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Articles for Financial Creditor, search results for creditor

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
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
Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT
Trending News
5 days, 21 hours 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
Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
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 …

Supreme Court Corporate Corporate Debtor Bank Application Debt Tribunal
Written Agreement Not Mandatory To Prove Financial Debt If It Can Be Proved From Other Materials On Record: NCLAT
3 weeks, 3 days ago

Written Agreement Not Mandatory To Prove Financial Debt If It Can Be Proved From Other Materials On Record: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan and Mr. Arun Baroka has affirmed that it is not necessary for financial debt to be proved by a written agreement if it can be established from other materials on record then application under section 7 can be admitted.In this case, the section 7 application of the financial creditor was …

Record Corporate Financial Application Debt Materials Agreement
Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi
3 weeks, 5 days ago

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that application under section 7 of the IBC cannot be admitted in absence of any debt and consequent default on the part of the corporate debtor. Payments having already been received by Thakkars of the balance amount for payment to the Investors, there was no …

Financial Corporate Debtor Application Agreement Investors Crores Mou
Guarantor Cannot Become Financial Creditor Without Making Any Payment In Discharge Of Guarantee: NCLAT
3 weeks, 5 days ago

Guarantor Cannot Become Financial Creditor Without Making Any Payment In Discharge Of Guarantee: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that guarantor cannot become a financial creditor without paying any amount towards discharging the liability of the principal borrower for whom the guarantee was given. The IRP sent a report in which two more unsecured financial creditors, the appellants herein, were …

Corporate Financial Bank Loan Payment Nclat Irp
Directors Of Financial Creditors Not Disqualified From Filing Plea U/S 7 Of IBC Due To Sister Company's Default U/S 248 Of Companies Act: NCLAT
1 month, 1 week ago

Directors Of Financial Creditors Not Disqualified From Filing Plea U/S 7 Of IBC Due To Sister Company's Default U/S 248 Of Companies Act: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that directors of the financial creditors are not disqualified from filing a petition under section 7 of the IBC merely on the ground that sister company of the financial creditors in which they were holding the same position, defaulted under section 248 of the Companies Act in …

Financial Director Disqualification Companies Act Companies Application Sachdeva
Madras High Court: MSME Corporate Debtor Can't Misuse Clean Slate Theory To Withhold Information When Its Management Had A Duty To Disclose
6 months, 1 week ago

Madras High Court: MSME Corporate Debtor Can't Misuse Clean Slate Theory To Withhold Information When Its Management Had A Duty To Disclose

Live Law  

The Madras High Court bench of Justice N. Seshasayee held that an MSME Corporate Debtor cannot exploit the Clean Slate Theory by withholding information, especially when its management, which remained in control, had a duty to disclose such information. The petitioner filed the writ of certiorari and mandamus before the Madras High Court to quash the Demand Notice issued by …

Financial Court Electricity Resolution High Plan Nclt
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

Live Law  

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
Loan Amount Acknowledged As “Long-Term Borrowings” Has Commercial Effect And Covered U/S 5(8) Of IBC: NCLT Mumbai
7 months, 1 week ago

Loan Amount Acknowledged As “Long-Term Borrowings” Has Commercial Effect And Covered U/S 5(8) Of IBC: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Ms. Lakshmi Gurung, Member & Sh. Charanjeet Singh Gulati, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in the case of Metamorphosis Trading LLP vs Membrane Filters Private Limited has held that the loan amount acknowledged in the books of the Corporate Debtor as “Long-term Borrowings” is …

Corporate Financial Debt Loan Tribunal Debtor Private Limited
Quandary Of Dissenting Financial Creditors Having Security Interest: Perhaps Supreme Court's Larger Bench To Guide Dissenting Financial Creditors
10 months, 2 weeks ago

Quandary Of Dissenting Financial Creditors Having Security Interest: Perhaps Supreme Court's Larger Bench To Guide Dissenting Financial Creditors

Live Law  

The recent judgment by a Two-Judge Bench of the Supreme Court, delivered by Justice Sanjeev Khanna and Justice S.V.N. Therefore, while the DBS Bank judgment cites relevant decisions such as Committee of Creditors of Essar Steel India Limited, Swiss Ribbons, and Vallal RCK, which emphasize the importance of respecting the commercial wisdom of the CoC, it also noted that, while …

Financial Court Resolution Value Supreme Bench Code
NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default
10 months, 3 weeks ago

NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Mr. Kishore Vemulapalli and Ms. Anu Jagmohan Singh held that the date of default by the Principal Borrower is not relevant to determine the date of default by the Corporate Guarantor. NCLT Verdict: The NCLT Mumbai allowed the application and held that the date of default by the Principal Borrower is not …

Mumbai Corporate Financial Corporate Debtor Date Nclt Default
NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory
10 months, 3 weeks ago

NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. Bidisha Banerjee and Shri D. Arvind held that the filing of default information with Information Utility in compliance with Rule 20 of IBBI Regulations 2017 is not mandatory compliance. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that the filing of default information with Information Utility in compliance with …

Kolkata Corporate Financial Information Insolvency Resolution Regulations
NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
11 months, 2 weeks ago

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process application against the Successful Resolution Applicant on default in payment to Stakeholders/Creditors as per terms of the approved Resolution Plan under Insolvency and Bankruptcy Code, 2016. Where the corporate debtor, any …

Corporate Financial Resolution Resolution Plan Tribunal Plan Five Years
NCLAT Chennai: Amount Paid As Part Of Business Transfer Agreement, Not A Financial Creditor.
1 year ago

NCLAT Chennai: Amount Paid As Part Of Business Transfer Agreement, Not A Financial Creditor.

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice Rakesh Kumar Jain and Shreesha Merla has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal Hotel Private Limited had entered into a Business Transfer Agreement …

Financial Corporate Debtor Respondent Hotel Nclat Member Bta
NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance
1 year, 1 month ago

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan and Mr Barun Mitra has dismissed an appeal and held that the scope of enquiry of the National Company Law Tribunal as per Section 31 of Insolvency and Bankruptcy Code, 2016 is confined to scrutinising whether Section 30 IBC has been complied with. Sita Chaudhary, the suspended …

Corporate Resolution Corporate Debtor Resolution Plan Plan Nclt Singh
IBC | Doctrine Of Election Can't Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court
1 year, 2 months ago

IBC | Doctrine Of Election Can't Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court

Live Law  

The Supreme Court has held that the 'Doctrine of Election' cannot be applied to prevent a Financial Creditor from approaching the National Company Law Tribunal for initiation of Corporate Insolvency Resolution Process against a Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. As such, the holder of such certificate would be entitled to initiate CIRP, if initiated within a …

Supreme Court Corporate Financial Recovery Court Election Corporate Debtor
NCLAT Chennai: Advances By Property Buyers To Real Estate Developers Are ‘Borrowing’ And Financial Debt
1 year, 3 months ago

NCLAT Chennai: Advances By Property Buyers To Real Estate Developers Are ‘Borrowing’ And Financial Debt

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Shreesha Merla, dismissed an application filed in Venkat Rao Marpina vs. Vemuri Ravi Kumar by Venkat Rao Marpina, Suspended director of Bhrighu Infra Private Limited against Vemuri Ravi Kumar. Thus, the advances given by Property buyers to real estate developer will be considered as ‘borrowing’, and …

Corporate Financial Debt Applicant Interest Nclat Code
Differential Payments Can Be Made To Assenting And Dissenting Unsecured Financial Creditors: NCLAT Delhi
1 year, 4 months ago

Differential Payments Can Be Made To Assenting And Dissenting Unsecured Financial Creditors: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Peter Beck and Partner Vermoegensverwaltung GMBH v Sharon Bio-medicine Limited & Ors., has held that differential payments can be made between the unsecured Financial Creditors who voted in favour of the plan and the ones who …

Financial Resolution Corporate Debtor Payment Plan Nil Bench
Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi
1 year, 5 months ago

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi

Live Law  

The National Company Law Tribunal, Principal Bench, comprising of Chief Justice Ramalingam Sudhakar and Shri Avinash K Srivastava, while adjudicating a petition filed in the matter ofM/s. Ltd.,has held that a co-joint reading of Sections 52, 53 and 30 of IBC reveals that a Dissenting Financial Creditor is at best entitled to the liquidation value commensurate with its security interest. …

Security Corporate Financial Resolution Corporate Debtor Interest Plan
Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
1 year, 6 months ago

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors is re-constituted post approval of a resolution plan, due to recategorization of a creditor, then the approved …

Resolution Order Plan Nclt Nclat Dated Coc
Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai
1 year, 7 months ago

Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Smt Anuradha Sanjay Bhatia, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Birla Cotsyn Limited vs Birla Global Corporate Private Limited has held that prior approval of the Adjudicating Authority under Section 33 of IBC, 2016 is mandatory before initiating an …

Corporate Financial Legal Proceedings Tribunal Limited Liquidator Ibc
A Person Who Comes In A Project As A Speculative Investor In Garb Of A Lender Cannot Be Accorded The Status Of A Financial Creditor: NCLT New Delhi
1 year, 8 months ago

A Person Who Comes In A Project As A Speculative Investor In Garb Of A Lender Cannot Be Accorded The Status Of A Financial Creditor: NCLT New Delhi

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising Shri P.S.N Prasad and Shri Rahul Bhatnagar, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Rohit Prasad vs M/s S and N Lifestyle Infraventures Pvt. Ltd for purchase of 5% equity share at a housing project at The Highlands, Dehradun vide a general agreement dated …

Corporate Financial Corporate Debtor Agreement Project Tribunal 4 Years