Weekly Digest Of IBC Cases: 11th To 17th December 2023

Supreme Court IBC | When Matter Heard But No Order Pronounced On The Same Day, Limitation To Commence From The Date When Order Gets Uploaded: Supreme Court Case Title: Sanjay Pandurang Kalate v Vistra ITCL Limited and Others Case No. : Civil Appeal Nos 7467-7468 of 2023 The Supreme Court bench comprising Chief Justice of India Dr Dhananjaya Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra, has held that when the NCLT hears a matter on a particular date but does not pronounce the order on the same date, then the limitation for filing an appeal from such order before the NCLAT under Section 61 of the Insolvency and Bankruptcy Code, 2016, would commence from the date when the Order of NCLT gets uploaded. “Such proactive action by tribunals is essential to ensure that the move towards a modernized and technology-friendly judiciary trickles down to every judicial forum across the country.” Sec 240A IBC | Even If MSME Registration Obtained Post Commencement Of CIRP, Promoter Eligible To Submit Resolution Plan: Supreme Court Case Title: Hari Babu Thota Citation: 2023 LiveLaw 1051 The Supreme Court bench comprising Justice Sanjay Kishan Kaul and Justice Sudhanshu Dhulia, has held that the Promoter of a Corporate Debtor is eligible to submit a resolution plan in terms of Section 240A of the Insolvency and Bankruptcy Code, 2016, even if the Corporate Debtor was registered as Micro Small Medium Enterprise after commencement of Corporate Insolvency Resolution Process. IBC | Cut-Off Date To Determine Resolution Applicant's Eligibility Under S.240A Is Date Of Submitting Resolution Plan: Supreme Court Case Title: Hari Babu Thota v. Other Citation: 2023 LiveLaw 1051 The Supreme Court bench comprising Justice Sanjay Kishan Kaul and Justice Sudhanshu Dhulia, has held that for the purpose of Section 240A of Insolvency and Bankruptcy Code, 2016, the cut-off date to determine the eligibility of a resolution applicant to submit a resolution plan, is the date on which the resolution plan was submitted and not the date on which Corporate Insolvency Resolution Process commenced. : IA-1547/2023 in IB-359/2021 The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das and Shri Atul Chaturvedi, has allowed the application of the Applicant for amendment of the date of default and held that the amendment of pleadings in a Corporate Insolvency Resolution Process application filed under Section 7 of IBC can be done at any stage of the matter.