News Muncher - searching for case

1 day, 21 hours 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The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP.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

3 days, 15 hours 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The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP.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

6 days, 14 hours 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

6 days, 18 hours ago

IBC data provides valuable insights to handle complex cases: M Rajeshwar Rao, Dy Governor RBI

Live Mint

While acknowledging the substantial progress made in cleaning up banks' balance sheets, the Deputy Governor also underscored potential areas of improvement.The event brought together distinguished experts and practitioners from across jurisdictions to share insights and experiences in insolvency resolution.Suggesting the need to improve the overall resolution ecosystem, RBI DG stated that a better understanding of the reasons behind defaults are …

Resolution Rbi Valuation Ibc

1 week, 1 day 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

1 week, 3 days ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

Properties Assets Crore Banks Ibc Jsw Cirp

1 week, 5 days ago

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the fee of the liquidator has to be paid within 90 days from the liquidation commencement date as provided under Regulation 21A of the Liquidation Regulations if the secured creditor opts to realise its security interest under section 52 of the code. Observations: …

Regulation Regulations Pay Case Respondent Fee Asset

3 weeks ago

Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad

Live Law

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has held that the Personal Guarantor should be treated on an equal legal footing with the Corporate Debtor, as it is clearly established by the law that the liability of Corporate Debtor and Personal Guarantor are co-extensive in nature. The petitioner submitted that the Guarantee Agreement is a …

Contract Personal Corporate Corporate Debtor Limitation Resolution Plan Tribunal

3 weeks, 1 day ago

IBC Weekly Round-Up [25th November To 1st December, 2024]

Live Law

Nominal Index: Mr. Bhagawant Narayan Naik, Versus Ritesh R. Mahajan and Ors., Company Appeal No. Case Title: Mapletree Leather Goods Private Limited v. Savan Godiawala, C/o Deloitte Touche Tohmatsu India LLP Case Number: Company Appeal No.314/2020 The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma, and Jatindranath Swain dismissed two appeals filed by the Corporate Debtor seeking …

Appeal Insolvency Title Companies Act Technical Company Judicial

3 weeks, 1 day ago

Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT

Live Law

The NCLAT Chennai bench of Justice Rakesh Kumar Jain and Mr. Ajai Das Mehrotra has held that pre-CIRP dues cannot be recovered once the corporate debtor is admitted into insolvency due to moratorium under section 14 of the code. 108.44 Crores was deposited by the Corporate Debtor as payment security mechanism and the same is for transmission charges dues payable …

Security Corporate Court Insolvency Resolution Corporate Debtor Power

3 weeks, 1 day ago

Insolvency & Bankruptcy Code Does Not Override Public Body's Statutory Authority To Regulate Its Properties: NCLAT

Live Law

The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain, Naresh Salecha and Mr Indevar Pandey held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. Brief Facts: The Corporate Insolvency Resolution Process was commenced against Narmada Cereal Private Ltd.. After the CIRP's failure, the National Company Law Tribunal, New …

Legal Proceedings Land Lease New Delhi Held Nclt Nclat

3 weeks, 2 days ago

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

Live Mint

India’s bankruptcy courts are indignant at being used by creditors as a tool to recover dues from companies that are not really bankrupt, and for wasting their time. “SpiceJet’s case highlights a growing trend where creditors use the IBC forum to pressure corporate debtors into settlement," said Alay Razvi, managing partner at law firm Accord Juris. “SpiceJet’s case is unusual, …

Law India Insolvency Settlements Claims Bankruptcy Nclt

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

3 weeks, 6 days ago

Mediation to take centre stage in debt resolution

Live Mint

New Delhi: India’s bankruptcy regulator and the central government will consider making mediation mandatory between defaulting companies and their creditors before moving proceedings into bankruptcy courts, two persons informed about the development said. Currently, work is underway to offer mediation as a voluntary option for operational creditors like vendors and service providers under bankruptcy rule maker Insolvency and Bankruptcy Board …

Mediation Insolvency Cases Operational Bankruptcy Nclt Kumar

1 month ago

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey affirmed that a shareholder of the company is not the “aggrieved party” as per the provisions of the Code therefore appeal filed by him under section 61 of the Code would not be maintainable. In the aforesaid Company matter, the Respondent no.1 submitted copy …

Appeal Corporate Shareholders Corporate Debtor Operational Creditor Companies Act Company

1 month, 1 week ago

Mint Explainer: The Cape Town connection to the Jet Airways, Go First insolvencies

Live Mint

The failure to revive two prominent Indian airlines—Jet Airways and Go First—has triggered a debate on the limitations of India’s Insolvency and Bankruptcy Code, particularly in addressing airline insolvencies. As it was with Jet Airways, Go First’s resolution process was marred by mismanagement, with lessors even filing contempt proceedings against the airline’s resolution professional, Shaildnea Ajmera, for allegedly damaging the …

India Insolvency Aircraft Resolution Indian Operational Airline

1 month, 1 week ago

Adjudicating Authority Cannot Enter Into Merits At S. 95 Application Stage Before Report Of RP Is Submitted U/S 99 Of IBC: NCLAT

Live Law

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka affirmed that Adjudicating Authority cannot exercise its adjudicatory power at the stage of consideration of application under section 95 of the IBC by entering into the merits of the case. Brief Facts This Appeal by the Financial Creditor has been filed challenging order dated 21.02.2024 passed …

Corporate Court Central Bank Application Tribunal Filed Stage

1 month, 2 weeks ago

Condonation Of Delay Is Case Specific, No Inflexible Rule Can Be Laid Down To Condone Delay U/S 61 Of IBC: NCLAT

Live Law

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka affirmed that the condonation of delay in filing of the Appeal is on facts of each case, no inflexible rule can be laid down while exercising jurisdiction to condone the delay. The Applicant states that he was unable to file the present Appeal against the order …

Jurisdiction Appeal Order Case Tribunal Filing Five Days

1 month, 2 weeks 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 …

India Financial Resolution Cases Kumar Admitted Coc

1 month, 2 weeks ago

Grounded, by process

Times of India

Times of India’s Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. As Supreme Court calls it curtains on Jet Airways, it’s another tragic tale of another short-lived star business and the challenges of sustaining airline ops in a competitive, high-cost environment. But the real concern is a …

India Case Process Nclt Jet Sbi Ibc

1 month, 2 weeks ago

Jet Airways liquidation: A wake-up call for India’s insolvency code

Live Mint

New Delhi: The Supreme Court’s decision ordering the liquidation of Jet Airways, once India’s leading airline, has provided sufficient fodder for bankruptcy experts urging for an overhaul of India’s insolvency framework. JKC’s repeated non-compliance with the terms of the resolution plan caused the value of the plan to diminish significantly," said Devesh Dubey, senior associate at Sanjay RPK Law, a …

India Supreme Court Court Insolvency Resolution Crore Airline

4 months, 3 weeks ago

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru

Live Law

The National Company Law Tribunal Bengaluru bench of K. Biswal and Manoj Kumar Dubey has held that claims submitted after the approval of the Resolution Plan, including those related to the moratorium period, are not allowed under the Insolvency and Bankruptcy Code. The NCLT noted that the RP's letter highlighted that some employees did not have Unique Identification Numbers due …

Resolution Employees Claims Held Period Plan Nclt

4 months, 3 weeks 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 …

Delhi Supreme Court Corporate Insolvency Resolution Title Company

6 months, 1 week ago

Edelweiss round-tripping money? RBI order against the financial giant scathing in how it’s using group entities to circumvent IBC regulations: A case study

Op India

The Reserve Bank of India on the 29th of May 2024 ordered Edelweiss Asset Reconstruction Company Limited to cease and desist from the acquisition of financial assets, including security receipts, and reorganizing the existing SRs into senior and subordinate tranches. As we would now analyze, it would appear that Edelweiss and its group entities seem to have indulged in the …

India Money Regulations Financial Institutions Debt Order Group

Filters

Articles for Ibc, search results for case

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

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

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

IBC data provides valuable insights to handle complex cases: M Rajeshwar Rao, Dy Governor RBI

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

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad

IBC Weekly Round-Up [25th November To 1st December, 2024]

Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT

Insolvency & Bankruptcy Code Does Not Override Public Body's Statutory Authority To Regulate Its Properties: NCLAT

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

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

Mediation to take centre stage in debt resolution

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT

Mint Explainer: The Cape Town connection to the Jet Airways, Go First insolvencies

Adjudicating Authority Cannot Enter Into Merits At S. 95 Application Stage Before Report Of RP Is Submitted U/S 99 Of IBC: NCLAT

Condonation Of Delay Is Case Specific, No Inflexible Rule Can Be Laid Down To Condone Delay U/S 61 Of IBC: NCLAT

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

Grounded, by process

Jet Airways liquidation: A wake-up call for India’s insolvency code

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024

Edelweiss round-tripping money? RBI order against the financial giant scathing in how it’s using group entities to circumvent IBC regulations: A case study