Bharti Airtel Limited vs Vijaykumar V. Iyer

insc-2024-15 Supreme Court of India 3 January 2024 • 39 min read

Judges (2)

S.V.N. Bhatti Coram Sanjiv Khanna Delivered

Parties (2)

Bharti Airtel Limited Appellant Vijaykumar V. Iyer Respondent

Case Significance

Bharti Airtel Limited vs Vijaykumar V. Iyer is a Supreme Court of India decision dated January 3, 2024 (citation: insc-2024-15). Bharti Airtel challenged the denial of its right to claim set-off against amounts owed by Aircel entities during the Corporate Insolvency Resolution Process under the IBC. Airtel had furnished bank guarantees worth approximately Rs.453.73 crores on behalf of Aircel for a spectrum trading deal, and sought to set off repayment obligations against amounts owed. The Supreme Court dismissed the appeals, holding that the moratorium under Section 14 of the IBC protects the corporate debtor's assets The bench comprised Justices S.V.N. Bhatti and Sanjiv Khanna. The judgment was delivered by Justice Sanjiv Khanna.

Summary

Bharti Airtel challenged the denial of its right to claim set-off against amounts owed by Aircel entities during the Corporate Insolvency Resolution Process under the IBC. Airtel had furnished bank guarantees worth approximately Rs.453.73 crores on behalf of Aircel for a spectrum trading deal, and sought to set off repayment obligations against amounts owed. The Supreme Court dismissed the appeals, holding that the moratorium under Section 14 of the IBC protects the corporate debtor's assets and the set-off claim was misconceived.

What was the outcome of Bharti Airtel Limited vs Vijaykumar V. Iyer?

Bharti Airtel challenged the denial of its right to claim set-off against amounts owed by Aircel entities during the Corporate Insolvency Resolution Process under the IBC. Airtel had furnished bank gu...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (insc-2024-15)