In a recent ruling, the Supreme Court of India in Rakesh Bhanot v. Gurdas Agro Private Limited¹ (with connected appeals) (collectively “Appeals”) clarified the scope of the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code, 2016 (“Code”).

The Supreme Court of India, in its recent judgment passed in the case of M. Suresh Kumar Reddy v Canara Bank and Ors., has held that the existence of a financial debt and proof of default on the part of Corporate Debtor are the only factors to be considered by the Adjudicating Authority to admit an Application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“Code”).