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Articles for Financial Creditor, search results for 2016

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court
Trending News
3 days, 23 hours ago

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Live Law  

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. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there …

Supreme Court Financial Bank Debt Appellants Person Claim
IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court
Trending News
3 days, 23 hours ago

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Live Law  

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. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there …

Court Bank Appellants Person Claim Default Owed
Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week 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 …

India Real Estate Justice Delhi Mumbai Supreme Court High Court
Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai
6 months, 2 weeks ago

Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench-VI bench of K. R. Saji Kumar and Sanjiv Dutt has held that the principal debtor and the surety are jointly and severally liable to the creditor which has the right to recover its dues from either or both of them simultaneously. Observations by the NCLT: The NCLT considered the objection raised by the …

Personal Corporate Financial Insolvency Loan Nclt Proceedings
IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

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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 …

Law India Justice Delhi Mumbai Kolkata Supreme Court
Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023
11 months, 3 weeks ago

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

Live Law  

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

India Justice Supreme Court Corporate Court Insolvency Resolution
NCLAT Delhi Reverses The Decision Of NCLT, Upholds CoC’s Decision To Accept Relinquishment Of Personal Guarantee On Payment
1 year, 3 months ago

NCLAT Delhi Reverses The Decision Of NCLT, Upholds CoC’s Decision To Accept Relinquishment Of Personal Guarantee On Payment

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The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in SVA Family Welfare Trust & Anr. v Ujaas Energy Ltd. & Ors., has upheld the decision of Committee of Creditors to accept a value for relinquishment of personal guarantees of the Corporate Debtor under the Resolution …

Personal Corporate Financial Resolution Corporate Debtor Nclt Bench
NCLT Mumbai Admits Section 7 Petition Against M/S Tulip Hotels Private Limited For Defaults Of More Than Rs. 900 Crores
1 year, 7 months ago

NCLT Mumbai Admits Section 7 Petition Against M/S Tulip Hotels Private Limited For Defaults Of More Than Rs. 900 Crores

Live Law  

The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar has admitted a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 against M/s Tulip Hotels Private Limited and initiated Corporate Insolvency Resolution Process against it. Ltd. M/s Tulip Hotels Private Limited had defaulted in payment of two Guarantees amounting to Rs. 900,00,00,000/- in its capacity …

Hotels Principal Private Limited Financial Creditor Limited Tulip Tulip Hotels
IBC-NCLT Chandigarh Approves Resolution Plan For Haryana Telecom Limited
1 year, 7 months ago

IBC-NCLT Chandigarh Approves Resolution Plan For Haryana Telecom Limited

Live Law  

The NCLT Chandigarh bench comprising of Shri Harnam Singh Thakur and Shri Subrata Kumar Dash has approved a 25 crore resolution plan of Mr. Abhimanyu Singh Mehlawat for Haryana Telecom Limited under section 30 and 31 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional initially admitted claims of 8.20 crores from Secured Financial Creditor, of 67.47 lakhs from …

Company Resolution Plan Nclt Crores Ibc Haryana Telecom Limited Secured Financial Creditor
Advance Collected From Allottes Towards Payment Of Maintenance Charges Or Taxes Is Operational Debt: NCLT Mumbai
1 year, 9 months ago

Advance Collected From Allottes Towards Payment Of Maintenance Charges Or Taxes Is Operational Debt: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, while adjudicating an application filed in Innova Premises Co-operative Society Limited v Marathon Nextgen Realty Limited, has held that money collected from allottees for payment towards maintenance charges or taxes of the real estate project, is akin to the money paid in advance to …

Society Corporate Maintenance Operational Debt Applicant Nclt
NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
1 year, 9 months ago

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Punit Goenka v Indusind Bank Ltd. & Anr., has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process was initiated against Zee Entertainment Enterprises Ltd. Background Facts Zee Entertainment Enterprises Ltd. is an Indian media …

Entertainment Corporate Corporate Debtor Order Opportunity Bench File
Entries In Book Of Accounts/Balance Sheet Of Corporate Debtor Can Be Treated As Acknowledgment Of Liability Of Debt Payable To Financial Creditor: Supreme Court
2 years, 4 months ago

Entries In Book Of Accounts/Balance Sheet Of Corporate Debtor Can Be Treated As Acknowledgment Of Liability Of Debt Payable To Financial Creditor: Supreme Court

Live Law  

The Supreme Court observed the entries in Books of Account/Balance sheet of a company can be treated as acknowledgement of liability in respect of debt payable to a financial creditor.An application under Section 7 of the IBC would not be barred by limitation, on the ground that it had been filed beyond a period of three years from the date …

Supreme Court Corporate Financial Court Corporate Debtor Application Debt
Reverse Corporate Insolvency Resolution Process In Case Of Real Estate Companies
2 years, 4 months ago

Reverse Corporate Insolvency Resolution Process In Case Of Real Estate Companies

Live Law  

Taking a cue from the Supreme Court in the matter of Swiss Ribbons Private Limited and Anr. However, through the reverse corporate insolvency resolution process, the promoters can overcome the bar given in Section 29A of the Code and give a proposal for completing and delivering the projects of the corporate debtor. The reason given by the NCLAT for propounding …

Corporate Financial Insolvency Resolution Companies Case Process
Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata
2 years, 5 months ago

Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating a petition filed in Orbit Towers Pvt. However, the Corporate Debtor failed to do so and the Financial Creditor paid Rs.8,45,19,907/- to the Indian Bank in capacity of a Corporate Guarantor. The Financial Creditor filed a petition under Section 7 of …

Kolkata Financial Rights Corporate Debtor Indian Right Nclt
Monthly Digest Of IBC Cases: April 2022
2 years, 7 months ago

Monthly Digest Of IBC Cases: April 2022

Live Law  

Supreme Court Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court Case title: Sunil Kumar Jain v Sundaresh Bhatt, Civil Appeal No. The National Company Law Appellate Tribunal, Principal Bench, comprising of comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has upheld the order dated 06.04.2022 …

India Supreme Court High Court Insolvency Resolution Corporate Debtor Title
Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati
2 years, 7 months ago

Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati

Live Law  

The National Company Law Tribunal, Amravati Bench, comprising of Justice Telaprolu Rajani, while adjudicating a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the matter of M/s Pridhvi Asset Reconstruction and Securitisation Company Ltd. v M/s Andhra Cement Ltd., has initiated Corporate Insolvency Resolution Process against Andhra Cement Ltd. The Corporate Debtor had approached IDFC …

Corporate Corporate Debtor Bank Company Nclt Cement Section 7
Supreme Court Weekly Round Up, September 27 To October 3
3 years, 2 months ago

Supreme Court Weekly Round Up, September 27 To October 3

Live Law  

Motor Accidents Claim - Minimum Wage Notification Not An Absolute Yardstick To Fix Income Of Deceased In Absence Of Salary Certificate : Supreme CourtCase Title : Chandra @ Chanda versus Mukesh Kumar Yadav and othersCitation : LL 2021 SC 532While deciding on compensation to be paid in a case of motor vehicle accident, Supreme Court has observed that merely because. …

Supreme Court Evidence Court West Bengal Case Personal Liberty Cbi
Lender Who Advanced Interest Free Loans To Corporate Body Is Also A Financial Creditor; Can Initiate CIRP: Supreme Court
3 years, 4 months ago

Lender Who Advanced Interest Free Loans To Corporate Body Is Also A Financial Creditor; Can Initiate CIRP: Supreme Court

Live Law  

The Supreme Court observed that a lender who advanced interest free loans to finance the business operations of a corporate body is a Financial Creditor and competent to initiate the Corporate Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The court also held that Financial Debt' would include interest free loans advanced to finance the business …

Supreme Court Corporate Financial Court Debt Interest Nclt
Insolvency Law In Review – November 2020
4 years ago

Insolvency Law In Review – November 2020

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In Sanjeev Kumar v. Aithent Technologies Private Limited, the NCLAT by a majority judgment held that the NCLT, Kolkata had rightly admitted the application filed u/s 9 of the Code by the lessor, as even though the dues arising from the lease …

Law Mumbai Supreme Court Insolvency Resolution Corporate Debtor Application
Conflicting Views Of NCLAT On Rights Of A Decree Holder Under The Insolvency And Bankruptcy Code, 2016
4 years, 4 months ago

Conflicting Views Of NCLAT On Rights Of A Decree Holder Under The Insolvency And Bankruptcy Code, 2016

Live Law  

The National Company Law Appellate Tribunal very recently on 14.8.2020,in the case of Sushil Ansal v Ashok Tripathi seems to dilute the interests of Decree Holders under IBC. Answering the same it held that; "The answer to the question whether a decree-holder would fall within the definition of 'Financial Creditor' has to be an emphatic 'No' as the amount claimed …

Supreme Court Financial Court Debt Case Nclat Award