🔍 What Happened

The Supreme Court issued notices to the CBI, Enforcement Directorate (ED), SFIO and Union Government on a plea alleging fraudulent transactions worth nearly ₹150 crore during a stalled insolvency process.

🧾 Summary

In a major move impacting corporate insolvency integrity, the Supreme Court took up a petition accusing suspended management of a company under CIRP of siphoning off close to ₹150 crore and manipulating statutory records during the statutory moratorium period. The Court — led by Chief Justice Surya Kant and Justice Joymalya Bagchi — directed central investigative agencies to respond to the petition seeking an independent probe. The petitioner alleges the stalled insolvency process lasted over 30 months, violating IBC’s time limits, and involved illegal loans and government tenders obtained without oversight. This action underscores judicial scrutiny on safeguarding the insolvency framework from alleged collusion and financial misconduct.

🟢 Public Takeaway

This signals strong judicial oversight against corporate fraud during insolvency — protecting creditor and investor interests.