Centre Notifies Rules For Insolvency Resolution Of Financial Service Providers [Read Notification]
5 years, 1 month ago

Centre Notifies Rules For Insolvency Resolution Of Financial Service Providers [Read Notification]

Live Law  

The Central Government on Friday notified the Insolvency and Bankruptcy Rules, 2019. These rules fill the legislative lacuna by setting out a special framework for insolvency and liquidation process of Financial Service Providers. Resolution Plan The resolution plan shall consist of a statement explaining how the resolution applicant satisfies the requirements of engaging in the business of the financial service provider. Upon approval of the resolution plan by the committee of creditors, the Administrator shall seek 'no objection' of the appropriate regulator to the effect that it has no objection to the persons, who would be in control or management of the financial service provider after approval of the resolution plan. Advisory Committee The appropriate regulator is also empowered to, where it deems necessary, constitute an Advisory Committee, within 45 days of the insolvency commencement date, to advise the Administrator in the operations of the financial service provider during the resolution process.

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History of this topic

Annual Digest Of IBC Cases: 2024
1 week, 1 day ago

Annual Digest Of IBC Cases: 2024

Live Law  

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 absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Revisiting Resolution Plan After Commencement Of Liquidation Process Is Against Principle Of Procedural Finality: NCLAT Chennai
1 month, 2 weeks ago

Revisiting Resolution Plan After Commencement Of Liquidation Process Is Against Principle Of Procedural Finality: NCLAT Chennai

Live Law  

The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma, and Jatindranath Swain dismissed two appeals filed by the Corporate Debtor seeking to challenge the order of NCLT, Bangalore by which it was directed to be put into the liquidation process and second to challenge the order of the same tribunal which dismissed the prayer of the Appellant …

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai
1 month, 4 weeks 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 …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
2 months, 1 week 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 …

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata
5 months ago

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench of Bidisha Banerjee and Balraj Joshi has held that the liquidation of a corporate debtor should be a measure of last resort. Five applicants expressed their interest in the Corporate Debtor: Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Intra Finance Private Limited, Navneet Garg, and Mideast Pipeline Products. On February 20, …

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru
5 months, 1 week ago

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru

Live Law  

The National Company Law Tribunal Bengaluru bench of K. Biswal and Manoj Kumar Dubey has held that claims submitted after the approval of the Resolution Plan, including those related to the moratorium period, are not allowed under the Insolvency and Bankruptcy Code. The NCLT noted that the RP's letter highlighted that some employees did not have Unique Identification Numbers due …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
5 months, 1 week 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 …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months, 3 weeks 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 …

IBC Revolutionizes Corporate Insolvency
9 months, 1 week 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 …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
10 months, 1 week ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation
10 months, 2 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 …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
10 months, 2 weeks ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
11 months ago

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Shri. Anil Raj Chellan allowed the withdrawal of the liquidation application since one resolution plan was received by the Committee of Creditors during the pendency of the liquidation application upholding the aim of Insolvency and Bankruptcy, 2016. During the pendency of the liquidation application before NCLT, the Interim Resolution Professional received an …

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor
11 months, 1 week 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
11 months, 1 week 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
1 year 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 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 …

Why Centre should prioritise IBC's alignment with other laws
1 year, 3 months ago

Why Centre should prioritise IBC's alignment with other laws

Firstpost  

The Indian Bankruptcy Code provides a comprehensive legal framework but does not eliminate the need for approvals from regulators and government bodies like CCI, RBI, SEBI, and others when resolution plans include their jurisdiction India currently ranks as the fifth largest economy and is projected to become the third largest economy by 2030. The IBC in India has witnessed numerous …

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court
1 year, 3 months ago

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court

Live Law  

The Supreme Court on Monday said that admitting claims after the Resolution Plan has been accepted by the Committee of Creditors under Insolvency and Bankruptcy Code, 2016 even though the Adjudicating Authority has yet to approve the plan, would make the Corporate Insolvency Resolution Process an endless process. The Apex Court was considering whether the claim pertaining to an arbitral …

SC Issues Notice to Centre on Pleas Challenging Provisions of Insolvency and Bankruptcy Code
1 year, 6 months ago

SC Issues Notice to Centre on Pleas Challenging Provisions of Insolvency and Bankruptcy Code

News 18  

The Supreme Court on Monday agreed to hear a batch of petitions challenging various provisions of the Insolvency and Bankruptcy Code over claims that they are violative of fundamental rights like the right to equality of those against whom insolvency proceedings have been initiated. A bench comprising Chief Justice D Y Chandrachud and justices P S Narasimha and Manoj Misra …

Resolution Professional Empowered To Keep Claims In Abeyance: NCLAT Chennai
1 year, 6 months ago

Resolution Professional Empowered To Keep Claims In Abeyance: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Ms. Shreesha Merla, while adjudicating an appeal filed in Anheuser Busch Inbev India Limited v Mr. Pradeep Kumar Sravanam, has held that it is within the power of the Resolution Professional to keep the claim submitted by the creditors in abeyance, for plurality of reasons. The …

A Petition Against A Corporate Guarantor Cannot Be Dismissed Simply Because A Resolution Plan For The Corporate Debtor Is Under Consideration: NCLT Mumbai
1 year, 7 months ago

A Petition Against A Corporate Guarantor Cannot Be Dismissed Simply Because A Resolution Plan For The Corporate Debtor Is Under Consideration: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Smt. Edelweiss Asset Reconstruction Company Limited vs Sadguru Multitrade Private Limited has held that insolvency proceedings can be initiated against both the Corporate Debtor and Corporate Guarantor simultaneously and a petition against a Corporate Guarantor cannot be dismissed simple on the ground that a Resolution Plan is …

Go First Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18
1 year, 7 months ago

Go First Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18

News 18  

Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code but not the first globally to undergo insolvency in 2023. Alternately, under Section 30 of the IBC, submitting a resolution plan subject to Section 29A prohibits the promoters of a company undergoing insolvency from participating in the …

Approval Of Resolution Does Not Absolve Guarantor; NCLT Mumbai Reiterates
1 year, 8 months ago

Approval Of Resolution Does Not Absolve Guarantor; NCLT Mumbai Reiterates

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Smt. Anuradha Sanjay Bhatia, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Anchor Leasing Private Limited vs Sejal Realty and Infrastructure Limited has reiterated that the liability of the guarantor does not ipso facto come to an end merely with the …

Creditor Who Don’t Submit Claim Or Raises Issues In CIRP, Has No Right To Challenge Resolution Plan: NCLAT Delhi
1 year, 8 months ago

Creditor Who Don’t Submit Claim Or Raises Issues In CIRP, Has No Right To Challenge Resolution Plan: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, while adjudicating an appeal filed in Madhya Pradesh Paschim Kshetra Vidyut Vitaran Co. Ltd. v Jagdish Kumar & Anr., has held that a creditor who neither submits its claim before the IRP/Resolution Professional, nor raises any issue during the entire CIRP period, …

Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate
1 year, 10 months ago

Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Ltd., has ordered liquidation of the Corporate Debtor as the Resolution Applicant willfully failed to implement the resolution plan. Subsequently, Edelweiss Asset Reconstruction Company Ltd., being one of the financial creditors, filed an application seeking liquidation of the Corporate Debtor and orders to be passed against the Resolution Applicant …

The Centre’s proposals should strengthen insolvency code
1 year, 11 months ago

The Centre’s proposals should strengthen insolvency code

Live Mint  

The introduction of the Insolvency and Bankruptcy Code in 2016 was a ‘watershed’ moment in India, its success aided by swift legislative interventions by the government to ensure that the code evolved to address legal and practical challenges in its implementation. India’s rupee trade bid and the math behind it How GST brought cheer to some states, not others RBI …

Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC
1 year, 11 months ago

Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC

Live Law  

The Ministry of Corporate Affairs, Government of India, has issued a circular inviting comments from the public on the changes proposed to be made in the Insolvency and Bankruptcy Code, 2016. Proposed Amendments In a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC, including the following: Mandatory to admit Section 7 application where …

No Ipso Facto Absolvement Of Guarantor’s Liability Upon Approval Of Resolution Plan: Allahabad High Court
1 year, 11 months ago

No Ipso Facto Absolvement Of Guarantor’s Liability Upon Approval Of Resolution Plan: Allahabad High Court

Live Law  

The High Court of Allahabad Bench comprising of Justice Sunita Agarwal and Justice Vipin Chandra Dixit, while adjudicating a petition filed in Narendra Singh Panwar v Pashchimanchal Vidyut Vitran Nigam Limited & Ors., has held that approval of a resolution plan under Section 31 of the IBC, does not ipso facto absolve the surety/guarantor of the Corporate Debtor of his …

Past Tax Liabilities That Are Not Part Of Resolution Plan Shall Stand Extinguished: NCLT Mumbai
2 years, 2 months ago

Past Tax Liabilities That Are Not Part Of Resolution Plan Shall Stand Extinguished: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Limited, has held that all past liabilities arising out of any levies/tax dues to any government authorities, etc., which accrued during CIRP period and are not part of the Resolution Plan, shall stand extinguished from the date of approval of the Resolution Plan. On 03.02.2022, the Adjudicating Authority while …

Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?
2 years, 3 months ago

Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?

The Hindu  

The story so far: Speaking at the sixth anniversary of the Insolvency and Bankruptcy Board of India on October 1, Union Finance Minister Nirmala Sitharaman said that the country could not afford to lose the “sheen” of its insolvency law, the Insolvency and Bankruptcy Code. Addressing the issue of haircuts— the debt that banks forgo— she said it was unacceptable …

RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification
2 years, 3 months ago

RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification

Live Law  

The Insolvency and Bankruptcy Board of India has amended the IBBI Regulations, 2016 for a fourth time and has notified the amendment on 16.09.2022. Changes Brought By The Amendment With the objective to maximise value in resolution, the amendment enables the resolution professional and the Committee of creditors to issue request for resolution plan a second time for sale of …

Why only 2 firms chose pre-pack insolvency resolution in a year
2 years, 3 months ago

Why only 2 firms chose pre-pack insolvency resolution in a year

Live Mint  

India introduced the pre-packaged insolvency resolution process in April 2021, as an alternative resolution process for micro, small and medium enterprises. Unlike the corporate insolvency resolution process, an informal understanding is reached with creditors before the appli-cation is filed. View Full Image Finding closure GST on crypto transactions in the works Why your fuel bill hasn’t gone down yet 6 …

Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations
2 years, 3 months ago

Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations

Live Law  

The Insolvency and Bankruptcy Board of India has amended the IBBI Regulations, 2016 for a third time and has notified the amendment on 13.09.2022. The amendment has introduced Clause 34B and Schedule II to the CIRP Regulations which have brought about the following changes: The fee of the interim resolution professional or the resolution professional, appointed on or after 1st …

Issue Of CIRP Cost To Be Decided In COC MEETING, Not By Adjudicating Authority : NCLAT Delhi
2 years, 3 months ago

Issue Of CIRP Cost To Be Decided In COC MEETING, Not By Adjudicating Authority : NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Bharat Hotels Ltd. v Tapan Chakraborty, has held that question of item wise CIRP cost and its approval lays in the domain of the CoC and the latter may ratify, modify or set aside the cost claimed. …

Reverse Corporate Insolvency Resolution Process In Case Of Real Estate Companies
2 years, 5 months ago

Reverse Corporate Insolvency Resolution Process In Case Of Real Estate Companies

Live Law  

Taking a cue from the Supreme Court in the matter of Swiss Ribbons Private Limited and Anr. However, through the reverse corporate insolvency resolution process, the promoters can overcome the bar given in Section 29A of the Code and give a proposal for completing and delivering the projects of the corporate debtor. The reason given by the NCLAT for propounding …

Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates
2 years, 6 months ago

Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating an application filed in State Bank of India v Rohit Ferro Tech Limited, has held that claims or reliefs which were not a part of the Resolution Plan, cannot be claimed after the said Resolution Plan is approved by the Adjudicating …

Corporate Debtor Cannot Be Dragged Into CIRP Mala Fide For Any Purpose Other Than Resolution Of Insolvency: NCLT Mumbai
2 years, 6 months ago

Corporate Debtor Cannot Be Dragged Into CIRP Mala Fide For Any Purpose Other Than Resolution Of Insolvency: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P. N. Deshmukh and Mr. Kapal Kumar Vohra, while adjudicating an application filed in Gateway Offshore Private Limited and Anr. Ltd., has held that a written contract cannot be treated as a pre- requisite to prove the existence of a financial debt and the Adjudicating Authority must be satisfied that …

Monthly Digest Of IBC Cases: May 2022
2 years, 7 months ago

Monthly Digest Of IBC Cases: May 2022

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 …

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022
2 years, 8 months ago

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022

Live Law  

Supreme Court Supreme Court Permits Withdrawal Of SLP Filed By Jayaswal Neco Industries Ltd. Against RBI, Imposing A Cost Of Rs - 10 Lakh Case title: Jayaswal Neco Industries Limited & Another v Reserve Bank of India & Ors. The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal, …

Adjudicating Authority Is Not Bound By The Recommendation Of The Resolution Professional Under Section 99 Of The Insolvency And Bankruptcy Code, 2016 : Karnataka High Court
2 years, 8 months ago

Adjudicating Authority Is Not Bound By The Recommendation Of The Resolution Professional Under Section 99 Of The Insolvency And Bankruptcy Code, 2016 : Karnataka High Court

Live Law  

A division bench of the Karnataka High Court in its recent judgement/dated April 5, 2022, dismissed a writ petition challenging the constitutional validity of Sections 95, 99 and 100 of the Insolvency and Bankruptcy Code, 2016 as it found no merit to the challenge. Background: An application was filed before the Hon'ble National Company Law Tribunal, Bangalore by the Financial …

Resolution Professional Can Submit An Additional Report Under Section 99 Of Insolvency And Bankruptcy Code, 2016: NCLAT
2 years, 8 months ago

Resolution Professional Can Submit An Additional Report Under Section 99 Of Insolvency And Bankruptcy Code, 2016: NCLAT

Live Law  

NCLAT principal bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava & Ms. Shreesha Merla in the case of Ramesh Chander Agarwala versus State Bank of India held that the Resolution Professional can submit an additional report under Section 99 of the Insolvency & Bankruptcy Code, 2016. Personal Guarantors of a corporate debtor filed an appeal under Section 61 of …

Resolution Professional Is Not Entitled To Fees During Stay On Insolvency Proceedings: NCLAT
2 years, 8 months ago

Resolution Professional Is Not Entitled To Fees During Stay On Insolvency Proceedings: NCLAT

Live Law  

NCLAT principal bench comprising of Justice Ashok Bhushan & Ms. Shreesha Merla in the case of IndusInd Bank Ltd. versus Mr. Rajendra K Bhuta held that the Resolution Professional is not entitled for any professional fees during the period of stay on the corporate insolvency resolution process. IndusInd Bank filed an appeal under Section 61 of the Insolvency and Bankruptcy …

Look Back Period Under Section 46 Not Applicable To Section 66 Under Insolvency And Bankruptcy Code, 2016: NCLAT
2 years, 8 months ago

Look Back Period Under Section 46 Not Applicable To Section 66 Under Insolvency And Bankruptcy Code, 2016: NCLAT

Live Law  

National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava, Ms. Shreesha Merla in the case of Aditya Kumar Tibrewal v. Om Prakash Pandey held that the look back period prescribed under Section 46 of Insolvency & Bankruptcy Code, 2016 does not apply to transactions under Section 66 of the code. Resolution Professional of M/s …

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata
2 years, 8 months ago

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising of Mr. V K Rajasekhar and Balraj Joshi held that an application for preferential transactions cannot be pursued either by the erstwhile Resolution Professional or the new Management of the Corporate Debtor after the approval of the Resolution Plan by NCLT. Resolution Professional received the transaction audit report on 26.06.2020 wherein certain …

Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi
2 years, 9 months ago

Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi

Live Law  

A three-judge bench of the National Company Law Appellate Tribunal comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla held that the Resolution Professional is not required to take a decision regarding the ineligibility of the Resolution Applicant under Section 29A of the Insolvency & Bankruptcy Code, 2016. Resolution Professional opposed the same by stating that the …

After Approval By The Adjudicating Authority, The Resolution Plan Is No More A Confidential Document: NCLAT
2 years, 11 months ago

After Approval By The Adjudicating Authority, The Resolution Plan Is No More A Confidential Document: NCLAT

Live Law  

The NCLAT in a Bench comprising of Justice Ashok Bhushan and Dr. Ashok Kumar Mishra in Association of Aggrieved Workmen of Jet Airways Limited v. Jet Airways Ltd held that after approval of the Resolution Plan, the Plan does not remain a confidential document, so as to deny its perusal to a claimant, who is aggrieved by the Plan The …

Bettering Results: Partners From Top Law Firms Teach The Insolvency And Bankruptcy Code, 2016 In The 4 Weeks Online Certificate Course [Register Now]
3 years ago

Bettering Results: Partners From Top Law Firms Teach The Insolvency And Bankruptcy Code, 2016 In The 4 Weeks Online Certificate Course [Register Now]

Live Law  

The Insolvency and Bankruptcy Code, 2016 is one of the most significant economic reforms implemented by the Indian government in recent years. Bettering Results is conducting the second edition of the online certificate course on the Insolvency and Bankruptcy Code, 2016. Resolution plan: · Due diligence · Ineligibility under Section 29A · Process of submission and approval · Mandatory contents …

The Insolvency And Bankruptcy Code – Respite To MSME
3 years, 3 months ago

The Insolvency And Bankruptcy Code – Respite To MSME

Live Law  

The Insolvency and Bankruptcy Code 2016 has now been maturing over the period of time with various precedents and clarifications being issued from time to time by the adjudicating authority. A new Chapter III-A in the Insolvency and Bankruptcy Code, 2016 was also introduced earlier, through an Ordinance this year for a pre-packaged insolvency resolution process which can only be …

Money Decree/Certificate Of Recovery In Favour Of Financial Creditor Gives Fresh Cause Of Action To Initiate CIRP U/s 7 IBC: Supreme Court
3 years, 5 months ago

Money Decree/Certificate Of Recovery In Favour Of Financial Creditor Gives Fresh Cause Of Action To Initiate CIRP U/s 7 IBC: Supreme Court

Live Law  

The Supreme Court observed that a judgment and/or decree for money in favour of the Financial Creditor, or the issuance of a Certificate of Recovery in its favour, would give rise to a fresh cause of action for the Financial Creditor, to initiate proceedings under Section 7 of the IBC for initiation of the Corporate Insolvency Resolution Process. The court …

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