Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024
1 week, 2 days ago

Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024

Live Law  

As the year 2024 nears its end, LiveLaw brings to you a summary of important Supreme Court judgments of the year rendered in connection with the Insolvency and Bankruptcy Code, 2016. Supreme Court Refers To Larger Bench, Doubts Precedent Case: DBS Bank Ltd Singapore v. Ruchi Soya Industries Ltd and another In this case, a bench comprising Justice Sanjiv Khanna and Justice SVN Bhatti referred to a larger bench the issue whether a dissenting financial creditor is to be paid the minimum value of its security interest as per the IBC. IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court Case: Bharti Airtel Limited and Another v. Vijaykumar V. Iyer and Others In this case, a bench comprising Justice Sanjiv Khanna and Justice SVN Bhatti held that statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process proceedings under the IBC. Insolvency Resolution Of Corporate Guarantor Won't Bar Creditor From Filing CIRP Against Corporate Debtor For Balance Debt : Supreme Court Case: BRS Ventures Investments Ltd. v. SREI Infrastructure Finance Ltd. & Anr. Supreme Court Sets Aside NCLAT Order Which Closed Insolvency Process Against Byju's Based On Settlement With BCCI Case: Glas Trust Company LLC v. Byju Raveendran In this case, a bench comprising former CJI DY Chandrachud and Justices JB Pardiwala, Manoj Misra set aside the order of the NCLAT which closed the insolvency proceedings against ed-tech company Byju's accepting a settlement between it and the Board of Control for Cricket in India for about Rs 158 crores.

Supreme Court Corporate Court Insolvency Corporate Debtor Debt Resolution Plan 2024 Nclt Supreme Ors Bench Nclat Chandrachud Cji This Case Irp Livelaw Ibc Larger Bench Manoj Misra Justices Jb Pardiwala Cirp Section 14 Financial Creditor Bankruptcy Code Pankaj Mithal Security Interest Minimum Value  insolvency  important  debt  judgments  2024  bench  livelaw  court  code  bankruptcy  supreme  ibc  v  corporate

History of this topic

Supreme Court Weekly Round-up: December 30, 2024 To January 05, 2025
2 days, 22 hours ago

Supreme Court Weekly Round-up: December 30, 2024 To January 05, 2025

Live Law  

Index Citations Union of India & Ors. Case Details: Shri Mukund Bhavan Trust and Ors v. Shrimant Chhatrapati Udayan Raje Pratapsinh Maharaj Bhonsle and Another, Arising out of SLP No.18977 of 2016) Citation: 2024 LiveLaw 1041 The Supreme Court set aside an order passed by the High Court of Bombay dated April 26, 2016. The bench comprising Justice Dipankar Datta …

Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024
1 week, 2 days ago

Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024

Live Law  

As the year 2024 nears its end, LiveLaw brings to you a summary of important Supreme Court judgments of the year rendered in connection with the Insolvency and Bankruptcy Code, 2016. Supreme Court Refers To Larger Bench, Doubts Precedent Case: DBS Bank Ltd Singapore v. Ruchi Soya Industries Ltd and another In this case, a bench comprising Justice Sanjiv Khanna …

IBC Weekly Round-Up: 16th December -20th December 2024
2 weeks, 1 day ago

IBC Weekly Round-Up: 16th December -20th December 2024

Live Law  

NCLAT The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. 7303, 7304 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has …

NCLT member crunch slows down bankruptcy resolution
1 month ago

NCLT member crunch slows down bankruptcy resolution

Live Mint  

New Delhi: A 30% shortage of key members at India’s bankruptcy courts is slowing the process of debt resolution, according to official data. Twenty-two businesses have found debt resolution under the Insolvency and Bankruptcy Code in October-November period of this year, against 47 in the year-ago period, provisional public data from Insolvency and Bankruptcy Board of India showed. And in …

No political appointments in NCLT, NCLAT: SC
2 months ago

No political appointments in NCLT, NCLAT: SC

Hindustan Times  

The Supreme Court on Thursday emphasised that appointments to the National Company Law Tribunal and the National Company Law Appellate Tribunal must not be “political”, even as it voiced serious concerns over delays and inefficiencies affecting India’s insolvency process. In its judgment that ordered the liquidation of debt-ridden Jet Airways, the top court addressed a raft of issues regarding the …

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order
Trending News
2 months ago

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order

Firstpost  

Setting aside an order of the NCLAT, the Supreme Court has ordered the liquidation of Jet Airways Supreme Court has ordered the liquidation of Jet Airways. The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways’ assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala …

Supreme Court orders liquidation of debt-ridden Jet Airways
2 months ago

Supreme Court orders liquidation of debt-ridden Jet Airways

Hindustan Times  

The Supreme Court on Thursday ordered the liquidation of Jet Airways while setting aside the National Company Law Appellate Tribunal ruling that upheld the transfer of the defunct airline’s ownership to the Jalan-Kalrock Consortium under an approved resolution plan. Represented by advocates Debmalya Banerjee, Kartik Bhatnagar and Karanjawala & Co, JKC said it incurred significant losses, exceeding ₹600 crore, due …

Jet Airways liquidation: A wake-up call for India’s insolvency code
2 months ago

Jet Airways liquidation: A wake-up call for India’s insolvency code

Live Mint  

New Delhi: The Supreme Court’s decision ordering the liquidation of Jet Airways, once India’s leading airline, has provided sufficient fodder for bankruptcy experts urging for an overhaul of India’s insolvency framework. JKC’s repeated non-compliance with the terms of the resolution plan caused the value of the plan to diminish significantly," said Devesh Dubey, senior associate at Sanjay RPK Law, a …

Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling; rejects JKC transfer – 10 things to know
2 months ago

Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling; rejects JKC transfer – 10 things to know

Live Mint  

The Supreme Court ordered the liquidation of Jet Airways on Thursday, November 7, after it found that the successful bidder for the airline, Jalan-Kalrock Consortium, failed to comply with the revival plan. Top 10 things to know from the verdict Supreme Court Orders Jet Airways’ Liquidation The Supreme Court court found that the Jalan-Kalrock Consortium failed to meet key obligations …

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan
2 months ago

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan

Live Law  

The Supreme Court invoked its extraordinary powers under Article 142 of the Constitution to order the liquidation of Jet Airways in view of the "peculiar and alarming" circumstance that the resolution plan has not been implemented for five years.The Court set aside the NCLAT Order which allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant. The Court …

Jet Airways grounded for good as Supreme Court orders liquidation
2 months ago

Jet Airways grounded for good as Supreme Court orders liquidation

India Today  

The Supreme Court's ruling on November 7 to liquidate Jet Airways effectively closed the chapter on attempts to revive the once-prominent Indian airline. With Jet Airways grounded since 2019 due to financial distress, the court's decision highlights the challenges surrounding corporate recoveries within India’s aviation sector. The court also set aside the National Company Law Appellate Tribunal order, which allowed …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
5 months, 1 week ago

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024

Live Law  

Supreme Court IBC | CIRP Of Holding Company Cannot Include Subsidiary's Assets: Supreme Court Case no. Insolvency Resolution Of Corporate Guarantor Won't Bar Creditor From Filing CIRP Against Corporate Debtor For Balance Debt : Supreme Court Case Title: BRS Ventures Investments Ltd. 313 of 2024 The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
5 months, 1 week ago

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings

Live Law  

The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal order, which admitted his parent company Think and Learn Private Limited, into the insolvency resolution process. A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench …

Supreme Court Weekly Round-Up (15 July-20 July, 2024)
5 months, 2 weeks ago

Supreme Court Weekly Round-Up (15 July-20 July, 2024)

Live Law  

With another week gone at the Supreme Court of India, Live Law is back with its Supreme Court Weekly Digest, dedicated to keeping our readers abreast of the most recent legal developments in the country's apex court. Supreme Court Orders Interim Release Of YouTuber Savukku Shankar Till High Court Decides Plea Against Preventive Detention Case Title – A. Kamala v. …

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024
6 months, 4 weeks ago

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024

Live Law  

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No. 105, 106, 990 of 2024 The National Company Law Appellate Tribunal Delhi, comprising Mr. Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey held that …

Once Resolution Plan Is Approved By NCLT, Corporate Entity Starts With Clean Slate : Calcutta High Court
7 months ago

Once Resolution Plan Is Approved By NCLT, Corporate Entity Starts With Clean Slate : Calcutta High Court

Live Law  

The Calcutta High Court bench of Justice Sugato Majumdar held that after the insolvency proceeding is over and the resolution plan is duly approved by the National Company Law Tribunal, the corporate entity starts with a clean slate on rejuvenation. This led to the initiation of the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, by the …

Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer
8 months ago

Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer

The Hindu  

The Supreme Court on Wednesday partly heard a State Bank of India-led consortium’s challenge to a decision of the National Company Law Appellate Tribunal to approve a resolution plan proposed by Jalan-Kalrock consortium for Jet Airways. Chandrachud, senior advocate Harish Salve, for the SBI consortium, said the situation has become a “nightmare” for the lenders. The lenders described the NCLAT …

IBC Cases Quarterly Digest : January To March 2024
9 months ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code
11 months ago

Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code

Live Law  

A company could not avail benefit of the Sabka Vishwas scheme as it was under moratorium under IBC - The Courts are meant to do justice and cannot compel a person to do something which was impossible for him to do - Directed that the payment of amount already deposited by the company be appropriated towards settlement dues under “Sabka …

Yearly Digest Of IBC Cases: 2023
1 year ago

Yearly Digest Of IBC Cases: 2023

Live Law  

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1125 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has directed the liquidation of the Corporate Debtor, M/s Ajanta …

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023
1 year ago

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

Live Law  

Sabka Vishwas Scheme: Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC Moratorium The Supreme Court Bench comprising of Justices M R Shah and Justice B V Nagarathna has remarked that “No one can be expected to do the impossible” while granting relief to a company which could not avail the benefit of settlement of tax dues …

Supreme Court upholds Modi govt's Insolvency and Bankruptcy Code
1 year, 1 month ago

Supreme Court upholds Modi govt's Insolvency and Bankruptcy Code

Op India  

On Thursday, 9th November, the Supreme Court upheld the constitutional validity of the provisions of the Insolvency and Bankruptcy Code, 2016, relating to Personal Guarantors’s Insolvency Resolution. The Supreme Court bench ruled that it could not read an adjudicatory role into these rules and that changing the adjudicatory role would render the entire chronological procedure null and void. Back in …

Regulator must clarify due clearance order in insolvencies
1 year, 2 months ago

Regulator must clarify due clearance order in insolvencies

New Indian Express  

The Supreme Court’s judgement in the Rainbow Papers case upsets the insolvency applecart in India. The court has rejected requests for a review of its earlier order passed in September 2022, where it said that government dues must get higher priority when distributing the proceeds of an insolvent and liquidated company. The order goes against the grain of insolvency law …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 3 months ago

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

Live Law  

Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016, once the Resolution Plan stands approved by the National Company Law Tribunal, the Electricity Department cannot demand payment of arrears, which were payable by the Corporate …

Supreme Court Dismisses Axis Bank's Appeal, Upholds Condonation of Delay In CIRP By SBI Against Corporate Debtor
1 year, 3 months ago

Supreme Court Dismisses Axis Bank's Appeal, Upholds Condonation of Delay In CIRP By SBI Against Corporate Debtor

Live Law  

The Supreme Court today dismissed an appeal by Axis Bank Limited, thereby affirming the condonation of delay in initiating the Corporate Insolvency Resolution Process by the State Bank of India against a corporate debtor under Section 7 of Insolvency and Bankruptcy Code, 2016. Notably, Axis Bank Limited, though not party to the original Section 7 application, filed an appeal challenging …

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals
2 years ago

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals

Live Law  

SUPREME COURT Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

Supreme Court Annual Digest 2022 - Insolvency and Bankruptcy Code (IBC) With Parallel Citations
2 years ago

Supreme Court Annual Digest 2022 - Insolvency and Bankruptcy Code (IBC) With Parallel Citations

Live Law  

Insolvency andBankruptcy Code, 2016 - Appealchallenging NCLAT order which reversed the order of the NCLT wherein it hadheld that the application under Section 9 of the Insolvency and BankruptcyCode, 2016 was not time-barred - Allowed - The failure of the NCLAT as thefirst appellate authority to look into a very vital aspect such as this,vitiates its order, especially when NCLT …

Indian Insolvency Yearly Review 2022
2 years ago

Indian Insolvency Yearly Review 2022

Live Law  

In recent years, several noteworthy judgments have been rendered by the Indian Courts in matters pertaining to the law of insolvency in India and in particular the Insolvency and Bankruptcy Code, 2016. The Supreme Court observed that the adjudicating authority is vested with discretionary power under Section 7 of the IBC to accept or reject the financial creditor's application. On …

Judicial Service Examination- Questions Based On Latest Supreme Court Judgements
2 years ago

Judicial Service Examination- Questions Based On Latest Supreme Court Judgements

Live Law  

In Sukhal Singh Khaira v. State of Punjab, the Supreme Court made some important observations with respect to Section 319, CrPC. In case of conflict between RERA and SARFAESI, the former would prevail c. Real Estate Regulatory Authority can entertain complaints by home buyers against the bank which took possession of a real estate project as a secured creditor d. …

NCLT to hear Jet Airways matter on 6 December
2 years, 1 month ago

NCLT to hear Jet Airways matter on 6 December

Live Mint  

The Mumbai bench of the National Company Law Tribunal on Tuesday adjourned the Jet Airways insolvency matter to 6 December. An interim application was filed by the successful resolution applicant Jalan-Kalrock consortium before the NCLT seeking implementation of the resolution plan submitted by them in an attempt to transfer ownership of the airline. Currently, some lenders from the committee of …

Supreme Court Quarterly Digest on IBC [July - September, 2022]
2 years, 2 months ago

Supreme Court Quarterly Digest on IBC [July - September, 2022]

Live Law  

Insolvency and Bankruptcy Code 2016 - There can be no dispute with the proposition that the period of limitation for making an application under Section 7 or 9 of the IBC is three years from the date of accrual of the right to sue, that is, the date of default. State Tax Officer v. Rainbow Papers Ltd., 2022 LiveLaw 743 …

Supreme Court Half Yearly Digest 2022 (Jan - Jun) Insolvency and Bankruptcy Code, 2016
2 years, 4 months ago

Supreme Court Half Yearly Digest 2022 (Jan - Jun) Insolvency and Bankruptcy Code, 2016

Live Law  

Companies Act, 1956 - Insolvency and Bankruptcy Code, 2016 - Appeal against NCLAT order which dismissed appeals against NCLT order denying relief to appellant workmen/employees with regard to their claim relating to salary, which they claimed for the period involving CIRP- Partly allowed - That the wages/salaries of the workmen/employees of the Corporate Debtor for the period during CIRP can …

Reverse Corporate Insolvency Resolution Process In Case Of Real Estate Companies
2 years, 5 months ago

Reverse Corporate Insolvency Resolution Process In Case Of Real Estate Companies

Live Law  

Taking a cue from the Supreme Court in the matter of Swiss Ribbons Private Limited and Anr. However, through the reverse corporate insolvency resolution process, the promoters can overcome the bar given in Section 29A of the Code and give a proposal for completing and delivering the projects of the corporate debtor. The reason given by the NCLAT for propounding …

Supreme Court Adjourns To Tomorrow NCLT Bar Association's Plea Challenging 3 Year Tenure Of NCLT Members
2 years, 6 months ago

Supreme Court Adjourns To Tomorrow NCLT Bar Association's Plea Challenging 3 Year Tenure Of NCLT Members

Live Law  

Supreme Court on Wednesday adjourned to tomorrow a petition filed by the NCLT Bar Association challenging the notification of the Ministry of Corporate Affairs fixing the tenure of the members of National Company Law Tribunal as 3 years. A vacation bench comprising Justice JK Maheshwari and Justice Hima Kohli granted one day time to the Solicitor General to place on …

Supreme Court Weekly Round Up : May 30 - June 3,2022
2 years, 7 months ago

Supreme Court Weekly Round Up : May 30 - June 3,2022

Live Law  

Supreme Court Judgements Case Title: Levaku Pedda Reddamma vs Gottumukkala Venkata Subbamma | CA 4096 OF 2022 Citation: 2022 LiveLaw 533 The Supreme Court observed that refusing permission to a party in a civil suit to produce additional documents even if there is some delay will lead to denial of justice. As such, the holder of such certificate would be …

NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022
2 years, 7 months ago

NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while hearing a batch of appeals filed against the resolution plan of Jet Airways Ltd. by aggrieved employees and workmen of Jet Airways; Punjab National Bank; TLD MEAI FZE; Jet Aircraft Maintenance Engineers Welfare Association; Bhartiya Kamgar Sena; and Concor Air, has fixed …

Supreme Court Quarterly Digest 2022- IBC (January - March)
2 years, 7 months ago

Supreme Court Quarterly Digest 2022- IBC (January - March)

Live Law  

Insolvency and Bankruptcy Code, 2016 - Appeal challenging NCLAT order which reversed the order of the NCLT wherein it had held that the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was not time-barred - Allowed - The failure of the NCLAT as the first appellate authority to look into a very vital aspect such as this, …

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay
2 years, 7 months ago

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay

Live Law  

Supreme Court bench comprising of Justice S Abdul Nazeer and Justice Vikram Nath vide its order dated 06.05.2021 in the case of Mahendra Kumar Jajodia versus State Bank of India, Civil Appeal No. NCLAT held that even in the absence of any pending Corporate Insolvency Resolution Process or Liquidation proceedings, the application under Section 95 of the Insolvency Bankruptcy Code, …

Weekly Digest Of IBC Cases: 25th April To 1st May, 2022
2 years, 8 months ago

Weekly Digest Of IBC Cases: 25th April To 1st May, 2022

Live Law  

Insolvency and Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates Case Title: Invest Asset Securitisation and Reconstruction Pvt. 583/2021 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 …

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata
2 years, 8 months ago

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising of Mr. V K Rajasekhar and Balraj Joshi held that an application for preferential transactions cannot be pursued either by the erstwhile Resolution Professional or the new Management of the Corporate Debtor after the approval of the Resolution Plan by NCLT. Resolution Professional received the transaction audit report on 26.06.2020 wherein certain …

Insolvency Law In Review – January 2022
2 years, 9 months ago

Insolvency Law In Review – January 2022

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In State Bank of India v. Mahendra Kumar Jajodia, the NCLAT, New Delhi held that the National Company Law Tribunal, Kolkata erred in holding that since no corporate insolvency resolution process or liquidation proceeding of the corporate debtor were pending, the application …

IBC- Every Attempt Has To Be First Made To Revive The Concern And Make It A Going Concern, Liquidation Being The Last Resort: Supreme Court
3 years, 3 months ago

IBC- Every Attempt Has To Be First Made To Revive The Concern And Make It A Going Concern, Liquidation Being The Last Resort: Supreme Court

Live Law  

Every attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort, the Supreme Court observed while upholding NCLT order permitting withdrawal of Corporate Insolvency Resolution Process.The bench of Justices L Nageswara Rao, BR Gavai and BV Nagarathna observed that an adjudicating authority under Insolvency and Bankruptcy Code can. Every …

Supreme Court Closes Doors For Withdrawal Or Modification Of Resolution Plans After Acceptance By Committee Of Creditors
3 years, 3 months ago

Supreme Court Closes Doors For Withdrawal Or Modification Of Resolution Plans After Acceptance By Committee Of Creditors

Live Law  

The Supreme Court of India, on 13.09.2021, delivered a landmark judgment which has settled the issue of whether withdrawal or modification of the Resolution Plan by the Resolution Applicant, after acceptance by the Committee of Creditors but before approval of the Adjudicating Authority/NCLT, is permissible or not. Shah while deciding three Appeals filed by Ebix Singapore PTE Limited, Kundan Care …

Supreme Court Monthly Digest: May 2021 [Citation LL 2021 SC 240 To LL 2021 SC 262]
3 years, 6 months ago

Supreme Court Monthly Digest: May 2021 [Citation LL 2021 SC 240 To LL 2021 SC 262]

Live Law  

Supreme Court Upholds Constitutional Validity of the Rajasthan Schools Act; Reads Down Sections 4, 7 and 10 A bench comprising Justices AM Khanwilkar and Dinesh Maheshwari upheld the constitutional validity of the Rajasthan Schools Act, 2016. Orders Framing Charges Or Refusing Discharge Neither Interlocutory Nor Final; Not Affected By Bar U/Sec 397 CrPC: Supreme Court A bench comprising of CJI …

Insolvency Law In Review – April 2021
3 years, 7 months ago

Insolvency Law In Review – April 2021

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. High Courts In Ruchi Soya Industries Limited v. Union of India and Another, the Madras High Court, inter alia, held that though the definition of 'operational debt' in S. 5 of the Code is not intended to include 'crown debt' such as …

Residuary Jurisdiction Of The National Company Law Tribunal Under Section 60(5) Of The Insolvency And Bankruptcy Code, 2016: A Brief Analysis
3 years, 7 months ago

Residuary Jurisdiction Of The National Company Law Tribunal Under Section 60(5) Of The Insolvency And Bankruptcy Code, 2016: A Brief Analysis

Live Law  

Pursuant to Section 60 of the Insolvency and Bankruptcy Code, 2016 the National Company Law Tribunal is bestowed with the jurisdiction to decide: 'any' application or proceeding against a corporate debtor; 'any' claim made by or against a corporate debtor including claims by or against its subsidiaries; and 'any' questions of priority or 'any' question of law or facts, arising …

NCLT Has Jurisdiction To Adjudicate Contractual Disputes Which Arise Solely From Or Which Relate To Corporate Debtor's Insolvency: Supreme Court
3 years, 10 months ago

NCLT Has Jurisdiction To Adjudicate Contractual Disputes Which Arise Solely From Or Which Relate To Corporate Debtor's Insolvency: Supreme Court

Live Law  

The Supreme Court observed that the National Company Law Tribunal has jurisdiction to adjudicate contractual disputes, which arise solely from or which relate to the insolvency of the Corporate Debtor.However, for adjudication of disputes that arise dehors the insolvency of the Corporate Debtor, the RP must approach the relevant competent authority, the bench comprising Justices DY. The Supreme Court observed …

Insolvency Law In Review – November 2020
4 years ago

Insolvency Law In Review – November 2020

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In Sanjeev Kumar v. Aithent Technologies Private Limited, the NCLAT by a majority judgment held that the NCLT, Kolkata had rightly admitted the application filed u/s 9 of the Code by the lessor, as even though the dues arising from the lease …

[IBC] Is Moratorium Applicable to Suits Filed By Corporate Debtor?: SC Issues Notice [Read Order]
4 years, 2 months ago

[IBC] Is Moratorium Applicable to Suits Filed By Corporate Debtor?: SC Issues Notice [Read Order]

Live Law  

Is the provision of moratorium in Section 14A of Insolvency and Bankruptcy Code, 2016 only applicable to civil suits filed against the corporate debtor?, the Supreme Court has issued a notice in an SLP which raises this issue.The Special Leave Petition is filed against a Bombay High Court order contending that the High Court erred in its interpretation of Section …

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