Annual Digest Of IBC Cases: 2024
Live LawSupreme 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 absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor of its claim and the same cannot be a ground to reject the Corporate Insolvency Resolution Process application under Section 9 of IBC. 1489 of 2023 The National Company Law Appellate Tribunal New Delhi Bench, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that an Ex-Promoter/Director who resigned from Corporate Debtor before initiation of Corporate Insolvency Resolution Process under Section 10 of IBC is eligible to submit a Resolution Plan under Section 29A of IBC. 1187 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that if no Goods and Services Tax refund/ Input Tax Credit claim has been included in the Demand Notice under Section 8 of Insolvency and Bankruptcy Code, 2016 or in Form 5 by the Operational Creditor, the same cannot become a ground of default on which Corporate Insolvency Resolution Process under IBC can be initiated. 977 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the set-off/adjustment of demand with refund by Income Tax Department during the intervening period when the Corporate Insolvency Resolution Process timeline period has expired but before passing of Liquidation Order under Section 33 of Insolvency and Bankruptcy Code, 2016 amounts to violation of moratorium under Section 14 of the IBC.