The case stemmed from a jurisdictional dispute concerning offenses under the Insolvency and Bankruptcy Code, 2016 (IBC), initiated by the Insolvency and Bankruptcy Board of India (IBBI) against former directors ... of SBM Paper Mills Pvt. Ltd. for failing to comply with a One Time Settlement (OTS). The Bombay High Court annulled the proceedings, asserting that post-2017 amendments to the Companies Act restricted Special Courts to adjudicate only Companies Act offenses, prompting the IBBI to seek redress from the Supreme Court.