[Breaking] Supreme Court Orders Transfer To Itself All Pleas Challenging Provisions of Insolvency & Bankruptcy Code On Personal Guarantors [Read Order]
4 years, 2 months ago

[Breaking] Supreme Court Orders Transfer To Itself All Pleas Challenging Provisions of Insolvency & Bankruptcy Code On Personal Guarantors [Read Order]

Live Law  

The Supreme Court has ordered the transfer of petitions pending across High Courts, challenging the provisions of Insolvency & Bankruptcy Code pertaining to the issues of personal guarantors.A bench comprising Justices L Nageswara Rao, Hemant Gupta & Ajay Rastogi heard the matter.The plea had been filed by IBBI seeking transfer on the ground of multiplicity of proceedings and to. The Supreme Court has ordered the transfer of petitions pending across High Courts, challenging the provisions of Insolvency & Bankruptcy Code pertaining to the issues of personal guarantors. On October 19, the Supreme Court had agreed to hear the pleas seeking transfer of a batch of petitions challenging the IBC provisions relating to insolvency of personal guarantor from across High Courts. The Supreme Court had on September 17, declined to vacate a stay, earlier granted by Delhi High Court towards the ongoing IBC proceedings against Reliance Group Chairman Anil Ambani.

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History of this topic

'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRP
5 days, 21 hours ago

'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRP

Live Law  

Disapproving a High Court's order interdicting a Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, the Supreme Court recently observed that the IBC is a complete code in itself, having sufficient checks and balances, and thus, the exercise of supervisory and judicial review powers by High Courts demands rigorous scrutiny and. Disapproving a High Court's order interdicting a …

IBC Monthly Digest: December 2024
1 week, 2 days ago

IBC Monthly Digest: December 2024

Live Law  

SUPREME COURT Case Title : China Development Bank vs Doha Bank OPSC and others Citation : 2024 LiveLaw 1029 The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. Case Number: Company Appeal No.1380 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, …

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case
1 month, 1 week ago

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

Live Mint  

New Delhi: Riju Raveendran, the largest shareholder of edtech company Byju’s and brother of founder Byju Raveendran, approached the insolvency tribunal on Monday, seeking to be included in the insolvency case deliberations involving the troubled firm, its lenders and the cricket board. They argued that the settlement was tainted as it involved stolen money and questioned how Riju Raveendran could …

BREAKING: Supreme Court issues notice to Muslim side in Gyanvapi case, seeks reply within two weeks
1 month, 2 weeks ago

BREAKING: Supreme Court issues notice to Muslim side in Gyanvapi case, seeks reply within two weeks

India TV News  

Gyanvapi case: In a significant development, the Supreme Court on Friday issued a notice to the Muslim side on the petition demanding an Archaeological Survey of India survey of the alleged Shivling in the Gyanvapi mosque complex. After hearing this, the apex court has issued a notice to the Muslim side and sought a reply within two weeks. A bench …

CCI to move Supreme Court to break logjam in Amazon, Flipkart anti-trust case
1 month, 3 weeks ago

CCI to move Supreme Court to break logjam in Amazon, Flipkart anti-trust case

Live Mint  

New Delhi: India’s competition watchdog may knock on the doors of the country’s top court in an anti-trust case involving e-commerce majors Amazon and Flipkart, and some sellers on their platforms, two persons aware of the development said. Seeking early closure Experts said CCI can move a transfer petition to the Supreme Court to bring an early closure to the …

High Court Allows Review Petition, Recalls Direction to Respondents to Appoint Petitioner Due to Low Merit
2 months, 3 weeks ago

High Court Allows Review Petition, Recalls Direction to Respondents to Appoint Petitioner Due to Low Merit

Live Law  

The Delhi High Court allows a Review Petition filed by the Respondents seeking review of its order directing the Respondent to recall the appointment of a candidate. The Court held that the Respondent was required to issue an appointment letter to the Petitioner as per his respective merit in the respective LDCE, even though the Petitioner was not informed of …

Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 3 weeks 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 …

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

Supreme Court Disposes Of Kerala Govt's Petition Filed Before HC Against NGT Order As Withdrawn, Gives Liberty To File Appeal
7 months, 3 weeks ago

Supreme Court Disposes Of Kerala Govt's Petition Filed Before HC Against NGT Order As Withdrawn, Gives Liberty To File Appeal

Live Law  

The Supreme Court disposed of the writ petition filed before the Kerala High Court challenging an order of the National Green Tribunal after the same was upheld by the Supreme Court earlier. The order was passed after Senior Advocate R Basant, appearing for the State, informed the Court that the state was withdrawing the writ petition from the High Court. …

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

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 3 weeks 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 …

Supreme Court upholds Modi govt's Insolvency and Bankruptcy Code
1 year, 2 months 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, 2 months 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 …

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 …

Calcutta HC orders transfer of special CBI judge; summons state law minister
1 year, 3 months ago

Calcutta HC orders transfer of special CBI judge; summons state law minister

Hindustan Times  

The Calcutta high court on Wednesday ordered the transfer of special Central Bureau of Investigation court judge Arpan Chattopadhyay by October 4 for intervening in a high court order in connection with the West Bengal teachers’ recruitment scam. Calcutta high court A single bench of justice Abhijit Gangopadhay observed that when the central agency probe in the matter was being …

Weekly Digest Of IBC Cases: 15 To 21 May 2023
1 year, 7 months ago

Weekly Digest Of IBC Cases: 15 To 21 May 2023

Live Law  

Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. 05/MB-IV/2020 The National Company Law Tribunal, Mumbai bench, comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, has initiated Corporate Insolvency Resolution Process against M/s Tulip Hotels Private Limited. 827/MB-IV/2022 The National Company Law Tribunal, Mumbai …

Weekly Digest Of IBC Cases: 27 February To 6 March 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 27 February To 6 March 2023

Live Law  

NCLAT Case Title: Greymatter Entertainment Pvt. 1043 of 2021 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, has held that IBC does not prevent the Corporate Debtor from establishing defences of ‘Pre-existing dispute’ or ‘No amount due’ through its Reply to Section 9 application and supporting documents, even if it failed …

“Misconceived, Not Maintainable”: NCLAT Delhi Dismisses Appeal Filed By IBBI
1 year, 11 months ago

“Misconceived, Not Maintainable”: NCLAT Delhi Dismisses Appeal Filed By IBBI

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar Jain and Mr. Naresh Salecha, while adjudicating an appeal filed in Insolvency & Bankruptcy Board of India v GTL Infrastructure Ltd. & Ors., has dismissed an appeal filed by the Insolvency and Bankruptcy Board of India, challenging the dismissal of a Section 7 petition in a matter …

PNB Scam : Nirav Modi's Brother-in-Law Agrees Before Supreme Court To Give Authorisation To CBI For Bank Accounts
1 year, 11 months ago

PNB Scam : Nirav Modi's Brother-in-Law Agrees Before Supreme Court To Give Authorisation To CBI For Bank Accounts

Live Law  

The Supreme Court on Thursday directed the Bombay High Court to consider afresh the plea of Nirav Modi’s brother-in-law Mainak Mehta to travel back to his home in Hong Kong. The bench comprising Chief Justice DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala, took note of the fact that Mehta was willing to give authorisation to CBI so it …

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 …

NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings
2 years, 6 months ago

NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, while adjudicating a petition filed in L&T Finance Limited v Tikkavarapu Venkaram Reddy, has initiated insolvency resolution process against Mr. Tikkavarapu Venkatarami Reddy, who is the Personal Guarantor of M/s Deccan Chronicle Holdings Ltd. in respect of the credit facilities availed …

NCLAT Stays Insolvency Proceedings Against RHC Holdings Pvt. Ltd.
2 years, 7 months ago

NCLAT Stays Insolvency Proceedings Against RHC Holdings Pvt. Ltd.

Live Law  

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha stays the Corporate Insolvency Resolution Process of RHC Holdings Pvt Ltd. initiated by NCLT Principal Bench, New Delhi on 13.05.2022. Daiichi Sankyo filed an appeal before the NCLAT against the Order dated 13.05.2022 wherein NCLT admitted the petition filed by Religare Comtrade Ltd. …

Supreme Court Issues Notice On Plea Challenging Constitutionality Of IBC Provisions Relating To Personal Guarantors
2 years, 8 months ago

Supreme Court Issues Notice On Plea Challenging Constitutionality Of IBC Provisions Relating To Personal Guarantors

Live Law  

The Supreme Court has issued notice on a petition filed by a personal guarantor which raises a constitutional challenge to the personal insolvency provisions under the Insolvency & Bankruptcy Code, 2016. Since a similar issue is pending, the Court has directed to tag the present case along with the pending Special Leave Petition No. 16464 of 2021 The personal guarantor …

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay
2 years, 8 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 …

Writ Petitions On The Ground Of 'Exceptional Circumstances' Against Order Passed By The Arbitral Tribunal Not Maintainable: Bombay High Court
2 years, 9 months ago

Writ Petitions On The Ground Of 'Exceptional Circumstances' Against Order Passed By The Arbitral Tribunal Not Maintainable: Bombay High Court

Live Law  

The Bombay High Court has ruled that remedy against orders passed under Section 16 of the Arbitration and Conciliation Act, 1996 lies elsewhere and the petitioners, aggrieved by the orders passed under Section 16, cannot file Writ Petitions under Article 226 or Article 227 of the Constitution of India on the ground of 'exceptional circumstances'. The Counsel for the petitioner …

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 …

Court of Sessions judge not empowered to try offences under Bankruptcy Code: Bombay HC
2 years, 10 months ago

Court of Sessions judge not empowered to try offences under Bankruptcy Code: Bombay HC

India Today  

The Bombay High Court has said that only special courts consisting of Metropolitan Magistrate or Judicial Magistrate First Class are empowered to hear complaints under the Insolvency and Bankruptcy Code, and not courts consisting of Sessions Court judges. The petition added that as per Section 236 of IBC, the Special Courts under the Companies Act were empowered to try offences …

'It Takes Ages For Decree Holder To Realize Fruits Of Decree': Supreme Court Laments Delay In Execution
2 years, 11 months ago

'It Takes Ages For Decree Holder To Realize Fruits Of Decree': Supreme Court Laments Delay In Execution

Live Law  

While remarking that it is a classic case where the execution proceedings themselves become a second round of litigation and it takes ages for the decree holder to realize the fruits of success of a decree with judgment debtors assisted innovatively, the Supreme Court recently dismissed a SLP assailing Delhi High Court's order.The bench of Justices SK Kaul and MM …

Supreme Court Issues Directions For Faster Disposal Of Contempt Case Against NGO For Filing Frivolous Cases Against Azim Premji
3 years, 1 month ago

Supreme Court Issues Directions For Faster Disposal Of Contempt Case Against NGO For Filing Frivolous Cases Against Azim Premji

Live Law  

Expressing dismay at the methods adopted by the NGO "India Awake for Transparency" to delay the hearing of the contempt case against it in the Karnataka High Court for filing multiple petitions on the same cause of action against Wipro founder Azim Premji, the Supreme Court has issued a slew of directions to ensure the faster disposal of the contempt …

Supreme Court Extends Stay On Criminal Proceedings Against Azim Premji & Wife
3 years, 3 months ago

Supreme Court Extends Stay On Criminal Proceedings Against Azim Premji & Wife

Live Law  

The Supreme Court today extended the interim order of stay on the criminal proceedings before the court of an Additional City Civil and Sessions Court, Bengaluru, against WIPRO's founder Azim Premji, his wife and others on a private complaint over allegations of illegally transferring crores of rupees worth assets from three companies into a private trust and newly formed company. …

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 …

Narada Case: Calcutta High Court Reserves Orders On Applications Filed By WB Govt, CM Mamata Banerjee & Law Minister For Accepting Their Affidavits
3 years, 6 months ago

Narada Case: Calcutta High Court Reserves Orders On Applications Filed By WB Govt, CM Mamata Banerjee & Law Minister For Accepting Their Affidavits

Live Law  

The Calcutta High Court on Tuesday reserved order on the applications filed by State of West Bengal, Chief Minister Mamata Banerjee, and the State Law Minister Moloy Ghatak seeking acceptance of their affidavits in the Narada Scam case. The development comes after the Supreme Court set aside Calcutta High Court's order which had refused to take on record their affidavits …

Narada scam: SC annuls Calcutta HC order refusing to accept replies of Mamata Banerjee, Moloy Ghatak
3 years, 6 months ago

Narada scam: SC annuls Calcutta HC order refusing to accept replies of Mamata Banerjee, Moloy Ghatak

Firstpost  

The SC was hearing appeals challenging the HC’s refusal to take affidavits by Banerjee and Ghatak on their role on the day the CBI arrested four TMC leaders New Delhi: The Supreme Court on Friday annulled the Calcutta High Court’s 9 June order refusing to take reply-affidavits of West Bengal, its Chief Minister Mamata Banerjee, and state law minister Moloy …

Insolvency Proceedings Maintainable Even If Winding Up Petition Is Pending Against Corporate Debtor: Supreme Court
3 years, 10 months ago

Insolvency Proceedings Maintainable Even If Winding Up Petition Is Pending Against Corporate Debtor: Supreme Court

Live Law  

The Supreme Court held that a petition either under Section 7 or Section 9 of the Insolvency and Bankruptcy Code is an independent proceeding which is unaffected by winding up proceedings that may be filed against the same company.The bench comprising Justices RF Nariman and BR Gavai observed that a secured creditor stands outside the winding up and can realise …

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act
3 years, 11 months ago

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act

Live Law  

The Karnataka High Court has dismissed a petition filed by a not for profit company named "India Awake for Transparency", challenging an order of the magistrate court dismissing its private complaint seeking directions to Reserve Bank of India to register a case against Wipro founder Azim Premji and others under the Reserve Bank of India Act. Further, it was said …

Kerala High Court Stays NCLT Order Which Held That March 24 Notification Raising IBC Threshold As Rs One Crore Will Apply Only Prospectively
4 years ago

Kerala High Court Stays NCLT Order Which Held That March 24 Notification Raising IBC Threshold As Rs One Crore Will Apply Only Prospectively

Live Law  

The Kerala High Court on Friday stayed the order of the National Company Law Tribunal Kochi bench which held that the March 24 notification raising the threshold limit for insolvency proceedings as Rupees One Crore will apply only prospectively.In the case M/s Tharakan Web Innovations Pvt Ltd vs Cyriac Njavally, the NCLT held that the March 24 Notification which enhanced …

Supreme Court Weekly Round Up
4 years, 1 month ago

Supreme Court Weekly Round Up

Live Law  

Supreme Court Orders Release Of Arnab Goswami From Jail; Says 'Personal Liberty Must Be Upheld' The Supreme Court on Wednesday granted interim bail to Republic TV anchor Arnab Goswami,who was arrested on November 4 and has been under judicial custody since then in a criminal case relating to abetment to suicide of interior designer Anvay Naik in 2018. A vacation …

Supreme Court Monthly Digest: September 2020
4 years, 2 months ago

Supreme Court Monthly Digest: September 2020

Live Law  

Important Judgments/ Orders: 1. Judicial Review Should Not Be Exercised Virtually As A Continuous Oversight Of Designated Authority Functions: SC Order dated September 1, 2020 Judicial review should not be exercised virtually as a continuous oversight of the DA's functions, observed the bench comprising Justices Arun Mishra, Vineet Saran and S. Ravindra Bhat while setting aside orders passed by Telengana …

Personal insolvency: SC to decide on transferring pending cases to itself
4 years, 2 months ago

Personal insolvency: SC to decide on transferring pending cases to itself

Live Mint  

The Supreme Court Wednesday said it would pass orders on a batch of pleas filed by Insolvency and Bankruptcy Board of India seeking transfer of all petitions pending before different high courts challenging the provisions of IBC with regard to personal insolvency. Additional Solicitor General Madhavi Divan, appearing for IBBI, said that questions of law raised in these writ petitions …

[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 …

Delhi HC allows interim moratorium on Anil Ambani’s personal asset, protecting SBI’s interst
4 years, 2 months ago

Delhi HC allows interim moratorium on Anil Ambani’s personal asset, protecting SBI’s interst

Live Mint  

The Delhi High court on Monday allowed the interim moratorium granted under the provisions Insolvency and Bankruptcy Code to be in continued in effect on Anil Ambani’s personal asset in order to ensure that the interest of the State Bank of India is protected, during the pendency of the case. The High court also agreed to hear the impleadment application …

HC Seeks Centre, SBI Stand on Anil Ambani's Plea to Include Chinese Banks in Insolvency Proceedings
4 years, 2 months ago

HC Seeks Centre, SBI Stand on Anil Ambani's Plea to Include Chinese Banks in Insolvency Proceedings

News 18  

New Delhi: The Delhi High Court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of USD 717 million against him from a court in United Kingdom, in the proceedings here related to recovery of Rs 1200 crore loan granted to two of his …

Delhi HC sends notice to Chinese banks on Anil Ambani’s plea
4 years, 2 months ago

Delhi HC sends notice to Chinese banks on Anil Ambani’s plea

Live Mint  

An Indian court has reached out to a group of Chinese banks that are trying to recover money from Anil Ambani, in the latest twist in a personal bankruptcy case against the former billionaire. Ambani has requested that the banks be included in his challenge to a separate bankruptcy case against him in India, and the Delhi High Court is …

SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani; matter listed for 6 Oct
4 years, 3 months ago

SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani; matter listed for 6 Oct

Firstpost  

The State Bank of India had moved the apex court to recover Rs 1,200 crore that it had loaned to two firms of the then-chairman of Reliance Communications New Delhi: The Supreme Court Thursday dismissed a plea by State Bank of India seeking resumption of insolvency proceedings against the then chairman of Reliance Communications, Anil Ambani, to recover Rs 1,200 …

SC Rejects SBI Plea for Resuming Insolvency Proceedings Against Anil Ambani
4 years, 3 months ago

SC Rejects SBI Plea for Resuming Insolvency Proceedings Against Anil Ambani

News 18  

The Supreme Court Thursday dismissed a plea by State Bank of India seeking resumption of insolvency proceedings against the then chairman of Reliance Communications, Anil Ambani, to recover Rs 1,200 crore loan granted to his two firms. The top court refused to vacate the stay granted by the Delhi High Court by its interim order on the personal insolvency proceedings …

SC Rejects SBI Plea Seeking Vacation Of Stay On Insolvency Proceedings Against Anil Ambani
4 years, 3 months ago

SC Rejects SBI Plea Seeking Vacation Of Stay On Insolvency Proceedings Against Anil Ambani

Live Law  

The Supreme Court has declined to vacate a stay, earlier granted by Delhi High Court towards the ongoing IBC proceedings against Reliance Group Chairman Anil Ambani.A bench of Justices L Nageswara Rao, Hemant Gupta & S. Ravindra Bhat asked the petitioner bank to complete proceedings before the High Court and seek modification as prayed for, adding that the case will. …

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp
4 years, 3 months ago

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp

Live Law  

The National Company Law Appellate Tribunal has set aside an order passed by the National Company Law Tribunal, Mumbai bench which had dismissed an application for the initiation of corporate insolvency resolution process against Mittal Corp Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Member, Ms. Shreesha Merla Member directed the NCLT to reconsider the application and …

Allahabad High Court Refuses To Grant Stay On Seeking Encashment Of Bank Guarantee [Read Order]
4 years, 3 months ago

Allahabad High Court Refuses To Grant Stay On Seeking Encashment Of Bank Guarantee [Read Order]

Live Law  

The Hon'ble High Court of Allahabad it its decision on 28th August 2020 in M/S Cg Power & Industrial Solutions Ltd. Thru. Power Transmission Corporation Ltd from seeking extension and/or encashment of the Bank Guarantee withheld on account of non-payment of statutory dues towards the labour cess by Cg Power & Industrial Solutions Ltd. The Petitioner sought relief from the …

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