Innoventive Industries v ICICI Bank

Finin2min Summary

• Innoventive Industries v ICICI Bank is a case-citator page for Innoventive Industries Ltd. v ICICI Bank (2018) 1 SCC 407, decided by the Supreme Court.
• The issue is Section 7 admission, default and overriding effect. The working holding is: Once debt and default are shown in a complete financial creditor application, the adjudicating authority tests default and completeness; state relief legislation cannot defeat the IBC process because section 238 gives the Code overriding effect.
• Use it for advisory and exam analysis only after checking the official judgment record and the event-date IBC provisions: section 7, section 238, default, admission.

Bare Act / Law / Rules / Notifications

Read this page with the official source open, and fix the event date before using any Act, rule, regulation, circular, notification, form or judgment.

Section-wise / Para-wise Decode

• Facts for Innoventive Industries v ICICI Bank: Section 7 application by a financial creditor; corporate debtor relied on Maharashtra relief legislation and disputed admission.
• Ratio for Innoventive Industries v ICICI Bank: Once debt and default are shown in a complete financial creditor application, the adjudicating authority tests default and completeness; state relief legislation cannot defeat the IBC process because section 238 gives the Code overriding effect.
• Provision map for Innoventive Industries v ICICI Bank: section 7, section 238, default, admission should be tested against the application, order, claim or resolution-plan record.
• Advisory use for Innoventive Industries v ICICI Bank: identify the exact procedural stage before applying the case; section 7, section 9, plan approval, moratorium and liquidation cases do not answer the same question.
• Exam use for Innoventive Industries v ICICI Bank: state the forum, citation, issue, holding and the limited fact pattern in which the ratio operates.

Linked Rules, Notifications and Circulars

• For Innoventive Industries v ICICI Bank, check the primary source family: Innoventive Industries Ltd. v ICICI Bank.
• For IBC matters, cross-check IBBI Act, Rules, Regulations, Circulars and Notifications pages for later instruments affecting Section 7 admission, default and overriding effect.
• For PMLA/FIU matters, cross-check ED PMLA material, FIU guidance, reporting obligations and the scheduled-offence trail for Section 7 admission, default and overriding effect.
• For tribunal/court matters, reconcile the cited judgment or form with the procedural rule, limitation period and latest forum direction.

Workflow / Flow Chart

1. Step 1Identify the procedural stage in the problem.
2. Step 2Match facts to the cited IBC provision.
3. Step 3State the holding in one sentence.
4. Step 4Apply the holding to debt, default, dispute, limitation, plan or liquidation facts.
5. Step 5Check later statutory amendment and subsequent Supreme Court explanation.
6. Step 6Conclude with remedy, admission, rejection, plan effect or distribution consequence.

Exam and Advisory Case Studies

Exam case study for Innoventive Industries v ICICI Bank: identify the legal source, issue, forum or authority, then state the trigger, evidence, time limit and consequence in that order.

Advisory case study for Innoventive Industries v ICICI Bank: prepare a short note that cites the official source, maps facts to the operative rule, lists open evidence gaps and states the next filing, appeal, reporting or board action.

Q&A

Working Checklist

• Open and save the official source for Innoventive Industries Ltd. v ICICI Bank.
• Confirm that Innoventive Industries v ICICI Bank applies to the entity, transaction, property, proceeding or filing stage.
• For Innoventive Industries v ICICI Bank, prepare the evidence pack: petition, reply, impugned order, debt/default proof, claim records, resolution-plan record and certified copy of judgment.
• For Innoventive Industries v ICICI Bank, check limitation, jurisdiction, fee, authority, service, appeal period and forum-specific directions before finalising the working file.
• Record sign-off by the responsible professional, compliance owner, board committee, resolution professional, liquidator or reporting entity officer as applicable.

Primary Official Sources

• Innoventive Industries Ltd. v ICICI Bank(2018) 1 SCC 407
• IBBI Act pageofficial IBBI source
• IBBI Rules pageofficial IBBI source
• IBBI Regulations pageofficial IBBI source

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