3. What the court/authority effectively held
Once debt and default are established, the corporate insolvency framework operates with overriding effect.
4. Why finance and legal teams should care
| Function | Action point |
|---|---|
| CFO / Controller | Map the case to accounting, tax provisioning, disclosures and board reporting. |
| Tax / Legal | Check whether facts match before applying the ratio; preserve source documents and legal notes. |
| Audit / Compliance | Add the case to the risk-control matrix and verify management representation. |
5. Practical example
A finance team applies the headline of the judgment without comparing facts. The safer approach is to document: exact facts, section/regulation, forum hierarchy, whether any later amendment overrides it, and whether the organisation’s facts are materially similar.
Finin2min Crux
This is the foundation case for IBC admission discipline and time-bound insolvency process.
Source and review trail
Use the current official instrument, portal or regulator publication before acting.
- Official starting point
- ibbi.gov.in