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Articles for Cirp

Supreme Court Dismisses Builder's Plea To Confine Insolvency Process To Single Real Estate Project
3 days, 19 hours ago

Supreme Court Dismisses Builder's Plea To Confine Insolvency Process To Single Real Estate Project

Live Law  

The Supreme Court recently dismissed an appeal seeking to confine Corporate Insolvency Resolution Process of Spaze Towers Pvt. Ltd. was initiated based on a Section 7 application filed by financial creditors in a class, comprising 26 real-estate allottees of the Spaze Arrow project. The appellant filed an application on November 8, 2024, seeking modification of the NCLAT's interim order to …

Corporate Financial Court Insolvency Corporate Debtor Application Projects
Tax Annual Digest 2024
4 days, 7 hours ago

Tax Annual Digest 2024

Live Law  

SARFAESI Act | Charge Of Secured Creditor Will Precede Over The Charge Based On Dues Of Sales Tax: Gujarat High Court The Gujarat High Court has reiterated that the charge of the Secured Creditor will precede over the charge of an Unsecured Creditor. The bench of Justice B. M. Shyam Prasad has observed that the GSTIN of the recipient organization …

India Singapore Justice Delhi Mumbai Hyderabad Supreme Court
Supreme Court Weekly Round-up: December 30, 2024 To January 05, 2025
5 days ago

Supreme Court Weekly Round-up: December 30, 2024 To January 05, 2025

Live Law  

Index Citations Union of India & Ors. Case Details: Shri Mukund Bhavan Trust and Ors v. Shrimant Chhatrapati Udayan Raje Pratapsinh Maharaj Bhonsle and Another, Arising out of SLP No.18977 of 2016) Citation: 2024 LiveLaw 1041 The Supreme Court set aside an order passed by the High Court of Bombay dated April 26, 2016. The bench comprising Justice Dipankar Datta …

India Karnataka Delhi Supreme Court High Court Court Uttar Pradesh
'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRP
6 days, 17 hours ago

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

Live Law  

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

Supreme Court High Court Corporate High Courts Insolvency Resolution Writ
Rejection Of Belated And Contingent Claims By Resolution Professional Cannot Be Faulted: NCLAT
6 days, 19 hours ago

Rejection Of Belated And Contingent Claims By Resolution Professional Cannot Be Faulted: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan, and Mr. Barun Mitra has held that when the claims have been filed belatedly after 548 days and that too the claims arise from damages and breach of contract which according to the Appellant is admittedly contingent, the RP's action to reject the claim by way of a reasoned reply to …

Resolution Case Resolution Professional Nclat Damages Appellant Ibc
After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT
6 days, 22 hours 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 …

Court Assessment Order Expression Proceedings Nclat Epfo
Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata
1 week, 1 day ago

Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising Justice Bidisha Banerjee and Shri Balraj Joshi has held that an application under Section 95 of the Insolvency and Bankruptcy Code for initiating insolvency proceedings against a personal guarantor is not maintainable before the NCLT if no Corporate Insolvency Resolution Process or liquidation proceeding has been initiated or is pending against the …

Personal Corporate Insolvency Corporate Debtor Tribunal Nclt Proceedings
Annual Digest Of IBC Cases: 2024
1 week, 2 days 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 …

India Justice Delhi Mumbai Supreme Court High Court Corporate
IBC Monthly Digest: December 2024
1 week, 2 days ago

IBC Monthly Digest: December 2024

Live Law  

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

India Justice Insolvency Corporate Debtor Title Technical Resolution Professional
Sole Financial Creditor Can't Entertain Request For One-Time Settlement Once CIRP Proceedings Have Commenced: Telangana High Court
1 week, 3 days ago

Sole Financial Creditor Can't Entertain Request For One-Time Settlement Once CIRP Proceedings Have Commenced: Telangana High Court

Live Law  

Telangana High Court has dismissed a Writ petition filed by Mandava Holdings Private Limited challenging the rejection of the one-time settlement proposal offer made to PTC India Financial Services Limited so as to stop CIRPC proceedings without considering the RBI framework for compromise settlement and technical write-offs. Relying on various Supreme Court judgements the bench further reiterated that the primary …

Financial Court Resolution Settlement Rejection Nclt Proceedings
Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024
1 week, 4 days 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 …

Supreme Court Corporate Court Insolvency Corporate Debtor Debt Resolution Plan
Insolvency & Bankruptcy Code : Important Judgments By Supreme Court In 2024
1 week, 4 days 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 …

Supreme Court Corporate Court Insolvency Corporate Debtor Debt Resolution Plan
IBC Weekly Round Up [23rd December-29th December 2024]
1 week, 4 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 …

Appeal Insolvency Title Application Technical Company 2024
No Claim Survives When Unit Holder Is Handed Over Possession And Conveyance Deed Has Been Executed: NCLAT
2 weeks, 1 day ago

No Claim Survives When Unit Holder Is Handed Over Possession And Conveyance Deed Has Been Executed: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that when a unit holder is handed over possession and a Conveyance Deed has also been executed, no claim survives of such unit holders. The Respondents – Financial Creditors in a class being allottee of a Project namely 'Spaze Arrow' located …

Financial Projects Project Filed Arrow Cirp Financial Creditors
Status Report Submitted In Criminal Proceeding Can Have No Bearing While Deciding Application U/S 7 Of IBC: NCLAT
2 weeks, 3 days ago

Status Report Submitted In Criminal Proceeding Can Have No Bearing While Deciding Application U/S 7 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that Status Report submitted in a criminal proceeding regarding allegations of fraud and forgery can have no bearing while deciding Section 7 Application. Per contra, the respondent submitted that the debt and default being fully proved, Section 7 Application ought to have been admitted, which …

Corporate Financial Land Application Company Project Status
Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT
2 weeks, 3 days ago

Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that CIRP withdrawal application can be withdrawn by Resolution Professional before the application is heard and allowed. Thereafter, the MHIL was informed by the RP about the decision taken by the CoC regarding CIRP withdrawal and that an application under section 12A had also …

Resolution Application Resolution Professional Filed Withdrawal Claim Professional
CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 7 Application: NCLAT
2 weeks, 5 days ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 7 Application: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP. Based on the above, the tribunal observed that “we are of the view that Adjudicating Authority did not commit any error …

Trust Application Order Applicant Nclt Mou Filed
Supreme Court Monthly Digest- October 2024 With Statute And Subject Wise Index
2 weeks, 6 days ago

Supreme Court Monthly Digest- October 2024 With Statute And Subject Wise Index

Live Law  

Advocate Supreme Court deprecates practice of litigant engaging new lawyer to reargue case after court expressed dissatisfaction on merits. Airports Economic Regulatory Authority of India v. Delhi International Airport, 2024 LiveLaw 812 Arbitration and Conciliation Act, 1996 Section 11 - Arbitration Clause in Public Premises Disputes – Applicability of the Public Premises Act, 1971 vis-à-vis the Arbitration and Conciliation Act, …

India Delhi Supreme Court High Court Court Proceedings Bihar Constitution
CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT
2 weeks, 6 days ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP. Based on the above, the tribunal observed that “we are of the view that Adjudicating Authority did not commit any error …

Trust Application Order Applicant Nclt Mou Filed
Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT
Trending News
3 weeks, 2 days ago

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that the Resolution Plan which is approved in commercial wisdom of the CoC binds all stakeholders including the dissenting financial creditor. It was also argued that the Appellant being financial creditor having 6.64% voting share had no right or jurisdiction to challenge the decision of the …

Financial Resolution Bank Commercial Wisdom Resolution Plan Plan
CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT
3 weeks, 2 days ago

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT

Live Law  

The NCLAT bench of Justice Ashok Bhushan and Arun Baroka has observed that the maximum timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code is 330 days. Relying on the Supreme Court's judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr., the Tribunal observed that an order can only be recalled on limited grounds, …

Supreme Court Exceptional Circumstances Application Order Recall Auction Tribunal
Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT
3 weeks, 2 days ago

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that copy of the Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with the suspended management of the corporate debtor when the suspended management is also a Resolution Applicant. It was further submitted that the CoC had approved the resolution …

Resolution Applicant Tribunal Plan Plans Shared Suspended
IBC Weekly Round-Up [9th December To 15th December 2024]
3 weeks, 4 days ago

IBC Weekly Round-Up [9th December To 15th December 2024]

Live Law  

NOMINAL INDEX Indian Renewable Energy Development Agency Limited Versus Waaree Energies Limited and Anr., Company Appeal No.1380 of 2024 Suraksha Asset Reconstruction Ltd. 139 of 2024 NCLAT Raising Money Through Optional Convertible Debentures Can Be Considered As Financial Debt U/S 5: NCLAT Case Title: Indian Renewable Energy Development Agency Limited Versus Waaree Energies Limited and Anr. Case Number: Company Appeal …

Appeal Insolvency Technical Company 2024 New Delhi Held
NCLT Can Allow Date Of Default To Be Amended In CIRP Proceedings: NCLAT
3 weeks, 6 days ago

NCLT Can Allow Date Of Default To Be Amended In CIRP Proceedings: NCLAT

Live Law  

The National Company Law Appellate Tribunal bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the NCLT is empowered to allow the parties to amend the pleadings before the final orders in Corporate Insolvency Resolution Process proceedings are passed. The initial default date of 31.10.2020 falls within the moratorium period under Section 10A, …

Corporate Corporate Debtor Bank Tribunal Held Period Nclt