The pressing need to recode the IBC
5 years, 1 month ago

The pressing need to recode the IBC

Live Mint  

There was a palpable sense of relief across corporate India when the Supreme Court gave its stamp of approval to ArcerlorMittal’s takeover of the troubled Essar Steel under the debt resolution process of the Insolvency and Bankruptcy Code. Deep-pocketed powerful corporates in India have managed to indefinitely delay the corporate insolvency resolution process, and evade repercussions, by continuously putting the IBC to test in the court of law. “Government has so far played a proactive role in de-cluttering any ambiguities,” says Sanjeev Krishan, partner and deals leader, PwC Essar Steel Ltd’s facility near Pune The mindset change To be sure, IBC has been able to do the unthinkable—put Indian corporates on tenterhooks. Therefore, during the early days of the IBC law, it was established that the 270 day-timeline never includes ‘objection time’ in NCLT. Funds love to block their returns, over a specified period of time, and CIRP will be unattractive if they cannot invest and divest on time.” The new IBC The real challenge is in the courts that are hearing cases against its amendments introducing a 330-day limit, including time for litigation, for implementing the resolution plan.

India Corporate Insolvency Resolution Cases Promoters Steel Process Nclt Value Creditors Ibc Operational Creditors Financial Creditors Essar Steel Distressed Assets  value  steel  need  insolvency  recode  corporate  resolution  pressing  cases  process  promoters  ibc  creditors

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 …

IBC Monthly Digest: December 2024
1 week, 1 day 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, …

IBC Weekly Round Up [23rd December-29th December 2024]
1 week, 3 days 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 …

Businesses need to brace for tougher regulatory landscape in 2025
1 week, 3 days ago

Businesses need to brace for tougher regulatory landscape in 2025

Live Mint  

Corporations must brace for heightened regulatory scrutiny in 2025 with various regulators preparing to enforce stricter oversight and actions. The Securities and Exchange Board of India, Competition Commission of India, Central Consumer Protection Authority, and tax authorities are expected to tighten their stance, forcing businesses to enhance compliance, streamline processes, and adapt to evolving governance standards. “The increase in the …

IBC Weekly Round-Up: 16th December -20th December 2024
2 weeks, 2 days 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 …

No Provision In IBC To Issue Multiple Demand Notices Before Filing Petition U/S 9 Of IBC: NCLT New Delhi
2 weeks, 3 days ago

No Provision In IBC To Issue Multiple Demand Notices Before Filing Petition U/S 9 Of IBC: NCLT New Delhi

Live Law  

The NCLT New Delhi bench of Justice Shri Bachu Venkat Balaram Das and Shri Atul Chaturvedi has held that there is no such provision in the IBC, 2016 and in the Regulation made thereunder that allows the Operational Creditor to issue multiple demand notices to the Corporate Debtor. This fact is itself enough to draw an inference that the Corporate …

2024 year-end review: How legal precedents and IBC reforms reshaped India's financial system
2 weeks, 6 days ago

2024 year-end review: How legal precedents and IBC reforms reshaped India's financial system

Firstpost  

The Indian banking system has undergone significant changes in recent years, largely due to the growing economy and increased consumer spending. Recovery statistics and IBC The enactment of the Insolvency and Bankruptcy Code in 2016 marked a transformative change in India’s banking and corporate law, providing a responsive framework for reorganising distressed corporate debtors and maximising their value. Creditors have …

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
3 weeks, 2 days 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: RBI Deputy Governor Rao calls for enforceable code of conduct for CoCs
3 weeks, 2 days ago

IBC: RBI Deputy Governor Rao calls for enforceable code of conduct for CoCs

New Indian Express  

Calling for significant improvements with respect to the area of CoCs, Rao said even when the resolution plan is agreed upon, there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange among the members. "It is in the larger interest of the creditors that issues related to the conduct are …

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

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC
1 month ago

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC

Live Mint  

New Delhi, Dec 7 Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process. Even when the resolution plan is agreed upon, Rao said there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange …

NCLT member crunch slows down bankruptcy resolution
1 month ago

NCLT member crunch slows down bankruptcy resolution

Live Mint  

New Delhi: A 30% shortage of key members at India’s bankruptcy courts is slowing the process of debt resolution, according to official data. Twenty-two businesses have found debt resolution under the Insolvency and Bankruptcy Code in October-November period of this year, against 47 in the year-ago period, provisional public data from Insolvency and Bankruptcy Board of India showed. And in …

Resolution Cases Near 41K by September-End: NCLT
1 month, 1 week ago

Resolution Cases Near 41K by September-End: NCLT

Deccan Chronicle  

Chennai: A total of 40,943 cases have been filed with National Company Law Tribunal under the Insolvency and Bankruptcy Code, till 30 September, 2024. Of this, 1068 cases under Corporate Insolvency Resolution Process were resolved and have realised Rs 3.55 lakh crore. Of this, Corporate Insolvency Resolution Process saw resolution of 1068 cases and realised a total of Rs 3,55,374 …

IBC Weekly Round-Up [18th November To 24th November 2024]
1 month, 2 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 …

Insolvency board moves to limit liquidators’ discretion
1 month, 2 weeks ago

Insolvency board moves to limit liquidators’ discretion

Live Mint  

The Insolvency and Bankruptcy Board of India has sought to limit the discretion of officials authorized to liquidate insolvent companies and has said they must consult creditors compulsorily when rejecting the highest bids. In a proposal released for public feedback on Tuesday, the IBBI also said liquidators must verify the highest bidder for the assets of the company getting dissolved …

IBC Weekly Digest: 4th November To 10th November 2024
1 month, 4 weeks ago

IBC Weekly Digest: 4th November To 10th November 2024

Live Law  

NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. NCLAT Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT Case Title: Pratham Expofab Private Limited v. Mr. Anil Matta, Resolution Professional and Ors. Case Reference: Company Appeal No.355 of 2024 The NCLAT New Delhi Bench of …

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings
1 month, 4 weeks ago

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings

Live Law  

On 7th November, 2024, the Insolvency and Bankruptcy Board of India has released a discussion paper on the issues related with the Real Estate with seven proposals. Proposed Inclusion of Land Authorities in Committee of Creditors Meetings In corporate insolvency resolution processes involving real estate companies land authorities are crucial but currently they not represented in the Committee of Creditors. …

The Insolvency Code’s progress: From deep haircuts to fuller recoveries
2 months ago

The Insolvency Code’s progress: From deep haircuts to fuller recoveries

Live Mint  

The Insolvency and Bankruptcy Code has long been associated with delays and financial creditors taking significant losses in high-profile corporate insolvencies. The National Company Law Appellate Tribunal dismissed challenges from competing bidders and upheld the resolution plan of Sarda Energy, ensuring full recovery for financial creditors. Similarly, in the more recent case of Sripriya Kumar, financial creditors received more than …

Buyers in possession of plot, flat or building must be given ownership: IBBI
2 months ago

Buyers in possession of plot, flat or building must be given ownership: IBBI

Hindustan Times  

The Insolvency and Bankruptcy Board of India has proposed reforms to streamline the insolvency process for real estate companies and enhance protection for homebuyers. For thousands of buyers awaiting registration of housing units in projects undergoing the Bankruptcy resolution process, the IBBI has proposed that ownership of the plot, apartment or building should be transferred to buyers who are in …

No political appointments in NCLT, NCLAT: SC
2 months ago

No political appointments in NCLT, NCLAT: SC

Hindustan Times  

The Supreme Court on Thursday emphasised that appointments to the National Company Law Tribunal and the National Company Law Appellate Tribunal must not be “political”, even as it voiced serious concerns over delays and inefficiencies affecting India’s insolvency process. In its judgment that ordered the liquidation of debt-ridden Jet Airways, the top court addressed a raft of issues regarding the …

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, …

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 …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
5 months, 1 week 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, …

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs
5 months, 2 weeks ago

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs

The Hindu  

Finance Minister Nirmala Sitharaman has proposed to set up an integrated technology platform to improve the outcomes under the Insolvency & Bankruptcy Code for achieving transparency, consistency, timely settlement and better oversight of all resolution cases. She also said that the government would set up additional National Company Law Tribunals to expedite resolution of cases under the IBC. Commenting on …

Economic Survey: IBC has transformed credit market landscape for good
5 months, 2 weeks ago

Economic Survey: IBC has transformed credit market landscape for good

Live Mint  

New Delhi: The Economic Survey lavished praise on the Insolvency and Bankruptcy Code, saying the 2016 law has had a profound impact on India's credit market landscape. It has helped reduce banks' stress by lowering bad loans, rescued failing corporate debtors, and revitalized distressed assets in the real sector, injecting fresh momentum into the financial markets' recovery segment, the Economic …

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

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be …

Number of resolutions under IBC to go up every year: IBBI chairman
5 months, 3 weeks ago

Number of resolutions under IBC to go up every year: IBBI chairman

New Indian Express  

NEW DELHI: Amid criticism over delayed resolution of cases under the Insolvency and Bankruptcy Code, the chairman of insolvency regulator pointed out on Friday that 270 cases defaults were resolved in 2023-24 against the average 125 in the previous years. Ravi Mital, the chairman of Insolvency and Bankruptcy Board of India, said that the number of resolution per year would …

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD
6 months, 1 week ago

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD

Live Law  

The National Company Law Tribunal Kochi, comprising Justice T Krishna Valli and Mr. Shyam Babu Gautam dismissed the application to initiate insolvency proceedings against the Personal guarantors under Section 95 of Insolvency and Bankruptcy Code, 2016. It held that creditors cannot initiate insolvency proceedings against personal guarantors solely based on the initiation of the Corporate Insolvency Resolution Process without showcasing …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
6 months, 2 weeks 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 …

IBBI proposes amendments to insolvency rules; seeks public comments
6 months, 2 weeks ago

IBBI proposes amendments to insolvency rules; seeks public comments

The Hindu  

The Insolvency and Bankruptcy Board of India has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10. These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process, and benefiting creditors and other stakeholders involved in the CIRP. Seeking comments …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months, 2 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 …

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

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

Live Law  

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No. 105, 106, 990 of 2024 The National Company Law Appellate Tribunal Delhi, comprising Mr. Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey held that …

Preferential Transaction Under Section 43 Of IBC, Fraudulent Intent Need Not To Be Proved : NCLT Mumbai
7 months ago

Preferential Transaction Under Section 43 Of IBC, Fraudulent Intent Need Not To Be Proved : NCLT Mumbai

Live Law  

The National Company Law Tribunal Mumbai Bench-I of Justice Shri V.G. Accordingly, these transactions squarely falls within the deeming fiction provided in section 43 of the Code.” Brief Facts: The matter pertained to several applications filed by the Resolution Professional, Mr. Ankur Kumar, of M/s Mahavir Roads and Infrastructure Private Limited. It was contended that transactions between the Corporate Debtor …

Monthly Digest Of IBC Cases: May 2024
7 months 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 …

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea
7 months ago

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea

Hindustan Times  

New Delhi, June 3 The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank Jaiprakash Associates …

Clash Of Jurisdiction: Analysing The IBC-PMLA Conundrum
7 months, 2 weeks 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
7 months, 2 weeks 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. …

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

NCLT orders insolvency proceedings against Zee’s Subhash Chandra
8 months, 2 weeks ago

NCLT orders insolvency proceedings against Zee’s Subhash Chandra

Hindustan Times  

The National Company Law Tribunal on Monday initiated insolvency proceedings against Subhash Chandra, founder and chairman emeritus of Zee Entertainment Enterprises Ltd., following a plea by Indiabulls Housing Finance Ltd. Chandra acted as a personal guarantor for a loan to Essel Group's Vivek Infracon Pvt, PTI Subhash Chandra launched Zee Entertainment, considered to be the pioneer of television entertainment industry …

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea
8 months, 2 weeks ago

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea

Live Mint  

The National Company Law Tribunal on Monday has admitted Zee Entertainment Enterprises Ltd. chairman emeritus Subhash Chandra into personal insolvency on the plea filed by Indiabulls Housing Finance over guarantees given to a company called Vivek Infracon. Indiabulls Housing Finance had filed a plea in 2022 to commence personal insolvency proceedings against Subhash Chandra after a loan of ₹170 crore …

IBC Cases Quarterly Digest : January To March 2024
9 months 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
9 months 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 …

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
9 months, 1 week 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 …

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
9 months, 2 weeks ago

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad

Live Law  

The National Company Law Tribunal Court-1, Hyderabad bench comprising Dr Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh held that a petition under Section 7 of the Insolvency and Bankruptcy Code cannot be filed by a 'power of attorney' holder unless duly authorized by a Board Resolution. Additionally, the Corporate Debtor referred to a notification issued by the Central Government …

NCLT allows RCap administrator’s plea on implementation of resolution plan
9 months, 3 weeks ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951
9 months, 3 weeks ago

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951

Live Law  

The National Company Law Tribunal Kolkata, comprising Justice Ms. Bidisha Banerjee and Shri Arvind Devanathan held that the Insolvency and Bankruptcy Code, 2016 prevails over State Financial Corporation Act, 1951. Mr. Rajesh Lahila was appointed as the Resolution Professional on 17.02.2022 to manage the CIRP of the Corporate Debtor and to take custody of all the assets of the Corporate …

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts
10 months ago

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that Section 29A of Insolvency and Bankruptcy Code, 2016 disqualifies not only those in management and control of the Corporate Debtor when its account was declared Non-Performing Asset but also those in management and control of the Corporate Debtor in close proximity …

Monthly Digest Of IBC Cases: February 2024
10 months, 1 week ago

Monthly Digest Of IBC Cases: February 2024

Live Law  

Supreme Court Case Title: Greater Noida Industrial Development Authority Versus Prabhjit Singh Soni & Anr. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Adjudicating Authority ought to have granted an exclusion/extension of time when the Resolution Plan received in the …

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, 1 week 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 …

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