Supreme Court Annual Digest 2022 - Insolvency and Bankruptcy Code (IBC) With Parallel Citations
1 year, 11 months 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 has recorded a specific finding offact - Remanded. State TaxOfficer v. Rainbow Papers Ltd., 2022 LiveLaw 743 : AIR 2022 SC 4141 Section 5 & - "financial creditor"& "financial debt" Insolvencyand Bankruptcy Code 2016; Section 5, 5 - A liability inrespect of a claim arising out of a Recovery Certificate would be a "financialdebt" - The holder of the Recovery Certificate would be a financial creditorand would be entitled to initiate CIRP, if initiated within a period of threeyears from the date of issuance of the Recovery Certificate - Affirmed the viewtaken in Dena Bank vs. C. Shivakumar Reddy 10 SCC330. VidarbhaIndustries Power Ltd. v. Axis Bank Ltd., 2022 LiveLaw 587 : 8 SCC 352 Insolvencyand Bankruptcy Code, 2016; Section 7 - The AdjudicatingAuthority has been conferred the discretion to admit the application of theFinancial Creditor. SS Engineers v. Hindustan PetroleumCorporation Ltd; 2022 LiveLaw 617 Section 9 - Application for initiation of corporateinsolvency resolution process by operational creditor Insolvencyand Bankruptcy Code, 2016; Sections 9 - Section 9 mandatory - Anapplication of an Operational Creditor for initiation of CIRP under Section9 of the IBC is mandatorily required to be admitted if the application iscomplete in all respects and in compliance of the 28 requisites of the IBC andthe rules and regulations thereunder, there is no payment of the unpaidoperational debt, if notices for payment or the invoice has been delivered tothe Corporate Debtor by the Operational Creditor and no notice of dispute hasbeen received by the Operational Creditor. State TaxOfficer v. Rainbow Papers Ltd., 2022 LiveLaw 743 : AIR 2022 SC 4141 Section 31 - Approval of resolution plan Insolvencyand Bankruptcy Code, 2016; Section 31 - If a Resolution Plan is ex facie not in conformity with law and/or theprovisions of IBC and/or the Rules and Regulations framed thereunder, theResolution would have to be rejected - Even if Section 31 is construed toconfer discretionary power on the Adjudicating Authority to reject a ResolutionPlan, it has to be kept in mind that discretionary power cannot be exercisedarbitrarily, whimsically or without proper application of mind to the facts andcircumstances which require discretion to be exercised one way or the other.

History of this topic

IBC | Moratorium Does Not Extinguish Claim : Supreme Court
3 days, 4 hours ago
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
ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
1 week, 3 days ago
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1 week, 5 days ago
IBC Weekly Round Up [2nd December To 8th December, 2024]
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NCLT member crunch slows down bankruptcy resolution
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Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad
3 weeks ago
Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi
3 weeks, 5 days ago
Once Plausibility Of Pre-Existing Dispute Is Established, Application U/S 9 Of IBC Must Be Rejected: NCLAT
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IBC Weekly Round-Up [18th November To 24th November 2024]
4 weeks ago
Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT
1 month, 1 week ago
Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT
1 month, 1 week ago
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1 month, 1 week ago
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1 month, 2 weeks ago
The Insolvency Code’s progress: From deep haircuts to fuller recoveries
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NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
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Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
4 months, 3 weeks ago
Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
4 months, 3 weeks ago
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5 months ago
Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week ago
NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD
5 months, 3 weeks ago
NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
5 months, 4 weeks ago
IBBI proposes amendments to insolvency rules; seeks public comments
6 months ago
NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months ago
Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution
6 months, 1 week ago
Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024
6 months, 2 weeks ago
Preferential Transaction Under Section 43 Of IBC, Fraudulent Intent Need Not To Be Proved : NCLT Mumbai
6 months, 2 weeks ago
Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai
6 months, 2 weeks ago
Monthly Digest Of IBC Cases: May 2024
6 months, 2 weeks ago
Weekly Digest Of IBC Cases: 13th To 19th May 2024
7 months ago
NCLT Mumbai: Operational Debt Under IBC Does Not Include Penalty Or Liquidated Damages
7 months, 1 week ago
Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification
7 months, 2 weeks ago
NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea
8 months ago
IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks ago
IBC Revolutionizes Corporate Insolvency
8 months, 3 weeks ago
NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC
8 months, 3 weeks ago
NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
8 months, 3 weeks ago
Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
9 months ago
NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951
9 months, 1 week ago
Monthly Digest Of IBC Cases: February 2024
9 months, 3 weeks ago
IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23
10 months ago
Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 1 week ago
IBBI Amends Regulations Regarding Insolvency Professionals w.e.f. 31st January 2024
10 months, 2 weeks ago
Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code
10 months, 2 weeks ago
Monthly Digest Of IBC Cases: January 2024
10 months, 3 weeks ago
NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor
10 months, 3 weeks ago
IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court
11 months, 2 weeks ago
Monthly Digest Of IBC Cases: December 2023
11 months, 2 weeks ago
NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
11 months, 2 weeks ago

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