[IBC] Is Moratorium Applicable to Suits Filed By Corporate Debtor?: SC Issues Notice [Read Order]
4 years, 5 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 14A of Insolvency. 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 14A of Insolvency and Bankruptcy Code, 2016. Similarly, a division bench of Madras High Court has also held that the moratorium order passed under Section 14 of the Insolvency and Bankruptcy code would prohibit all the proceedings including the proceedings initiated by the corporate debtor.

Corporate Court Insolvency Corporate Debtor Order High Moratorium Slp Debtor Notice Read  order  corporate  court  moratorium  ibc  insolvency  debtor  suits  notice  read  high  sc  filed  code  bankruptcy  issues  141a

History of this topic

No S.138 NI Act Case Against Ex-Director Of Company When Cause Of Action Arose After IBC Moratorium Was Declared: Supreme Court
1 week, 4 days ago

No S.138 NI Act Case Against Ex-Director Of Company When Cause Of Action Arose After IBC Moratorium Was Declared: Supreme Court

Live Law  

The Supreme Court held that if the cause of action for the offence of cheque dishonour under Section 138 of the Negotiable Instruments Act, 1881 has arisen after the declaration of moratorium with respect to the company as per the Insolvency & Bankruptcy Code, 2016, then the proceedings under S.138 NI Act cannot be continued against the ex-director of the …

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
2 weeks, 3 days ago

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra and Arun Baroka disposed an appeal filed by a majority shareholder of the corporate debtor stating that the Section 7 application filed by financial creditors was fraudulently filed in collusion with the corporate debtors' promoters. NCLAT Judgement The National Company Law Appellate …

Moratorium Period Under IBC Does Not Bar Payment Of Compensation Under NI Act: J&K High Court Orders ₹4 Crore Interim Compensation
3 weeks, 3 days ago

Moratorium Period Under IBC Does Not Bar Payment Of Compensation Under NI Act: J&K High Court Orders ₹4 Crore Interim Compensation

Live Law  

The Jammu and Kashmir High Court held that the declaration of a moratorium would not bar the complainant from filing a complaint under the NI Act. The court said that the debtor cannot take refuge under the Code to frustrate proceedings under the NI Act if he is found liable to pay compensation in the proceedings. The trial court directed …

Limitation Period For Filing Appeal U/S 61 Of IBC Commences From Date Of Order, Not From Date Of Its Receipt: NCLAT
1 month ago

Limitation Period For Filing Appeal U/S 61 Of IBC Commences From Date Of Order, Not From Date Of Its Receipt: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the limitation period for filing an appeal under section 61 of the Insolvency and Bankruptcy Code, 2016 shall commence from the date of passing of the order and not from the date when a copy of the …

IBC Weekly Round-Up [17th February-23rd February 2025]
1 month ago

IBC Weekly Round-Up [17th February-23rd February 2025]

Live Law  

Nominal Index: BANK OF BARODA v. FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. Case Title: Edelweiss Asset Reconstruction Company Ltd. vs. Chirag Rejendrakumar Shah Case Number: Company Appeal No.242 of 2025 The National Company Law Appellate Tribunal New Delhi bench comprising Justice Ashok Bhushan, Barun Mitra and Arun Baroka have re-iterated that that liquidation of the Corporate Debtor should …

IBC Weekly Round-Up [10th February -16th February 2025]
1 month, 1 week ago

IBC Weekly Round-Up [10th February -16th February 2025]

Live Law  

Nominal Index: Global Indian School Education Services Pvt. 5841, 5842, 5843 of 2023 The National Company Law Appellate Tribunal New Delhi bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the security amount deposited under a Memorandum of Understanding without any intention of commercial effect of borrowing and time value of money cannot …

Moratorium During Insolvency Process Does Not Bar Cheque Dishonour Proceedings Against Persons Referred U/S 141 Of NI Act: Kerala High Court
1 month, 2 weeks ago

Moratorium During Insolvency Process Does Not Bar Cheque Dishonour Proceedings Against Persons Referred U/S 141 Of NI Act: Kerala High Court

Live Law  

The Kerala High Court yesterday, observed that during the Corporate Insolvency Resolution Process, initiation of cheque dishonour proceedings, due to the moratorium, is prohibited only against the corporate debtor and not against the persons referred under Section 141 of the Negotiable Instruments Act. “ When the Corporate Insolvency Resolution Process of the company is underway, the corporate debtor would be …

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court
Trending News
1 month, 3 weeks ago

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Manmeet Pritam Singh Arora has held that in accordance with Section 32A of the Insolvency and Bankruptcy Code, 2016, a Corporate Debtor that has successfully undergone a resolution process under Section 31 of the IBC shall not be prosecuted for offences committed prior to the commencement of the CIRP. Arguments Dr. Abhishek Manu …

IBC Weekly Round Up[27th January-2nd February 2025]
1 month, 3 weeks ago

IBC Weekly Round Up[27th January-2nd February 2025]

Live Law  

Nominal Index: INDEPENDENT SUGAR CORPORATION LTD. V. GIRISH SRIRAM JUNEJA & ORS., CIVIL APPEAL NO. 321 of 2024 PUNJAB NATIONAL BANK LIMITED VS. M/S MBL TOLL ROAD COMPANY LIMITED, CP No.423//2023 Supreme Court Case name: INDEPENDENT SUGAR CORPORATION LTD. V. GIRISH SRIRAM JUNEJA & ORS., CIVIL APPEAL NO. Case Number: RERA APPEAL 7/2024 The Delhi High Court bench comprising Justice …

Proviso To S.10A Of IBC Doesn't Bar CIRP Applications Where Default Continues Beyond Moratorium Period: Madras High Court
1 month, 4 weeks ago

Proviso To S.10A Of IBC Doesn't Bar CIRP Applications Where Default Continues Beyond Moratorium Period: Madras High Court

Live Law  

The Madras High Court bench comprising Justice S.S. Sundar and Justice P. Dhanabal has held that the proviso to Section 10-A of the Insolvency and Bankruptcy Code does not extend to cases where the default continues beyond the moratorium period. Section 10-A bars an application for initiation of CIRP of a Corporate Debtor, for any default arising on or after …

Liquidation Proceeds Must Be Distributed Amongst Secured Creditors Based On Admitted Claims U/S 53 Of IBC: NCLAT
2 months ago

Liquidation Proceeds Must Be Distributed Amongst Secured Creditors Based On Admitted Claims U/S 53 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mita has held that liquidation proceeds must be distributed as per section 53 of the IBC based on admitted claims of the respective secured creditors and cannot be distributed on the basis of security interest of different Secured Creditors. '2017 where it was held that inter se priority …

Delay Beyond 15 Days In Filing Appeal Cannot Be Condoned As Per Proviso To Section 61(2) Of IBC: NCLAT
2 months ago

Delay Beyond 15 Days In Filing Appeal Cannot Be Condoned As Per Proviso To Section 61(2) Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that delay in filing an appeal beyond 15 days as per section 61 proviso of the Insolvency and Bankruptcy Code cannot be condoned. The appellant submitted that the appeal has been filed within a period of limitation that is within 45 days …

Delhi HC Rejects Income Tax Director's Appeal U/S 19 Contempt Of Courts Act, Says Appeal Maintainable Only If Order Imposes Punishment
2 months ago

Delhi HC Rejects Income Tax Director's Appeal U/S 19 Contempt Of Courts Act, Says Appeal Maintainable Only If Order Imposes Punishment

Live Law  

The Delhi High Court has dismissed the appeal preferred by a Director of Income Tax under Section 19 of the Contempt of Courts Act, 1971. A division bench of Justices Chandra Dhari Singh and Manoj Jain observed that in the absence of the contempt court recording a finding of guilt or imposing a punishment, the appeal preferred under Section 19 …

'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRP
2 months, 3 weeks 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 …

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT
2 months, 3 weeks ago

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that after initiation of moratorium under Section 14, sub-section, no assessment proceedings can be continued by the EPFO. On the other hand it is the case of the respondent that no claim was filed by the Appellant before the Plan was approved …

Annual Digest Of IBC Cases: 2024
2 months, 4 weeks 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 …

IBC Monthly Digest: December 2024
2 months, 4 weeks 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, …

Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024
2 months, 4 weeks ago

Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024

Live Law  

As the year 2024 nears its end, LiveLaw brings to you a summary of important Supreme Court judgments of the year rendered in connection with the Insolvency and Bankruptcy Code, 2016. Supreme Court Refers To Larger Bench, Doubts Precedent Case: DBS Bank Ltd Singapore v. Ruchi Soya Industries Ltd and another In this case, a bench comprising Justice Sanjiv Khanna …

Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024
2 months, 4 weeks ago

Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024

Live Law  

As the year 2024 nears its end, LiveLaw brings to you a summary of important Supreme Court judgments of the year rendered in connection with the Insolvency and Bankruptcy Code, 2016. Supreme Court Refers To Larger Bench, Doubts Precedent Case: DBS Bank Ltd Singapore v. Ruchi Soya Industries Ltd and another In this case, a bench comprising Justice Sanjiv Khanna …

IBC Weekly Round Up [23rd December-29th December 2024]
2 months, 4 weeks ago

IBC Weekly Round Up [23rd December-29th December 2024]

Live Law  

NOMINAL INDEX China Development Bank vs Doha Bank OPSC and others, 2024 LiveLaw 1029 Ram Kishor Arora, Suspended Director of Supertech Ltd. vs. Union Bank of India & Anr., Company Appeal No. 748 of 2023 Vidyadhar Sarfare & Anr Versus CS Anagha Anasingharaju & Ors., Company Appeal No.1733 of 2024 M/S ALLIED HI-TECH INDUSTRIES PRIVATE LIMITED VS. KARVY DATA MANAGEMENT …

Bombay High Court Weekly Round-Up: December 23 - December 29, 2024
2 months, 4 weeks ago

Bombay High Court Weekly Round-Up: December 23 - December 29, 2024

Live Law  

Citations: 2024 LiveLaw 650 to 2024 LiveLaw 654 Nominal Index: Zahid Khamisa vs. State of Maharashtra & Anr, 2024 LiveLaw 650 Imperial Consultants and Securities vs. Deputy CIT, 2024 LiveLaw 651 Shri Saibaba Sansthan Trust vs. Union of India, 2024 LiveLaw 652 Nav Chetna Charitable Trust vs, CIT, 2024 LiveLaw 653 Chandrabhan Atulkar v. MOIL Ltd., 2024 LiveLaw 654 Judgments/Final …

IBC Weekly Round-Up: 16th December -20th December 2024
3 months ago

IBC Weekly Round-Up: 16th December -20th December 2024

Live Law  

NCLAT The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. 7303, 7304 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has …

IBC | Moratorium Does Not Extinguish Claim : Supreme Court
3 months, 1 week ago

IBC | Moratorium Does Not Extinguish Claim : Supreme Court

Live Law  

The Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish a claim. The Court stated that Section 14 bars the institution/continuation of legal proceedings against the corporate debtor, transfer of assets, enforcement of security interest etc. "If the argument that the claims of all the creditors of the …

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

IBC Weekly Round Up [2nd December To 8th December, 2024]
3 months, 2 weeks ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

Live Law  

Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case
3 months, 3 weeks 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 …

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

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

Supreme Court Stays Commercial Suit Proceedings Against Aditya Birla Finance Over SARFAESI Proceedings
4 months, 2 weeks 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 …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
5 months 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 …

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi
5 months ago

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that a written financial contract is not a pre-condition or an exclusive requirement for proving existence of debt. It has been further amplified that the Application to Adjudicating Authority Rules, 2016 and CIRP Regulations makes it clear that financial debt can be proven from other relevant documents …

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's
6 months, 3 weeks ago

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
7 months, 4 weeks 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 …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
7 months, 4 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

Byju’s, BCCI in settlement talks to avoid insolvency proceedings
7 months, 4 weeks ago

Byju’s, BCCI in settlement talks to avoid insolvency proceedings

New Indian Express  

BENGALURU: Edtech firm Byju’s and the Board of Control for Cricket in India are in ‘discussions’ to settle their dispute. Meanwhile, the Karnataka High Court disposed of the petition filed by Byju Raveendran seeking the insolvency proceedings to be suspended. On July 16, the NCLT, Bengaluru bench, admitted an insolvency plea filed by the BCCI against Byju’s over a Rs …

Half Yearly Digest Of IBC Cases : January To June,2024
8 months, 2 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 …

Indian Courts Are Not Bound By Foreign Insolvency Judgments From Non-Reciprocating Countries: Calcutta High Court
9 months ago

Indian Courts Are Not Bound By Foreign Insolvency Judgments From Non-Reciprocating Countries: Calcutta High Court

Live Law  

The Calcutta High Court single judge bench of Justice Shampa Sarkar held that without a comprehensive cross-border insolvency framework, Indian courts do not recognize or enforce moratorium orders from non-reciprocating countries, such as the U.S., and thus are not obligated to stay ongoing suits due to such foreign proceedings. The trial judge rejected the Petitioner's application by holding that the …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
9 months ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

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

Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution
9 months, 2 weeks ago

Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution

Live Law  

The Madras High Court comprising of Justice N. Seshasayee held that every claim by operational creditors involves a right to their property under Article 300A of the Constitution of India. Observations by the High Court: The Madras High Court dismissed the writ petition and highlighted a key point that every claim by operational creditors involves a right to their property …

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024
9 months, 2 weeks 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 …

Monthly Digest Of IBC Cases: May 2024
9 months, 3 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

Clash Of Jurisdiction: Analysing The IBC-PMLA Conundrum
10 months, 1 week ago

Clash Of Jurisdiction: Analysing The IBC-PMLA Conundrum

Live Law  

The Indian Bankruptcy Code 2016 and the Prevention of Money Laundering Act 2002 are two separate laws that operate in their own specific areas. In the case of Rajiv Chakraborty Resolution Professional of EEIL vs Directorate Of Enforcement, the main issue that arose was when the PMLA freeze 74 accounts of the corporate debtor when it was charged under the …

Weekly Digest Of IBC Cases: 13th To 19th May 2024
10 months, 1 week ago

Weekly Digest Of IBC Cases: 13th To 19th May 2024

Live Law  

NCLAT NCLAT Delhi Evokes Doctrine Of 'Approbate & Reprobate', Imposes Rs. 124 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey evokes the Doctrine of 'Approbrate and Reprobrate' imposing a cost of Rs. 1589 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. …

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification
10 months, 2 weeks 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 …

IBC Weekly Round-Up: 30th December 2024-5th January 2025
10 months, 3 weeks ago

IBC Weekly Round-Up: 30th December 2024-5th January 2025

Live Law  

Nominal Index Adroit Pharmaceuticals Pvt. 1826 Employees Provident Fund Organization Regional Office Versus Jaykumar Pesumal Arlani and Anr., Company Appeal No.1062 and 1065 of 2024 Tata Capital Financial Services Limited vs. Arjun Agarwal, I.A. Vs. PTC India Financial Services Limited, WRIT PETITION No.20620 OF 2024 Supreme Court 'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ …

IBC Cases Quarterly Digest : January To March 2024
11 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V 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 …

IBC Revolutionizes Corporate Insolvency
11 months, 3 weeks 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 …

No Writ Against Order Of Tribunal Rejecting Application U/S 16 Of The A&C Act Unless It Shocks The Conscience Of The Court: Delhi High Court
11 months, 4 weeks ago

No Writ Against Order Of Tribunal Rejecting Application U/S 16 Of The A&C Act Unless It Shocks The Conscience Of The Court: Delhi High Court

Live Law  

The High Court of Delhi has held that an order of the arbitral tribunal rejecting an application challenging its jurisdiction under Section 16 of the A&C Act cannot be challenged in a writ petition unless the order is so perverse that it shocks the conscience of the Court. During pendency of the arbitration proceedings, the petitioner moved an application under …

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
1 year ago

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that the Provisional Attachment Order under PMLA will not bar the admission of Corporate Insolvency Resolution Process proceedings against the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held that the Provisional Attachment Order …

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