IBBI, SC Judgement Dated 24/02/2026 – IBC overrides defunct Scheme of Arrangement due to non-compliance with Statutory Timelines

Case of Omkara Assets Reconstruction Pvt Ltd vs Amit Chaturvedi, SC Judgement Dated 24th February 2026.The apex court viewed that the IBC is a special statute with overriding effect under Section 238 and that proceedings under Sections 7 or 9 are independent and unaffected by winding-up or other proceedings. It held that judicial discipline cannot be invoked to stall CIRP where the SOA was grossly delayed and inoperative. The IRP was permitted to proceed, and appeal was allowed. 

(Link: SC Judgement Dated 24/02/2026)

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