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 the claims of Tax Assessment Orders passed during the moratorium under Sections 14 & 33 of Insolvency and Bankruptcy Code, 2016 can be considered as Unsecured Operational Debt. 137 of 2021 The National Company Law Appellate Tribunal Delhi comprising Justice Rakesh Kumar Jain and Mr. Ajai Das Mehrotra held that proceedings under Section 66 of Insolvency and Bankruptcy Code, 2016 for fraudulent or wrongful trading can be initiated against third parties. 769 of 2024 The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising Shri Justice Ashok Bhushan and Shri Barun Mitra and Shri Arun Baroka held that Refundable Security Deposit carrying interest in development agreement constitutes under Section 5 of IBC since the development agreement has the effect of a commercial transaction. 1272 of 2019 The National Company Law Appellate Tribunal, Principal Bench, New Delhi, comprising Justice Rakesh Kumar Jain, Shri Naresh Salecha and Shri Indevar Pandey, held that there is no provision of IBC, which mandates that the related party should be paid in parity with unrelated party.

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History of this topic

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
1 week, 2 days ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu  

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

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

NCLT member crunch slows down bankruptcy resolution
2 weeks, 3 days 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 …

IBC Monthly Digest: November 2024
2 weeks, 5 days ago

IBC Monthly Digest: November 2024

Live Law  

NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. Case Reference: Company Appeal No.355 of 2024 The NCLAT New Delhi Bench of Justices Ashok Bhushan, Barun Mitra and Arun Baroka held that the IBC being a special statute and having a non-obstante clause under section 238 of the IBC shall prevail over the TRAI …

Supreme Court Weekly Round-up: November 25, 2024 To December 01, 2024
Trending News
3 weeks ago

Supreme Court Weekly Round-up: November 25, 2024 To December 01, 2024

Live Law  

Index Citations M/S Ajay Protech Pvt. Case Details: State of Karnataka v. Chandrasha Criminal Appeal No.2646 Of 2024 Citation: 2024 LiveLaw 926 While convicting a government servant for taking a bribe of Rs.2000, the Supreme Court observed that it was not necessary for the amount involved to be substantial to draw the presumption under Section 20 of the Prevention of …

IBC Weekly Round-Up [25th November To 1st December, 2024]
3 weeks ago

IBC Weekly Round-Up [25th November To 1st December, 2024]

Live Law  

Nominal Index: Mr. Bhagawant Narayan Naik, Versus Ritesh R. Mahajan and Ors., Company Appeal No. Case Title: Mapletree Leather Goods Private Limited v. Savan Godiawala, C/o Deloitte Touche Tohmatsu India LLP Case Number: Company Appeal No.314/2020 The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma, and Jatindranath Swain dismissed two appeals filed by the Corporate Debtor seeking …

Arbitration Weekly Round-Up [25th November To 1st December, 2024]
3 weeks ago

Arbitration Weekly Round-Up [25th November To 1st December, 2024]

Live Law  

Supreme Court S.29A Arbitration | 'Sufficient Cause' To Extend Time For Award Should Be Interpreted To Facilitate Effective Dispute Resolution : Supreme Court Case Title: M/S AJAY PROTECH PVT. 34078 of 2023 The Bombay High Court bench of Justice Arif S. Doctor has held that Section 9 of the A&C Act is not the correct mechanism to obtain relief against …

Bombay High Court Weekly Round-Up: November 25 - December 01, 2024
3 weeks ago

Bombay High Court Weekly Round-Up: November 25 - December 01, 2024

Live Law  

Citations: 2024 LiveLaw 611 to 2024 LiveLaw 617 Nominal Index: Mihir Shah vs. State, 2024 LiveLaw 611 High Court of Judicature at Bombay on its Own Motion vs. Mayur Gulabrao Patil & anr., 2024 LiveLaw 612 Mahindra and Mahindra Ltd. vs. Union of India & ors., 2024 LiveLaw 613 Neilan International Co Ltd vs Powerica Ltd, 2024 LiveLaw 614 SS …

IBC Weekly Round-Up [18th November To 24th November 2024]
3 weeks, 6 days ago

IBC Weekly Round-Up [18th November To 24th November 2024]

Live Law  

Nominal Index Siti Networks Ltd. vs. Rajiv Suri NO. Versus Shri Sutanu Sinha Case Reference: Company Appeal No.1927 of 2024 The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that no interest on principal amount can be claimed if there is no clause to this effect in the agreement executed between the parties. The Tribunal further …

Supreme Court Weekly Round-up: November 11, 2024 To November 17, 2024
1 month ago

Supreme Court Weekly Round-up: November 11, 2024 To November 17, 2024

Live Law  

Nominal Index Citations M/S Crystal Transport Private Limited & Anr. Case Details: XYZ v. State of Gujarat Citation: 2024 LiveLaw 887 The Supreme Court advised High Courts to exercise caution before quashing non-compoundable cases based on settlement between the victim and the accused. Case Details: Som Nath Bharti v. State of Uttar Pradesh The Supreme Court dismissed a petition filed …

IBC Weekly Digest: 4th November To 10th November 2024
1 month, 1 week ago

IBC Weekly Digest: 4th November To 10th November 2024

Live Law  

NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. NCLAT Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT Case Title: Pratham Expofab Private Limited v. Mr. Anil Matta, Resolution Professional and Ors. Case Reference: Company Appeal No.355 of 2024 The NCLAT New Delhi Bench of …

Jet Airways liquidation: A wake-up call for India’s insolvency code
1 month, 2 weeks 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 …

Delhi High Court Weekly Round-Up: October 28 To November 03, 2024
1 month, 2 weeks ago

Delhi High Court Weekly Round-Up: October 28 To November 03, 2024

Live Law  

Citations 2024 LiveLaw 1181 to 2024 LiveLaw 1195 NOMINAL INDEX HARI OM SHARMA v. SAUMAN KUMAR CHATTERJEE & ANR 2024 LiveLaw 1193 Jeewraj Singh Shekhawat vs. UOI & Ors 2024 LiveLaw 1194 MATTHEW JOHNSON DARA v. HINDUSTAN URVARAK AND RASAYAN LTD 2024 LiveLaw 1195 Impermissible To Use Section 45 Of PMLA As Tool For Incarceration When Delay In Trial Not …

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 …

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, …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
4 months, 3 weeks 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 …

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest
4 months, 3 weeks ago

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest

Live Law  

Justice Sharad Kumar Sharma, a Judicial Member of the National Company Law Appellate Tribunal Chennai, has recused himself from hearing Byju Raveendran's appeal against the insolvency proceedings initiated against Think & Learn Private Limited, which operates Byju's. The insolvency proceedings were initiated against Think & Learn Private Limited by the National Company Law Tribunal in Bengaluru. Justice Sharma stated that …

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs
5 months ago

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs

The Hindu  

Finance Minister Nirmala Sitharaman has proposed to set up an integrated technology platform to improve the outcomes under the Insolvency & Bankruptcy Code for achieving transparency, consistency, timely settlement and better oversight of all resolution cases. She also said that the government would set up additional National Company Law Tribunals to expedite resolution of cases under the IBC. Commenting on …

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 …

Number of resolutions under IBC to go up every year: IBBI chairman
5 months, 1 week ago

Number of resolutions under IBC to go up every year: IBBI chairman

New Indian Express  

NEW DELHI: Amid criticism over delayed resolution of cases under the Insolvency and Bankruptcy Code, the chairman of insolvency regulator pointed out on Friday that 270 cases defaults were resolved in 2023-24 against the average 125 in the previous years. Ravi Mital, the chairman of Insolvency and Bankruptcy Board of India, said that the number of resolution per year would …

Calcutta High Court Weekly Round-Up: 1st July To 7th July, 2024
5 months, 1 week ago

Calcutta High Court Weekly Round-Up: 1st July To 7th July, 2024

Live Law  

NOMINAL INDEXGOPA DAS VS STATE OF WEST BENGAL AND ORS 2024 LiveLaw 153Arabul Islam vs The State of West Bengal 2024 LiveLaw 154M/s. Araha Hospitality Private Limited vs. Indian Railway Catering and Tourism Corporation Limited and others 2024 LiveLaw 157 Peng Yongxin@ Umesh Yonjan Vs. State of West Bengal 2024 LiveLaw 158 Calcutta High Court Imposes 10K Cost On Litigants …

CJI Chandrachud bats for additional Securities Appellate Tribunal benches: All you need to know about it
5 months, 2 weeks ago

CJI Chandrachud bats for additional Securities Appellate Tribunal benches: All you need to know about it

India TV News  

Chief Justice of India DY Chandrachud has emphasised the need for additional Securities Appellate Tribunals to accommodate the rapid growth in the market and the increased volume of financial transactions. SAT's presiding officer Justice PS Dinesh Kumar said there are 1,028 pending appeals in the SAT and it has disposed of over 6,700 appeals since its inception in 1997. Securities …

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 …

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 …

Labour & Service Weekly Roundup: 03rd June 2024 To 09th June 2024
6 months, 1 week ago

Labour & Service Weekly Roundup: 03rd June 2024 To 09th June 2024

Live Law  

Delhi High Court Not Allowing Representation By A Defence Assistant Is Violative Of Principles Of Natural Justice: Delhi High Court Case Name- Delhi Transport Corporation Vs Ram Avatar Sharma A single judge bench of the Delhi High Court comprising of Justice Chandra Dhari Singh in the case of Delhi Transport Corporation Vs Ram Avatar Sharma has held that a person …

Once Resolution Plan Is Approved By NCLT, Corporate Entity Starts With Clean Slate : Calcutta High Court
6 months, 2 weeks 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 …

Monthly Digest Of IBC Cases: May 2024
6 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

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 …

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea
6 months, 2 weeks ago

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea

Hindustan Times  

New Delhi, June 3 The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank Jaiprakash Associates …

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. …

Gujarat High Court Weekly Roundup: May 6 - May 12, 2024
7 months, 1 week ago

Gujarat High Court Weekly Roundup: May 6 - May 12, 2024

Live Law  

Nominal Index Executive Engineer - Uttar Gujarat Vij Company Ltd Versus Patel Rasikbhai Rangabhai & Anr. 2024 LiveLaw 63 Kamlesh Jivanlal Dave and Others v. State of Gujarat and Others 2024 LiveLaw 64 Rajkot Municipal Corporation Versus Rajeshbhai Ramjibhai Purabiya 2024 LiveLaw 65 Judgments/Orders ID Act When Charges Of Serious Nature Are Not Proved And Punishment Is Disproportionate, Labour Court …

NCLT orders insolvency proceedings against Zee’s Subhash Chandra
8 months ago

NCLT orders insolvency proceedings against Zee’s Subhash Chandra

Hindustan Times  

The National Company Law Tribunal on Monday initiated insolvency proceedings against Subhash Chandra, founder and chairman emeritus of Zee Entertainment Enterprises Ltd., following a plea by Indiabulls Housing Finance Ltd. Chandra acted as a personal guarantor for a loan to Essel Group's Vivek Infracon Pvt, PTI Subhash Chandra launched Zee Entertainment, considered to be the pioneer of television entertainment industry …

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea
8 months ago

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea

Live Mint  

The National Company Law Tribunal on Monday has admitted Zee Entertainment Enterprises Ltd. chairman emeritus Subhash Chandra into personal insolvency on the plea filed by Indiabulls Housing Finance over guarantees given to a company called Vivek Infracon. Indiabulls Housing Finance had filed a plea in 2022 to commence personal insolvency proceedings against Subhash Chandra after a loan of ₹170 crore …

Bombay High Court Monthly Digest: March 2024
8 months, 1 week ago

Bombay High Court Monthly Digest: March 2024

Live Law  

Nominal Index Maharashtra State Electricity Distribution Company Ltd. v. Ramchandra s/o. “It would be necessary to video record any proceeding relating to the Scheduled Castes and Scheduled Tribes Act 1989 even though the proceedings are held in open court.Hearing of a bail application under section 14-A of the Scheduled Castes and Scheduled Tribes Act 1989 is a 'judicial proceeding' as …

Bombay High Court Weekly Round-Up: April 1 To April 7, 2024
8 months, 1 week ago

Bombay High Court Weekly Round-Up: April 1 To April 7, 2024

Live Law  

Nominal Index Suhas Manohar Wankhede v. Election Commission of India & Others 2024 LiveLaw 176 Kirloskar Pneumatic Company v. Kataria Sales Corporation 2024 LiveLaw 177 Riak Insurance and Financial Services & Ors. 2024 LiveLaw 186 Cardinal Energy and Infra Structure Private Ltd. v. Subramanya Construction and Development Co. Ltd. 2024 LiveLaw 187 Reports/Judgments ECI Has Already Taken Steps: Bombay High …

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, 2 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: IBC Prevails Over State Financial Corporation Act, 1951
9 months, 1 week ago

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951

Live Law  

The National Company Law Tribunal Kolkata, comprising Justice Ms. Bidisha Banerjee and Shri Arvind Devanathan held that the Insolvency and Bankruptcy Code, 2016 prevails over State Financial Corporation Act, 1951. Mr. Rajesh Lahila was appointed as the Resolution Professional on 17.02.2022 to manage the CIRP of the Corporate Debtor and to take custody of all the assets of the Corporate …

Punjab & Haryana HC Dismisses Criminal Case Over 22 Yrs Old Land Dispute, Says Prosecution Can't Abuse Legal Remedies To Further Malicious Agenda
9 months, 1 week ago

Punjab & Haryana HC Dismisses Criminal Case Over 22 Yrs Old Land Dispute, Says Prosecution Can't Abuse Legal Remedies To Further Malicious Agenda

Live Law  

The Punjab and Haryana High Court has set aside the summoning order in a cheating case which was lodged 22 years after the alleged incident, observing that prosecution cannot be allowed to take undue benefit of the available legal remedies merely to further its own malicious agenda.A complaint was filed by a son in 2012 against a manager of his …

Bombay High Court Weekly Roundup: February 26 To March 3, 2024
9 months, 2 weeks ago

Bombay High Court Weekly Roundup: February 26 To March 3, 2024

Live Law  

Nominal Index Grand Paradi Co-operative Housing Society Ltd. & Ors. 2024 LiveLaw 119 Reports/Judgments Bombay High Court Declines Application For Increasing Valuation Of Suit, Says Pecuniary Jurisdiction Lies With City Civil Court Case Title: Grand Paradi Co-operative Housing Society Ltd. & Ors. Person Seeking Letters Of Administration Must Personally Serve Notice At Last Known Address Of Legal Heir With Unknown …

Monthly Digest Of IBC Cases: February 2024
9 months, 3 weeks ago

Monthly Digest Of IBC Cases: February 2024

Live Law  

Supreme Court Case Title: Greater Noida Industrial Development Authority Versus Prabhjit Singh Soni & Anr. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Adjudicating Authority ought to have granted an exclusion/extension of time when the Resolution Plan received in the …

Bombay High Court cancels CBI's look out circulars against Rhea Chakraborty, family
10 months ago

Bombay High Court cancels CBI's look out circulars against Rhea Chakraborty, family

India Today  

The Bombay High Court cancelled Look Out Circulars issued by the Central Bureau of Investigation against actor Rhea Chakraborty, her brother Showik, and their father, Indrajit Chakraborty, on Thursday. We have dismissed your arguments on maintainability and we have said that it is needless to say that the authority to invoke the LOC whenever the circumstances arise,” the Bombay High …

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 …

Kerala High Court Weekly Round-Up: February 5 - February 11, 2024
10 months, 1 week ago

Kerala High Court Weekly Round-Up: February 5 - February 11, 2024

Live Law  

Nominal Index Radhika v. Unnikrishnan 2024 LiveLaw 88Deputy Commissioner, Kerala State Goods and Services Tax Department vs. National Company Law Tribunal 2024 LiveLaw 89Shinoj Singh & Ors. Case Title: Deputy Commissioner, Kerala State Goods and Services Tax Department vs. National Company Law Tribunal Citation: 2024 LiveLaw 89 While allowing a Writ Petition, the Kerala High Court bench of Justice Dinesh …

Delhi High Court Weekly Round-Up: January 29 To February 04, 2024
10 months, 2 weeks ago

Delhi High Court Weekly Round-Up: January 29 To February 04, 2024

Live Law  

Citations 2024 LiveLaw 109 to 2024 LiveLaw 134NOMINAL INDEXAJAY KUMAR v. UNION OF INDIA & ORS. 2024 LiveLaw 134 Delhi High Court Upholds Arbitral Award For Transfer Of School's "KashmirHarvard" Domain Name To Harvard College, Imposes 50K Cost Title: KASHMIR HARVARD EDUCATIONAL INSTITUTE v. PRESIDENT AND FELLOWS OF HARVARD COLLEGE Citation: 2024 LiveLaw 118 The Delhi High Court has upheld …

Weekly Digest Of IBC Cases: 29th January To 4th February 2024
10 months, 2 weeks ago

Weekly Digest Of IBC Cases: 29th January To 4th February 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.1650 of 2023 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has held that a resolution applicant who has participated in the process, has locus to object the application filed by Resolution Professional …

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