Delhi HC Issues Notice In Plea Challenging The IBC Ordinance Whereby The Operation of Section 10 Has Been Suspended
4 years, 4 months ago

Delhi HC Issues Notice In Plea Challenging The IBC Ordinance Whereby The Operation of Section 10 Has Been Suspended

Live Law  

Delhi High Court has issued notice in a plea challenging the validity of Insolvency and Bankruptcy Code Ordinance, 2020 whereby the operation of sections 7,9 and 10 of the IBC has been suspended. Filed by Mr Rajiv Suri, the petition claims that the impugned Ordinance suspends the operation of sections 7, 9 and 10 of the IBC, depriving the corporate applicant of the ability to initiate corporate insolvency resolution process and take the benefit of the Code for resolution of its debts. While calling the said suspension a violation of Articles 14 and 19 of the Constitution, the petition states: 'the effect of the said Ordinance Suspending Section 10 would be to leave Corporate Applicants remediless who will be forced to defend various civil suits for recovery of its debts and defaults. It will further impinge upon the legal right of the corporate applicants to a timely resolution of its debt in a time bound manner through initiation of corporate insolvency resolution process by a corporate applicant as laid down under IBC and therefore the said Ordinance is manifestly arbitrary, unjust and unfair.'

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History of this topic

No Provision In IBC To Issue Multiple Demand Notices Before Filing Petition U/S 9 Of IBC: NCLT New Delhi
1 day, 17 hours ago

No Provision In IBC To Issue Multiple Demand Notices Before Filing Petition U/S 9 Of IBC: NCLT New Delhi

Live Law  

The NCLT New Delhi bench of Justice Shri Bachu Venkat Balaram Das and Shri Atul Chaturvedi has held that there is no such provision in the IBC, 2016 and in the Regulation made thereunder that allows the Operational Creditor to issue multiple demand notices to the Corporate Debtor. This fact is itself enough to draw an inference that the Corporate …

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
1 week ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

IBC Weekly Round Up [2nd December To 8th December, 2024]
2 weeks, 1 day ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

Live Law  

Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi
3 weeks, 5 days ago

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that application under section 7 of the IBC cannot be admitted in absence of any debt and consequent default on the part of the corporate debtor. Payments having already been received by Thakkars of the balance amount for payment to the Investors, there was no …

Insolvency board moves to limit liquidators’ discretion
1 month ago

Insolvency board moves to limit liquidators’ discretion

Live Mint  

The Insolvency and Bankruptcy Board of India has sought to limit the discretion of officials authorized to liquidate insolvent companies and has said they must consult creditors compulsorily when rejecting the highest bids. In a proposal released for public feedback on Tuesday, the IBBI also said liquidators must verify the highest bidder for the assets of the company getting dissolved …

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai
1 month, 1 week ago

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai

Live Law  

The NCLT Mumbai Bench of Justices Anil Raj Chellan and Kuldip Kumar Kareer affirmed that the clause in the resolution plan for extinguishing the personal guarantees of promoters furnished in favour of all financial creditors or the commercial decision of the CoC to approve such release of personal guarantees, including guarantees executed in favour of dissenting financial creditors, will not …

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings
1 month, 2 weeks ago

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings

Live Law  

On 7th November, 2024, the Insolvency and Bankruptcy Board of India has released a discussion paper on the issues related with the Real Estate with seven proposals. Proposed Inclusion of Land Authorities in Committee of Creditors Meetings In corporate insolvency resolution processes involving real estate companies land authorities are crucial but currently they not represented in the Committee of Creditors. …

The Insolvency Code’s progress: From deep haircuts to fuller recoveries
1 month, 2 weeks ago

The Insolvency Code’s progress: From deep haircuts to fuller recoveries

Live Mint  

The Insolvency and Bankruptcy Code has long been associated with delays and financial creditors taking significant losses in high-profile corporate insolvencies. The National Company Law Appellate Tribunal dismissed challenges from competing bidders and upheld the resolution plan of Sarda Energy, ensuring full recovery for financial creditors. Similarly, in the more recent case of Sripriya Kumar, financial creditors received more than …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
1 month, 3 weeks ago

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that the eligibility/ineligibility of Successful Resolution Applicant under section 29A of the Insolvency and Bankruptcy Code (IBC) has to be seen on the date of submission of Resolution Plan. The tribunal found that when the Corporate Debtor was registered as MSME on 22.05.2022, the benefit of Section …

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi
2 months ago

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that a written financial contract is not a pre-condition or an exclusive requirement for proving existence of debt. It has been further amplified that the Application to Adjudicating Authority Rules, 2016 and CIRP Regulations makes it clear that financial debt can be proven from other relevant documents …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
4 months, 3 weeks 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 …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
4 months, 3 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week ago

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. 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 …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
5 months, 4 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

IBBI proposes amendments to insolvency rules; seeks public comments
6 months ago

IBBI proposes amendments to insolvency rules; seeks public comments

The Hindu  

The Insolvency and Bankruptcy Board of India has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10. These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process, and benefiting creditors and other stakeholders involved in the CIRP. Seeking comments …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

Live Law  

The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024
6 months, 2 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 …

Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court
6 months, 2 weeks ago

Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Subramonium Prasad held that official liquidators must adhere to ethical principles and demonstrate an unwavering commitment to fairness to discharge their duties under the Insolvency and Bankruptcy Code. They must adhere to the highest standards of ethical conduct, diligence, and impartiality to uphold the integrity of the process…” Brief Facts: The Petitioner approached …

Clash Of Jurisdiction: Analysing The IBC-PMLA Conundrum
7 months ago

Clash Of Jurisdiction: Analysing The IBC-PMLA Conundrum

Live Law  

The Indian Bankruptcy Code 2016 and the Prevention of Money Laundering Act 2002 are two separate laws that operate in their own specific areas. In the case of Rajiv Chakraborty Resolution Professional of EEIL vs Directorate Of Enforcement, the main issue that arose was when the PMLA freeze 74 accounts of the corporate debtor when it was charged under the …

Weekly Digest Of IBC Cases: 13th To 19th May 2024
7 months ago

Weekly Digest Of IBC Cases: 13th To 19th May 2024

Live Law  

NCLAT NCLAT Delhi Evokes Doctrine Of 'Approbate & Reprobate', Imposes Rs. 124 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey evokes the Doctrine of 'Approbrate and Reprobrate' imposing a cost of Rs. 1589 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. …

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification
7 months, 2 weeks ago

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification

Live Law  

The Supreme Court issued notice to the Insolvency and Bankruptcy Board of India, inter-alia, on the requirement to obtain a certified copy of the order and attach the same with the appeal. The Bench of Justices Sanjiv Khanna and Dipankar Datta has issued notice considering that there is “considerable ambiguity” in certain issues concerning the service of the orders passed …

IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks 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 …

IBC Revolutionizes Corporate Insolvency
8 months, 3 weeks ago

IBC Revolutionizes Corporate Insolvency

Deccan Chronicle  

Exactly, 10 years ago, in the run-up to the 2014 Lok Sabha elections, Narendra Modi, who was the BJP’s prime ministerial candidate, had said that traders have more risk-taking capacity than soldiers. Several hundreds of companies and lakhs of employees have benefitted from a relatively easy resolution process devised by IBC.After seven years of IBC’s journey, corporate litigation and disputes …

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
8 months, 3 weeks ago

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that the Provisional Attachment Order under PMLA will not bar the admission of Corporate Insolvency Resolution Process proceedings against the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held that the Provisional Attachment Order …

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
9 months ago

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad

Live Law  

The National Company Law Tribunal Court-1, Hyderabad bench comprising Dr Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh held that a petition under Section 7 of the Insolvency and Bankruptcy Code cannot be filed by a 'power of attorney' holder unless duly authorized by a Board Resolution. Additionally, the Corporate Debtor referred to a notification issued by the Central Government …

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law
9 months, 2 weeks ago

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that non-grant of any reliefs and concessions by NCLT does not have any adverse effect on the validity of the Resolution Plan and is not a violation of the law. JAL and Manoj Gaur erstwhile Managing Director and personal guarantor of Corporate Debtor's loan …

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts
9 months, 2 weeks ago

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that Section 29A of Insolvency and Bankruptcy Code, 2016 disqualifies not only those in management and control of the Corporate Debtor when its account was declared Non-Performing Asset but also those in management and control of the Corporate Debtor in close proximity …

IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation
9 months, 3 weeks ago

IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation

Live Law  

The Insolvency and Bankruptcy Board of India has issued a circular dated 13.02.2024, intimating that when a Financial Service Provider undergoes voluntary liquidation under IBC, then the Liquidator shall declare that: the category of Financial Service Providers has been notified by the Central Government under Section 227 of IBC, and the corporate person has obtained prior permission from the appropriate …

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23
10 months ago

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23

New Indian Express  

NEW DELHI: The Insolvency and Bankruptcy Code has resolved 891 cases of defaults involving banks loans worth R10 lakh crore till December 2023. According to IBBI’s quarterly report, 27,500 applications for initiation of corporate insolvency resolution process against companies involving defaults of R9.74 lakh crore were withdrawn before admission. As many as 79 corporate insolvency cases were resolved in the …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 1 week ago

Weekly Digest Of IBC Cases: 5th To 11th February 2024

Live Law  

NCLAT NCLAT Delhi: Adjudicating Authority Should Grant Extension Of Time To Consider Resolution Plan Crucial To Fulfill Object Of IBC Case Title: Nimai Gautam Shah, Resolution Professional of Sintex Plastics Technology Ltd. vs. RBL Bank Ltd. Case No. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and …

IBBI Amends Regulations Regarding Insolvency Professionals w.e.f. 31st January 2024
10 months, 2 weeks ago

IBBI Amends Regulations Regarding Insolvency Professionals w.e.f. 31st January 2024

Live Law  

The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India Regulations, 2016, with effect from 31.01.2024. Explanation.- The insolvency professional shall continue to discharge his duties, functions and responsibilities till the approval of resignation by the Adjudicating Authority.” The Clause 23B of First Schedule of IP Regulations states that an Insolvency Professional shall not …

Monthly Digest Of IBC Cases: January 2024
10 months, 3 weeks ago

Monthly Digest Of IBC Cases: January 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 …

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor
10 months, 3 weeks ago

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that a simultaneous CIRP can be initiated against Principal Borrower and Corporate Guarantor under IBC. In cases where the corporate person had offered guarantee in respect of loan transaction, the right of the financial creditor to initiate action against such entity …

NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale
10 months, 3 weeks ago

NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale

Live Law  

The National Company Law Tribunal Kolkata, comprising Justice Rohit Kapoor and Mr. Balraj Joshi held that the primary goal of Resolution Plan as well as the sale of a Corporate Debtor as a going concern remains the same i.e revival of the Corporate Debtor's business. NCLT Verdict: The NCLT Kolkata allowed the application and held that the primary goal of …

IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court
11 months, 2 weeks ago

IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court

Live Law  

The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process proceedings under the Insolvency and Bankruptcy Code, 2016. “We would not extend it by implication, when the legislature has not accepted applicability of mutual set-off at the initial stage, that is, the Corporate Insolvency Resolution Process stage.” BACKGROUND FACTS In …

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
11 months, 3 weeks ago

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra held that decisions of the Committee of Creditors to liquidate under Section 33 of Insolvency and Bankruptcy Code, 2016 have to be with reasons and the liquidation cannot be decided arbitrarily. Background Facts: On 10.08.2023, the Adjudicating Authority admitted the application of …

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023
11 months, 3 weeks 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 …

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC
1 year ago

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Smt. Bidisha Banerjee and Shri Arvind Devanathan has held that no proceedings can be initiated against the Airport Authority of India as it is a statutory body created under the Airport Authority of India Act, 1944, does not fall under the definition of 'corporate person' under Section 3 of Insolvency and …

NCLT Delhi: Application U/s 7 IBC Cannot Be Initiated Against A Struck-off Company; NCLT cant Suo Motu Restore The Name
1 year ago

NCLT Delhi: Application U/s 7 IBC Cannot Be Initiated Against A Struck-off Company; NCLT cant Suo Motu Restore The Name

Live Law  

The National Company Law Tribunal, Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram and Dr Binod Kumar Sinha has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 cannot be initiated against a company struck off by Registrar of Company and the power to restore the name of such a company under section 252 of …

The SC’s ruling on personal debt guarantees will help unlock dead capital
1 year, 1 month ago

The SC’s ruling on personal debt guarantees will help unlock dead capital

Live Mint  

The adoption of the Insolvency and Bankruptcy Code in 2016 was one of the most important economic reforms of the past 10 years. Various earlier attempts, such as the very old Sick Industrial Companies Act, the SARFAESI law of 2003 and various debt recovery tribunals, had yielded unsatisfactory results. In the first five years of its operation, the value of …

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 …

SC Upholds Validity of Key Provisions of Insolvency and Bankruptcy Code
1 year, 1 month ago

SC Upholds Validity of Key Provisions of Insolvency and Bankruptcy Code

News 18  

The Supreme Court on Thursday upheld certain key provisions of the Insolvency and Bankruptcy Code amid the claim of several petitioners that that they are violative of fundamental rights like the right to equality of those against whom insolvency proceedings are initiated. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra decided as …

IBC | Tax & Customs Dues To Be Paid As Per Waterfall Mechanism Under Section 53 : Supreme Court
1 year, 1 month ago

IBC | Tax & Customs Dues To Be Paid As Per Waterfall Mechanism Under Section 53 : Supreme Court

Live Law  

The Supreme Court Bench comprising Justice Sanjiv Khanna and Justice S.V.N. The insolvency resolution process costs have to be paid first in priority, followed by dues of Secured Creditors and workmen dues upto 24 months preceding Liquidation Commencement Date. The Bench disposed of the appeal with the clarification that the dues of the Central Board of Indirect Taxes & Customs, …

Monthly Digest Of IBC Cases: October 2023
1 year, 1 month ago

Monthly Digest Of IBC Cases: October 2023

Live Law  

Supreme Court The Supreme Court bench comprising Justices S Ravindra Bhat and Aravind Kumar, has held that homebuyers cannot be treated differently from other "financial creditors" under the Insolvency and Bankruptcy Code 2016 just because they have secured orders from the authority under the Real Estate Act 2016. 799 of 2023 The National Company Law Appellate Tribunal, Principal Bench, New …

NCLT Kochi: Moratorium U/S 96 And 101 Of IBC Cannot Be Meant To Prohibit The Right To Action U/S 7, 9 Or 10 Of IBC
1 year, 1 month ago

NCLT Kochi: Moratorium U/S 96 And 101 Of IBC Cannot Be Meant To Prohibit The Right To Action U/S 7, 9 Or 10 Of IBC

Live Law  

The National Company Law Tribunal, Kochi Bench, comprising of Justice T Krishna Valli and Shri. Shyam Babu Gautam dismissed a stay application and has held that the moratorium under sections 96 and 101 of the Insolvency and Bankruptcy Code “ cannot be meant to prohibit the right to action under sections 7, 9 or 10 of IBC as it lies …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 2 months ago

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha, dismissed the appeal filed in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal Kolkata whereby an application by the IRP of McLeod Russel …

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC
1 year, 2 months ago

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice Rakesh Kumar Jain and Shreesha Merla, dismissed the appeal filed in State Bank of India vs. India Power Corporation Ltd. The Appellate Tribunal held that a Petitioner cannot set up a new case/additional factual altogether that has not been set up in the main application filed either u/s 7, …

NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC
1 year, 2 months ago

NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC

Live Law  

The National Company Law Tribunal, Mumbai Bench comprising of Ms. Lakshmi Gurung and Shri Charanjeet Singh Gulati, allowed the appeal filed in Securities Board of India vs. Mr. Vishal Ghisulal Jain, Liquidator of, Sterling International Enterprises Ltd. The Tribunal held that a penalty imposed by SEBI’s Adjudicating Officer during the liquidation can be claimed before the Liquidator and can be …

MCA Notification: Moratorium Under IBC Inapplicable To Agreements Under Convention & Protocol Relating To Aircraft, Aircraft Engines, Airframes And Helicopters
1 year, 2 months ago

MCA Notification: Moratorium Under IBC Inapplicable To Agreements Under Convention & Protocol Relating To Aircraft, Aircraft Engines, Airframes And Helicopters

Live Law  

The Ministry of Corporate Affairs, Government of India, has issued a notification dated 03.10.2023 published in the Gazette of India, intimating that Section 14 of the Insolvency and Bankruptcy Code, 2016 would be inapplicable to transactions, arrangements or agreements, under the Convention and the Protocol relating to aircraft, aircraft engines, airframes and helicopters. Brief Background On 16.11.2001, the Convention on …

IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023
1 year, 2 months ago

IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023

Live Law  

The Insolvency and Bankruptcy Board of India vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India Regulations, 2016. The amended provisions are: “6 An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board through the insolvency professional agency of which he is a member, …

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