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Articles for Cirp, search results for 2022

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT
1 month, 2 weeks ago

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT

Live Law  

The NCLAT has affirmed that the CoC is empowered to modify the resolution plan in order to comply with the directions issued by the Supreme Court. Hon'ble Supreme Court vide Order dated 22.01.2024 allowed the Civil Appeals filed by the Excise & Taxation Officer, Officer-Cum-Assessing Authority setting aside the Order dated 22.03.2022 passed by the Appellate Tribunal in view of …

Supreme Court Resolution Process Resolution Plan Plan Officer Nclat
CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
7 months, 3 weeks ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

Corporate Corporate Debtor Operational Held Code Agent Principal
Question Of Value Can't Be Raised Post Approval Of Resolution Plan By CoC: NCLAT Delhi
9 months, 3 weeks ago

Question Of Value Can't Be Raised Post Approval Of Resolution Plan By CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has upheld an order passed by NCLT herein it was held that the question of valuation of assets cannot be raised after the resolution plan has been approved by the Committee of Creditors. The Resolution Professional of the Corporate Debtor appointed two valuers …

Corporate Resolution Corporate Debtor Resolution Professional Resolution Plan Plan Nclt
Delhi High Court Quashes Income Tax Notice Issued Prior To Date Of Approval Of Resolution Plan
1 year ago

Delhi High Court Quashes Income Tax Notice Issued Prior To Date Of Approval Of Resolution Plan

Live Law  

The Delhi High Court has quashed the income tax notices and orders issued prior to the date of approval of the resolution plan.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed the notices and orders pertaining to the income tax claims of the respondents or department pertaining to the period much prior to the date of approval …

Delhi Tax Resolution Income Tax Order Income Notices
Proposed Regulatory Framework To Curb The Problem Of Delays In CIRP
1 year, 7 months ago

Proposed Regulatory Framework To Curb The Problem Of Delays In CIRP

Live Law  

The Insolvency and Bankruptcy Code, 2016 came into force on 28th May 2016, with the objective to “consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons.” The Code also provides for the establishment of the Insolvency and …

Regulations Competition Act Interpretation Nclt Sebi Code Framework
Monthly Digest Of IBC Cases: February 2023
1 year, 10 months ago

Monthly Digest Of IBC Cases: February 2023

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NCLAT Case Title: Priyal Kantilal Patel v IREP Credit Capital Pvt. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process was initiated against Zee Entertainment Enterprises Ltd. Zee Entertainment Enterprises Ltd. is an Indian media conglomerate owned by Essel Group, …

Law India Corporate National Gratuity Corporate Debtor Bank
Supreme Court Annual Digest 2022- Company Law
2 years ago

Supreme Court Annual Digest 2022- Company Law

Live Law  

Companies Act, 1956 - Appeal against NCLAT order which dismissed appeals against NCLT order denying relief to appellant workmen/employees with regard to their claim relating to salary, which they claimed for the period involving CIRP- Partly allowed - That the wages/salaries of the workmen/employees of the Corporate Debtor for the period during CIRP can be included in the CIRP costs …

Law India Corporate Court Public Interest Company Nclt
All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals
2 years ago

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals

Live Law  

SUPREME COURT Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

India Justice Supreme Court High Court Appeal Corporate Court
Supreme Court Annual Digest 2022 - Insolvency and Bankruptcy Code (IBC) With Parallel Citations
2 years ago

Supreme Court Annual Digest 2022 - Insolvency and Bankruptcy Code (IBC) With Parallel Citations

Live Law  

Insolvency andBankruptcy Code, 2016 - Appealchallenging NCLAT order which reversed the order of the NCLT wherein it hadheld that the application under Section 9 of the Insolvency and BankruptcyCode, 2016 was not time-barred - Allowed - The failure of the NCLAT as thefirst appellate authority to look into a very vital aspect such as this,vitiates its order, especially when NCLT …

India Supreme Court Court Insolvency Customs Application Limitation Act
Indian Insolvency Yearly Review 2022
2 years ago

Indian Insolvency Yearly Review 2022

Live Law  

In recent years, several noteworthy judgments have been rendered by the Indian Courts in matters pertaining to the law of insolvency in India and in particular the Insolvency and Bankruptcy Code, 2016. The Supreme Court observed that the adjudicating authority is vested with discretionary power under Section 7 of the IBC to accept or reject the financial creditor's application. On …

India Corporate Court Insolvency Operational Supreme Three Years
NCLT Delhi Imposes Cost Of Rs. 1 Lakh On Suspended Director
2 years ago

NCLT Delhi Imposes Cost Of Rs. 1 Lakh On Suspended Director

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das and Shri L.N. 1 Lakh upon the Suspended Director of Corporate Debtor for instituting multiple proceedings seeking same reliefs and wasting precious judicial time. Background Facts Indian Bank had filed a petition under Section 7 of the Insolvency and Bankruptcy Act, 2016, seeking initiation of …

Corporate Director Corporate Debtor Bank Application Applicant Filed
Monthly Digest Of IBC Cases: November 2022
2 years, 1 month ago

Monthly Digest Of IBC Cases: November 2022

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Supreme Court Can Provisional Attachment Under PMLA Be Passed After Initiation Of CIRP Under IBC? 1270 of 2022 The National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while deciding an appeal filed by the Operational Creditor against the order dated 17.08.2022 passed by NCLT, New Delhi held that amount of default occurred during …

India Supreme Court Insolvency National Corporate Debtor Operational Creditor Title
Supreme Court Quarterly Digest on IBC [July - September, 2022]
2 years, 2 months ago

Supreme Court Quarterly Digest on IBC [July - September, 2022]

Live Law  

Insolvency and Bankruptcy Code 2016 - There can be no dispute with the proposition that the period of limitation for making an application under Section 7 or 9 of the IBC is three years from the date of accrual of the right to sue, that is, the date of default. State Tax Officer v. Rainbow Papers Ltd., 2022 LiveLaw 743 …

Court Customs Application Customs Act Schedule Bankruptcy State
Monthly Digest Of IBC Cases: October 2022
2 years, 2 months ago

Monthly Digest Of IBC Cases: October 2022

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Supreme Court Discretion Of NCLT Under Section 7 IBC - Observations In 'Vidarbha Industries' Made In Context Of Case: Supreme Court Refuses Review Case Title : Axis Bank Ltd versus Vidarbha Industries Power Ltd Case No. : 2022 LiveLaw 817, RP 1043/2022 The Supreme Court Bench comprising of Justices Indira Banerjee and JK Maheshwari held that there is no ground …

Law India Supreme Court Court Video Conferencing Resolution National
Monthly Digest Of IBC Cases: September 2022
2 years, 3 months ago

Monthly Digest Of IBC Cases: September 2022

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Supreme Court IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower: Supreme Court Case Title: Maitreya Doshi vs Anand Rathi Global Finance Ltd Case No. 1037 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has held that when the …

Law Video Conferencing Resolution National Corporate Insolvency Corporate Debtor State Government
IBC Cases Weekly Round-Up: 5 September To 11 September, 2022
2 years, 3 months ago

IBC Cases Weekly Round-Up: 5 September To 11 September, 2022

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Supreme Court Case Title: K Paramasivam vs Karur Vysya Bank Ltd Case No. 1035 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has allowed an appeal which was re-filed after 197 days of delay by the Appellant, subject to payment of cost of Rs. 1074 …

Justice Appeal Corporate Resolution Title Resolution Professional Company
IBC Cases Monthly Round Up: August 2022
2 years, 4 months ago

IBC Cases Monthly Round Up: August 2022

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Supreme Court Entries In Book Of Accounts/Balance Sheet Of Corporate Debtor Can Be Treated As Acknowledgment Of Liability Of Debt Payable To Financial Creditor: SupremeCourt Case Title: Asset Reconstruction Company Limited v Tulip Star Hotels Limited Case No. 425 of 2022 The National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan, Justice N Satyanarayana Murthy and Mr. Barun …

Law India Justice Supreme Court Court Video Conferencing Insolvency
Bank Of India Files Insolvency Plea Against Kishore Biyani Led Future Lifestyle Fashions
2 years, 4 months ago

Bank Of India Files Insolvency Plea Against Kishore Biyani Led Future Lifestyle Fashions

Live Law  

Future Lifestyle Fashions Ltd. is the flagship fashion business of the Mr. Kishore Biyani led Future Group of companies, which have dominated the retail sector in India for years. Future Retail Ltd., which operates popular retail chains such as Big Bazaar, Foodhall, Easyday Club and WH Smith, was admitted into Corporate Insolvency Resolution Process by NCLT Mumbai Bench on 20.07.2022, …

India Bank Nclt Led Petition Ibc Bank Of India
Supreme Court Half Yearly Digest 2022 (Jan - Jun) Insolvency and Bankruptcy Code, 2016
2 years, 4 months ago

Supreme Court Half Yearly Digest 2022 (Jan - Jun) Insolvency and Bankruptcy Code, 2016

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Companies Act, 1956 - Insolvency and Bankruptcy Code, 2016 - Appeal against NCLAT order which dismissed appeals against NCLT order denying relief to appellant workmen/employees with regard to their claim relating to salary, which they claimed for the period involving CIRP- Partly allowed - That the wages/salaries of the workmen/employees of the Corporate Debtor for the period during CIRP can …

Corporate Court Insolvency Limitation Act Provident Fund Bankruptcy Nclt
Monthly Digest Of IBC Cases: July 2022
2 years, 5 months ago

Monthly Digest Of IBC Cases: July 2022

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Supreme Court NCLT Not A Debt Collection Forum ; Operational Creditor's Application To Initiate CIRPMust Be Dismissed If The Debt Is Disputed: Supreme Court Case Title: SS Engineers vs Hindustan Petroleum Corporation Ltd Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file …

Law India Mumbai Supreme Court Corporate Court Video Conferencing
Supreme Court Weekly Round Up: July 17 To July 23, 2022
2 years, 5 months ago

Supreme Court Weekly Round Up: July 17 To July 23, 2022

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Supreme Court Judgements Opportunity Of Hearing Not Required To Be Afforded To Army Officers Before Suspending Them Pending Court Of Inquiry : Supreme Court Case Stat: Col. Vineet Raman Sharda vs Union of India | 2022 LiveLaw 606 The Supreme Court observed that opportunity of hearing is not required to be afforded to army officers before suspending them pending the …

India Madhya Pradesh High Court Karnataka Tamil Nadu Kerala Delhi Supreme Court
IBC Cases Weekly Round Up: July 10 To 17 July, 2022
2 years, 5 months ago

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

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Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 for recommending approval or rejection of insolvency …

Law Mumbai Corporate Resolution Income Tax Company Judicial
IBC Cases Weekly Round-Up: 27 June To 3 July 2022
2 years, 6 months ago

IBC Cases Weekly Round-Up: 27 June To 3 July 2022

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NCLT NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers Ltd. Case Title: UCO Bank v Vinod Kumar Mittal Case No. : C.P./242021 The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, has initiated Insolvency Resolution Process against Mr. Vinod Kumar Mittal, who is the Personal Guarantor to the loan …

Law India Court Video Conferencing Insolvency National Bank
Monthly Digest Of IBC Cases: June 2022
2 years, 6 months ago

Monthly Digest Of IBC Cases: June 2022

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NCLAT Case Title: Puneet Kaur v K V Developers Private Limited Case No. 645 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Naresh Salecha, has stayed the Corporate Insolvency Resolution Process of RHC Holdings Pvt Ltd. initiated by NCLT New Delhi on 13.05.2022. The National Company Law Appellate Tribunal, Principal Bench, …

Law India Corporate Insolvency Resolution Corporate Debtor Operational Creditor