On 23.11.2021, the division bench of the Hon’ble Supreme Court of India (“SC”) unanimously set aside the judgment of the National Company Law Appellate Tribunal (“NCLAT”) which upheld the interim order of the National Company Law Tribunal (“NCLT”). [Tata Consultancy Services Limited v. Vishal Ghisulal Jain, Resolution Professional, Sk Wheels Private Limited, 2021 SCC OnLine SC 1113]. The case primarily concerns the unilateral termination of the Facilities Agreement by the Appellant. The said decision of the Appellant was before NCLT by the Respondent (Corporate Debtor) and was then stayed by NCLT.
