Future Retail Lenders Move Supreme Court, Call For Its Assets To Be Put Up For Auction

2 years, 10 months ago

Future Retail Lenders Move Supreme Court, Call For Its Assets To Be Put Up For Auction

ABP News

New Delhi: Future Retail lenders have moved Supreme Court and said that the assets of retail firm should be put up for auction after it missed payments. According to Reuters, lenders have already classified or begun classifying the loan account of Future Retail as an NPA since the payment was not made within the stipulated time, the lenders mentioned in the filing. Being classified as an NPA will raise financial troubles for India’s second-largest retail chain, which has for months tried to sell its assets to rival Reliance Industries, but failed to do so because of legal hurdles from its partner Amazon Inc. Future last month, after it missed making certain payments on its loans, challenged its lenders in the Supreme Court to avoid facing insolvency proceedings or being classified as a defaulter, citing its ongoing legal dispute with Amazon. Future has failed to complete its $3.4-billion retail asset sale as the US e-commerce giant has successfully argued before several legal forums that the Indian retail major violated certain non-compete contractual terms.

India Retail Supreme Court Future Lenders Npa Future Retail classified npa missed assets retail certain supreme court auction legal lenders future

History of this topic

Bid deadline for India’s Future Retail extended due to low interest: Report

2 years, 2 months ago

Bid deadline for India’s Future Retail extended due to low interest: Report

Live Mint

The resolution professional for India's debt-laden Future Retail Ltd has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. Future Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has …

Banks to take Future to debt recovery tribunal

2 years, 9 months ago

Banks to take Future to debt recovery tribunal

Live Mint

MUMBAI : Lenders to Future Retail Ltd have abandoned plans to sue the company for the unapproved transfer of hundreds of its stores to Reliance Retail, two bankers aware of the plans said, adding that they will enforce their rights through the debt recovery tribunal and bankruptcy tribunal instead. The bankers cited above said procedures to take Future Retail to …

Approach HC to go ahead with NCLT proceedings: SC to FRL

2 years, 10 months ago

Approach HC to go ahead with NCLT proceedings: SC to FRL

Hindustan Times

The Supreme Court on Tuesday asked Future Group to approach the Delhi high court with its plea seeking continuation of proceedings before the National Company Law Tribunal to get final approval for the proposed $3.4 billion sale of its retail assets to Reliance. The top court refrained from examining the rival contentions of Future and Amazon on the aspect of …

Banks act against Future Retail for missing payments

2 years, 10 months ago

Banks act against Future Retail for missing payments

The Hindu

Lenders to Future Retail have started classifying loans to the firm as a ‘non-performing asset’ after the retailer missed payments to the banks, they told the Supreme Court in a filing. Citing its dispute with Amazon, FRL last month challenged its lenders in the top court to avoid facing insolvency proceedings or being classified as a defaulter, after it missed …

Lenders to Future Retail call for its assets to be put up for auction

2 years, 10 months ago

Lenders to Future Retail call for its assets to be put up for auction

Live Mint

Lenders to Future Retail, the company being fought over by Reliance Industries and Amazon.com Inc, have told India's Supreme Court that its assets should be put up for auction after it missed payments. "Let it be subjected to an open bid.This is the only solution," Rakesh Dwivedi, a lawyer acting for 30 or so of Future's lenders, told the Supreme …

Supreme Court Refuses To Pass Interim Order Against Banks In Future Retail's Plea To Defer Loan Default Actions

2 years, 10 months ago

Supreme Court Refuses To Pass Interim Order Against Banks In Future Retail's Plea To Defer Loan Default Actions

Live Law

The Supreme Court of India on Thursday refused to pass any interim order to restrain coercive steps by the consortium of banks against Future Retail Ltd over loan defaults.A bench comprising Chief Justice of India NV Ramana, Justice AS Bopanna and Justice Hima Kohli adjourned the writ petition filed by FRL without passing any interim order against the banks.The writ …

Banks act against Future Retail for missing payments

2 years, 10 months ago

Banks act against Future Retail for missing payments

Live Mint

Lenders to India's Future Retail have started classifying loans to the retailer as a "non-performing asset" after the company missed payments to the banks, they told the country's Supreme Court in a filing seen by Reuters. Citing its dispute with Amazon, Future last month challenged its lenders in the top court to avoid facing insolvency proceedings or being classified as …

Supreme Court Seeks Banks' Response To Future Retail's Plea To Defer Coercive Steps Over Loan Default

2 years, 10 months ago

Supreme Court Seeks Banks' Response To Future Retail's Plea To Defer Coercive Steps Over Loan Default

Live Law

The Supreme Court of India on Tuesday directed the consortium of 27 banks to file an affidavit in response to the writ petition filed by Future Retail Ltd seeking the deferral of coercive actions over loan defaults.A Bench comprising the Chief Justice of India NV Ramana, Justice AS Bopanna and Justice Hima Kohli also asked FRL to serve copy to …

In latest twist, India’s Future Group challenges lenders in court

2 years, 10 months ago

In latest twist, India’s Future Group challenges lenders in court

Al Jazeera

It’s asking India’s top court to order its lenders and central bank to give it more time, not classify it as a defaulter. Indian retailer Future Group is challenging its lenders in the Supreme Court to avoid facing insolvency proceedings over missing payments, citing its dispute with partner Amazon.com Inc, according to a legal filing reviewed by Reuters. Future, the …

Future Retail Employees Ask SC to Sell Its Retail Assets, Rule Against Amazon

3 years, 1 month ago

Future Retail Employees Ask SC to Sell Its Retail Assets, Rule Against Amazon

News 18

Employees of India’s Future Retail have asked the Supreme Court to allow the company to sell its retail assets and rule against Amazon.com Inc in an ongoing dispute, citing risks to 27,000 jobs, according to a legal filing seen by Reuters. Future has failed to close its $3.4 billion deal to sell its retail assets to market leader Reliance Industries …

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Date Of Default In Case Of Personal Guarantor Depends On Terms Of Contract Of Guarantee: NCLAT

5 days, 13 hours ago

Date Of Default In Case Of Personal Guarantor Depends On Terms Of Contract Of Guarantee: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that the liability of a borrower and guarantor is co-extensive but the liability of a Guarantor stems from the contract of guarantee and therefore the date of default in the case of the guarantor depends on the terms of contract of guarantee. Since …

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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

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

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SARFAESI | Confirmed Sale Can't Be Set Aside For Mere Irregularities Except Fraud, Collusion, Inadequate Pricing, Under-bidding Etc

Trending News

1 week, 3 days ago

SARFAESI | Confirmed Sale Can't Be Set Aside For Mere Irregularities Except Fraud, Collusion, Inadequate Pricing, Under-bidding Etc

Live Law

The Supreme Court recently explained the circumstances under which a sale of property by auction or other means under the SARFAESI Act can be set-aside after its confirmation. The Court held that mere procedural irregularities or deviation from rules are not grounds to set aside a confirmed sale unless such errors are fundamental in nature, such as fraud, collusion, inadequate …

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SARFAESI | Confirmed Sale Can't Be Set Aside For Mere Irregularities Except Fraud, Collusion, Inadequate Pricing, Under-bidding Etc

Trending News

1 week, 3 days ago

SARFAESI | Confirmed Sale Can't Be Set Aside For Mere Irregularities Except Fraud, Collusion, Inadequate Pricing, Under-bidding Etc

Live Law

The Supreme Court recently explained the circumstances under which a sale of property by auction or other means under the SARFAESI Act can be set-aside after its confirmation. The Court held that mere procedural irregularities or deviation from rules are not grounds to set aside a confirmed sale unless such errors are fundamental in nature, such as fraud, collusion, inadequate …

Court Sale Auction Collusion Confirmed Sale Inadequate Pricing

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

1 week, 5 days ago

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that when default has been committed by the Corporate Debtor prior to Section 10A period, any default committed during the Section 10A period cannot be held to bar the application which is filed on the basis of default prior to Section 10A and subsequent …

Corporate Interest Tribunal Period Date Petition Default

India: Gross NPAs of PSBs at ₹3.16L Cr, Govt Reports

2 weeks ago

India: Gross NPAs of PSBs at ₹3.16L Cr, Govt Reports

Deccan Chronicle

New Delhi: The gross non-performing assets of public sector banks stood at Rs 3.16 lakh crore as of September 30, which is 3.09 per cent of the outstanding loans, while gross NPAs as percentage of outstanding loan is 1.86 per cent in private sector banks, the government said on Tuesday. Informing to the Parliament, minister of state for finance Pankaj …

India Crore Sector Banks Gross Outstanding Npas

S. 58(c) TPA | Mere Possession Of Property By Mortgagor Wouldn't Make 'Mortgage By Conditional Sale' A 'Simple Mortgage' : Supreme Court

Trending News

2 weeks ago

S. 58(c) TPA | Mere Possession Of Property By Mortgagor Wouldn't Make 'Mortgage By Conditional Sale' A 'Simple Mortgage' : Supreme Court

Live Law

The Supreme Court observed that allowing a mortgagor to stay in possession does not make the transaction a 'simple mortgage' if the deed specifies that the mortgagor's default in redeeming the property within the stipulated time would lead to transfer of the mortgage property to the mortgagee under 'mortgage by conditional sale' as per Section 58 of the Transfer of …

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S. 58(c) TPA | Mere Possession Of Property By Mortgagor Wouldn't Make 'Mortgage By Conditional Sale' A 'Simple Mortgage' : Supreme Court

Trending News

2 weeks ago

S. 58(c) TPA | Mere Possession Of Property By Mortgagor Wouldn't Make 'Mortgage By Conditional Sale' A 'Simple Mortgage' : Supreme Court

Live Law

The Supreme Court observed that allowing a mortgagor to stay in possession does not make the transaction a 'simple mortgage' if the deed specifies that the mortgagor's default in redeeming the property within the stipulated time would lead to transfer of the mortgage property to the mortgagee under 'mortgage by conditional sale' as per Section 58 of the Transfer of …

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Borrowers Breaching Terms & Conditions Of OTS Scheme Cannot Seek Direction From Court To Compel Bank To Honour Obligations: Kerala High Court

2 weeks ago

Borrowers Breaching Terms & Conditions Of OTS Scheme Cannot Seek Direction From Court To Compel Bank To Honour Obligations: Kerala High Court

Live Law

The Kerala High Court has held that borrowers who breach the terms and conditions of the One Time Settlement Scheme, cannot be permitted to seek directions from the Court to compel the bank to honour its obligations under the OTS Scheme. If the borrower is not in a position to or unwilling to act in accordance with any of the …

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Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT

2 weeks, 4 days ago

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that upon declaration of the loan account/ debt as NPA that date can be reckoned as the date of default to enable the Financial Creditor to initiate action under Section 7 of the Code. There being default by the Corporate Debtor prior to 01.03.2020 and also …

Corporate Bank Application Debt Period Date File

Asset reconstruction companies see spike in unsecured loan sales by lenders

2 weeks, 4 days ago

Asset reconstruction companies see spike in unsecured loan sales by lenders

Live Mint

Mumbai: Asset reconstruction companies are seeing a spike in the sale of bad debt in the unsecured retail loan portfolios of banks and non-banks, as stress rises in the microfinance and personal loan segments. Banks and non-bank lenders have been putting up more unsecured retail loans for sale to asset reconstruction companies over the past six months. Another challenge is …

Reconstruction Companies Loans Loan Rbi Banks Asset

Highest Bidder In Tender Process Has No Vested Right To Contract : Supreme Court

3 weeks, 4 days ago

Highest Bidder In Tender Process Has No Vested Right To Contract : Supreme Court

Live Law

In a recent case, the Supreme Court observed that the highest bidder in the Notice Inviting Tender cannot have a vested right to have the auction concluded in his favor. The bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma heard a civil appeal filed by Indore Development Authority challenging the High Court's Division Bench order directing the …

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Sale Certificate Issued In Favor Of Successful Bidder Can Be Cancelled If Bid Amount Is Not Paid Within 90 Days: NCLAT

4 weeks ago

Sale Certificate Issued In Favor Of Successful Bidder Can Be Cancelled If Bid Amount Is Not Paid Within 90 Days: NCLAT

Live Law

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that as per Liquidation Regulations, the bid amount has to be paid within 90 days. If the amount is not paid, sale certificate issued in favor of the Successful Bidder can be cancelled and the security amount be forfeited. The Liquidator …

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

4 weeks 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 …

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Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT

4 weeks, 1 day ago

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT

Live Law

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain has held that property that is sold which was in possession of the corporate debtor immediately before the judgment in a petition under section 7 of the IBC was reserved cannot be excluded from the purview of the assets of the corporate debtor. An IA was filed by …

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Rising Defaults Among Retail Borrowers are Stressing India’s Top Banks

1 month, 1 week ago

Rising Defaults Among Retail Borrowers are Stressing India’s Top Banks

The Quint

Given that India’s economic growth relies heavily on domestic consumption, any slowdown in lending could ripple through the broader economy, impacting sectors dependent on consumer spending. Moreover, as banks shift their focus from retail to secured loans to mitigate risks, small and medium enterprises could face reduced access to capital, hindering job creation and slowing down economic expansion. In October, …

Supreme Court Stays Commercial Suit Proceedings Against Aditya Birla Finance Over SARFAESI Proceedings

1 month, 1 week ago

Supreme Court Stays Commercial Suit Proceedings Against Aditya Birla Finance Over SARFAESI Proceedings

Live Law

The Supreme Court recently issued notice on a special leave petition filed by Aditya Birla Finance Ltd against a judgment of the Bombay High Court which held that a commercial suit won't be barred by Section 34 of the SARFAESI Act when there are allegations of fraud. A Special Leave Petition was filed before the Supreme Court by Aditya Birla …

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NCLAT Rejects Section 7 Application Despite Clear Binding Precedent: Canara Bank vs. GTL

1 month, 3 weeks ago

NCLAT Rejects Section 7 Application Despite Clear Binding Precedent: Canara Bank vs. GTL

Live Law

The NCLAT bench affirmed that a petition under section 7 of the IBC cannot be rejected merely on the ground that there are chances of the amount being recovered from other proceedings which will satisfy the entire debt of the creditors. The tribunal further observed that the ratio of the Vidharbha ruling cannot be applied mechanically without satisfying itself as …

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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 …

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NCLT Allows Personal Guarantor to Classify Account as NPA During Moratorium Period

1 month, 3 weeks ago

NCLT Allows Personal Guarantor to Classify Account as NPA During Moratorium Period

Live Law

The NCLT has admitted a Section 95 application filed by the applicant bank to initiate CIRP against the Personal Guarantor of M/s CMYK Printech Limited. The tribunal found that the liability of the Personal Guarantor is co-existing with that of the Principal Borrower and that it falls under the ambit of Section 128 of the Indian Contract Act, 1872. The …

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NCLAT Rejects RP's Attempt to Pay Pre-CIRP Dues to Creditors

1 month, 4 weeks ago

NCLAT Rejects RP's Attempt to Pay Pre-CIRP Dues to Creditors

Live Law

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Arun Baroka has held that the assets of the Corporate Debtor are to be taken over by the Resolution Professions for resolution of the Corporate Debtor. The RP has to make every endeavour to protect and preserve the value of the property of the Corporate Debtor. Payment of pre-CIRP dues …

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Why this class of companies is waiting for more corporate failures

3 months, 3 weeks ago

Why this class of companies is waiting for more corporate failures

Live Mint

Mumbai: On a humid evening in May, a group of executives from various asset reconstruction companies gathered at the ballroom of hotel President in Cuffe Parade, Mumbai. The third and more recent challenge is the advent of India’s so-called bad bank, the state-owned National Asset Reconstruction Company Ltd. As a rule, the industry thrives when the level of corporate non-performing …

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Ceiling on net borrowing: SC to set up five-judge bench to hear Kerala’s plea against Centre

3 months, 3 weeks ago

Ceiling on net borrowing: SC to set up five-judge bench to hear Kerala’s plea against Centre

The Hindu

Kerala government in the Supreme Court on Friday made an oral mentioning about the formation of a Constitution Bench to examine whether a State has an “enforceable right” to raise its borrowing limits over and above the cap fixed by the Union government. The court had also referred to the Constitution Bench the issue of whether financial restrictions introduced by …

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"Because Of Your Client, Most Borrowers Are Facing LOC's": Bombay HC Tells Vijay Mallya's Counsel In Plea Challenging Economic Offenders Act

4 months, 1 week ago

"Because Of Your Client, Most Borrowers Are Facing LOC's": Bombay HC Tells Vijay Mallya's Counsel In Plea Challenging Economic Offenders Act

Live Law

The Bombay High Court on Friday said former liquor baron Vijay Mallya had become the 'first cause' for issuances of 'Look Out Circulars' against several borrowers in the country.A division bench of Justices Kalpathi Shriram and Jitendra Jain made the remark while hearing a plea filed by Mallya, challenging the constitutional validity of the Fugitive Economic Offenders Act, 2018. The …

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DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan

4 months, 1 week ago

DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan

Hindustan Times

MUMBAI: The Debt Recovery Tribunal, a quasi-judicial body that helps banks and financial institutions recover loans from customers, has issued a public summons to Housing Development and Infrastructure Ltd promoters Rakeshkumar Wadhawan and his son Sarang, in connection with the proceedings initiated by Bank of India for recovery of an outstanding loan amount of ₹846.63 crore from their group firm, …

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Supreme Court Forms Special Bench To Hear Review Petitions Against Judgment Upholding PMLA Provisions, Hearing Tomorrow

4 months, 2 weeks ago

Supreme Court Forms Special Bench To Hear Review Petitions Against Judgment Upholding PMLA Provisions, Hearing Tomorrow

Live Law

A special bench of the Supreme Court will hear tomorrow petitions seeking review of the 2022 judgment in Vijay Madanlal Choudhary v.Union of India which upheld the various provisions of the Prevention Money Laundering Act relating to arrest, search, seizure, bail etc.The bench comprising Justices Surya Kant, CT Ravikumar and Ujjal Bhuyan will hear the matters at 2 PM tomorrow. …

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NCLT Orders Liquidation Of Future Retail

4 months, 3 weeks ago

NCLT Orders Liquidation Of Future Retail

Live Law

The National Company Law Tribunal Mumbai bench ordered the liquidation of Future Retail Limited marking the end of the company's long-standing presence in India's retail market. The decision was made by a bench comprising Judicial Member Kuldip Kumar Kareer and Technical Member Anil Raj Chellan who held that the corporate insolvency resolution process exceeded its maximum permissible period without any …

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Supreme Court Stays Recovery Actions By Banks/Builders Against Homebuyers Of Certain Stalled Projects In Noida

5 months ago

Supreme Court Stays Recovery Actions By Banks/Builders Against Homebuyers Of Certain Stalled Projects In Noida

Live Law

In an interim relief to several homebuyers who took loans for certain housing projects in Delhi-Noida which got eventually stalled, the Supreme Court recently stayed coercive recovery steps by banks/financial institutions and builders/developers against them. A bench comprising Justices Surya Kant and Ujjal Bhuyan was considering a batch of petitions filed by homebuyers challenging the proceedings initiated by the Banks …

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Supreme Court to consider setting up Bench to hear pleas against passage of laws as Money Bills

5 months, 1 week ago

Supreme Court to consider setting up Bench to hear pleas against passage of laws as Money Bills

The Hindu

The Supreme Court on July 15 agreed to consider a submission for setting up a Constitution Bench to hear pleas challenging the validity of passage of laws such as the Aadhaar Act as Money Bills allegedly to bypass the Rajya Sabha. Arvind Kejriwal lost 2 kg in prison, say Tihar sources amid AAP’s allegations A day after the AAP claimed …

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Consumer Cases Weekly Round Up: 17th-23rd June 2024

5 months, 3 weeks ago

Consumer Cases Weekly Round Up: 17th-23rd June 2024

Live Law

National Consumer Disputes Redressal Commission Builder Cannot Force Buyer To Accept Possession After Significant Delays: NCDRC Holds Sushma Buildtech Liable For Deficiency In Service Case Title: Mahesh Gugnani Vs. M/S. Bangalore District Consumer Disputes Redressal Commission Failure To Provide Job-Hunting Assistance, Bangalore District Commission Holds Shine.Com Liable Case Title: Saurabh Kumar vs The Authorized Signatory, Shine.com Case Number: Consumer Complaint …

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Debt Deconstructed: Analysis Of Supreme Court's Judgment On Determining The Nature Of Debt

6 months, 2 weeks ago

Debt Deconstructed: Analysis Of Supreme Court's Judgment On Determining The Nature Of Debt

Live Law

The resolution professionals are more often than not saddled with the decision of categorizing the claims submitted before them either as financial or operational debt. Thus, the Supreme Court held that the right to seek refund of the security deposit along with interest is a claim within the meaning of Section 3 of IBC. As regards to the argument that …

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Karnataka High Court Upholds Order For Specific Performance Of Sale Agreement, Says If Owner Intended To Avail Loan It Would Execute Mortgage Deed

7 months, 1 week ago

Karnataka High Court Upholds Order For Specific Performance Of Sale Agreement, Says If Owner Intended To Avail Loan It Would Execute Mortgage Deed

Live Law

The Karnataka High Court has upheld an order of the trial court decreeing a suit for specific performance of a sale agreement in favour of the plaintiff and rejected the contention of the defendants who are businessmen that they had availed loan from the plaintiffs and had not agreed to sell the schedule property. A division bench of Justice E …

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Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer

7 months, 2 weeks ago

Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer

The Hindu

The Supreme Court on Wednesday partly heard a State Bank of India-led consortium’s challenge to a decision of the National Company Law Appellate Tribunal to approve a resolution plan proposed by Jalan-Kalrock consortium for Jet Airways. Chandrachud, senior advocate Harish Salve, for the SBI consortium, said the situation has become a “nightmare” for the lenders. The lenders described the NCLAT …

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Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court

8 months ago

Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court

Live Law

While quashing criminal proceedings against officers of M/s Himri Estate Private Limited and Indiabulls Housing Finance Ltd. initiated by Shipra Group, the Allahabad High Court held that defaulter cannot initiate criminal proceedings against creditor/auction purchaser against the auction conducted under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Criminal proceedings cannot be …

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Jet Airways’ lenders move SC against NCLAT decision to uphold resolution plan

8 months ago

Jet Airways’ lenders move SC against NCLAT decision to uphold resolution plan

Live Mint

New Delhi: The lenders of Jet Airways, led by State Bank of India, have challenged a National Company Law Appellate Tribunal's decision that upheld the resolution plan proposed by the Jalan-Kalrock consortium for the bankrupt airline. Additionally, the appellate tribunal instructed JKC to settle dues towards the airline’s workmen, employees, creditors, and other costs of the resolution process from the …

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NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002

9 months ago

NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002

Live Law

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that Corporate Insolvency Resolution Process can be initiated under Section 7 of Insolvency and Bankruptcy Code, 2016 against an Auction Purchaser in proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. NCLAT Verdict: The NCLAT Delhi …

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Auction Purchasers Can't Object To Bank Offering One-Time Settlement Facility To Borrower Until Auction Sale Is Confirmed: Kerala High Court

9 months, 1 week ago

Auction Purchasers Can't Object To Bank Offering One-Time Settlement Facility To Borrower Until Auction Sale Is Confirmed: Kerala High Court

Live Law

The Kerala High Court has held that auction purchasers cannot say that banks cannot enter into a one-time settlement facility with the borrowers and cancel the auction sale until the sale was conformed in their favour. As long as the sale of the mortgaged assets is not confirmed in favour of the auction purchasers and as long as the Sale …

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SC urges Centre to rescue Kerala with one-time package before Mar 31

9 months, 1 week ago

SC urges Centre to rescue Kerala with one-time package before Mar 31

Hindustan Times

The Supreme Court on Tuesday urged the Centre to consider rescuing Kerala from its severe financial crisis with a special package in the current fiscal year even as the Centre maintained that as a matter of principle, bailout packages were turned down for other states too. See if you can be slightly liberal in relaxing your norms and give a …

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Supreme Court advises Kerala to take ₹13,608 crore offered by Centre

9 months, 2 weeks ago

Supreme Court advises Kerala to take ₹13,608 crore offered by Centre

The Hindu

The Supreme Court on Wednesday nudged Kerala to meet the Centre’s team a second time and accept the ₹13,608 crore on offer to tide over the immediate financial emergency looming in the State. Accept the conditions, except withdrawal of this suit filed in the Supreme Court, to resolve the immediate emergency,” Justice Surya Kant, heading a Bench comprising Justice K.V. …

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NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale

10 months, 3 weeks 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 …

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MahaRERA grants interest on delayed possession to Minerva buyer

11 months ago

MahaRERA grants interest on delayed possession to Minerva buyer

Hindustan Times

MUMBAI: The Maharashtra Real Estate Regulatory Authority has granted interest on delayed possession to the buyer of a private firm who purchased a flat in Lokhandwala Minerva, Mahalaxmi, from January 1, 2023, on the premise that the developer had failed to provide possession on terms agreed upon earlier. MahaRERA has granted interest on delayed possession to the buyer of a …

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Indian Contract Act | Unless Contingency Is Fulfilled, Contingent Agreement To Sale Cannot Be Enforced: Patna High Court

11 months, 2 weeks ago

Indian Contract Act | Unless Contingency Is Fulfilled, Contingent Agreement To Sale Cannot Be Enforced: Patna High Court

Live Law

While rejecting an appeal that sought specific performance of a sale agreement, the Patna High Court has observed that a sale agreement with a contingency clause cannot be enforced unless that contingency is fulfilled. The plaintiff-appellants filed the Title Suit for a decree of specific performance of contract on the basis of an agreement for sale executed by 3 defendants …

Contract Court Specific Performance Sale Indian Agreement Suit

Supertech Realtor Held Liable For Delayed Possession: NCDRC Orders Complete Refund Along With 50,000/- As Costs

11 months, 2 weeks ago

Supertech Realtor Held Liable For Delayed Possession: NCDRC Orders Complete Refund Along With 50,000/- As Costs

Live Law

The National Consumer Disputes Redressal Commission presided by Mr. Subhash Chandra as presiding member has allowed a consumer complaint against Supertech Realtor Pvt Ltd. for failing to deliver possession of a booked unit at 'Super Nova' project in Noida within the stipulated time frame despite receiving substantial payments from the complainants. The commission found that the delay in possession amounted …

Payment Delay Commission Pvt Possession Supertech Complainants

Yearly Digest Of IBC Cases: 2023

11 months, 3 weeks ago

Yearly Digest Of IBC Cases: 2023

Live Law

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1125 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has directed the liquidation of the Corporate Debtor, M/s Ajanta …

India Justice Supreme Court Court Resolution Gratuity Chief Justice

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

11 months, 3 weeks ago

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

Live Law

Sabka Vishwas Scheme: Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC Moratorium The Supreme Court Bench comprising of Justices M R Shah and Justice B V Nagarathna has remarked that “No one can be expected to do the impossible” while granting relief to a company which could not avail the benefit of settlement of tax dues …

India Justice Supreme Court Corporate Court Insolvency Resolution

Supreme Court To Consider Online Gaming Companies' Plea Against 28% GST In January 2024

1 year ago

Supreme Court To Consider Online Gaming Companies' Plea Against 28% GST In January 2024

Live Law

The Supreme Courton Friday posted a batch of writ petitions filed by online gaming companies, including Dream 11, Games 24x7, and Head Digital Works, challenging the constitutional validity of imposition of a 28% GST, to January 8, 2024.A bench comprising Chief Justice of India DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra refused to pass interim order in favour. …

Justice Supreme Court Gst Online Gaming Companies

Weekly Digest Of IBC Cases: 27th November To 3rd December 2023

1 year ago

Weekly Digest Of IBC Cases: 27th November To 3rd December 2023

Live Law

Supreme Court IBC | For Rejection Of A Resolution Plan Under Section 31, NCLT Must Pass A Reasoned Order: Supreme Court Case Title: Ramkrishna Forgings Limited v Ravindra Loonkar & Anr. 692 of 2022 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, has upheld the order whereby the NCLT …

Supreme Court Resolution Corporate Debtor Indian Title Order Technical

Supreme Court ruling on personal guarantors set to force promoters to rush to settle bank dues

1 year, 1 month ago

Supreme Court ruling on personal guarantors set to force promoters to rush to settle bank dues

India TV News

The Supreme Court's recent order is likely to have a strong impact on the promoters of companies who have not yet paid huge bank dues. But now the top court's order allows banks to immediately recover their dues by selling the personal properties of the promoters. What can banks do after SC's order According to reports, promoters of companies, under …

Personal Supreme Court Dues Banks Set Personal Guarantors Force Promoters

The SC’s ruling on personal debt guarantees will help unlock dead capital

1 year, 1 month ago

The SC’s ruling on personal debt guarantees will help unlock dead capital

Live Mint

The adoption of the Insolvency and Bankruptcy Code in 2016 was one of the most important economic reforms of the past 10 years. Various earlier attempts, such as the very old Sick Industrial Companies Act, the SARFAESI law of 2003 and various debt recovery tribunals, had yielded unsatisfactory results. In the first five years of its operation, the value of …

Law Insolvency Resolution Capital Code Ibc Debt Guarantees

Supreme Court Notifies 5-Judge Bench To Hear Electoral Bonds Case On October 31

1 year, 1 month ago

Supreme Court Notifies 5-Judge Bench To Hear Electoral Bonds Case On October 31

Live Law

A Constitution Bench of the Supreme Court will start hearing a batch of petitions challenging the Electoral Bonds scheme on October 31. The case involves a batch of petitions challenging the amendments introduced by the Finance Act 2017 paving the way for the anonymous electoral bonds scheme. The Finance Act 2017 introduced amendments in Reserve Bank of India Act, Companies …

Act Bonds