Monthly Digest Of IBC Cases: April 2022
Live LawSupreme Court Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court Case title: Sunil Kumar Jain v Sundaresh Bhatt, Civil Appeal No. The National Company Law Appellate Tribunal, Principal Bench, comprising of comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has upheld the order dated 06.04.2022 passed by NCLT Kolkata Bench whereby it was held that Corporate Debtor cannot be sent into liquidation just because liquidation value is more than the value of the Resolution Plan. National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has held that the look back period prescribed under Section 46 of Insolvency & Bankruptcy Code, 2016 does not apply to transactions under Section 49 and 66 of the IBC. The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has held that money given as 'Share Application Money' cannot be treated as a financial debt in order to initiate Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has held that if a credit facility agreement is unstamped, then petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be admitted based on other material on the record which prove the existence of a financial debt.