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'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRP
6 days, 22 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
1 week 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
Annual Digest Of IBC Cases: 2024
1 week, 3 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
Sole Financial Creditor Can't Entertain Request For One-Time Settlement Once CIRP Proceedings Have Commenced: Telangana High Court
1 week, 4 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
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
IBC Weekly Round-Up: 16th December -20th December 2024
2 weeks, 4 days ago

IBC Weekly Round-Up: 16th December -20th December 2024

Live Law  

NCLAT The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. 7303, 7304 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has …

Justice Appeal Insolvency Resolution Technical Judicial 2024
IBC | Moratorium Does Not Extinguish Claim : Supreme Court
3 weeks ago

IBC | Moratorium Does Not Extinguish Claim : Supreme Court

Live Law  

The Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish a claim. The Court stated that Section 14 bars the institution/continuation of legal proceedings against the corporate debtor, transfer of assets, enforcement of security interest etc. "If the argument that the claims of all the creditors of the …

Court Moratorium Section 14 Claim Supreme
IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court
Trending News
3 weeks 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 weeks 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 data provides valuable insights to handle complex cases: M Rajeshwar Rao, Dy Governor RBI
3 weeks, 3 days 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
IBC: RBI Deputy Governor Rao calls for enforceable code of conduct for CoCs
3 weeks, 4 days ago

IBC: RBI Deputy Governor Rao calls for enforceable code of conduct for CoCs

New Indian Express  

Calling for significant improvements with respect to the area of CoCs, Rao said even when the resolution plan is agreed upon, there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange among the members. "It is in the larger interest of the creditors that issues related to the conduct are …

Rao Coc
ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
4 weeks 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
Delisting Regulations Of SEBI Not Applicable To Delisting Of Equity Shares Under Resolution Plan: Bombay High Court
1 month ago

Delisting Regulations Of SEBI Not Applicable To Delisting Of Equity Shares Under Resolution Plan: Bombay High Court

Live Law  

The Bombay High Court bench of Justices M.S.Sonak and Jitendra Jain has held that Delisting Regulations framed by the SEBI would not be applicable to the delisting of shares of the company in pursuance of the approval of a Resolution Plan under section 31 of the code. The petitioner submitted that the impugned regulation violates the objective of the SEBI …

India Court Resolution Regulations Resolution Plan Plan Sebi
Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC
1 month ago

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC

Live Mint  

New Delhi, Dec 7 Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process. Even when the resolution plan is agreed upon, Rao said there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange …

Insolvency Resolution Rao Coc Ibc Deputy Governor Enforceable Code
IBC reforms: Let’s strengthen the Code as a key growth enabler
1 month, 1 week ago

IBC reforms: Let’s strengthen the Code as a key growth enabler

Live Mint  

The Insolvency and Bankruptcy Code transformed India’s approach to corporate financial distress. The IBC succeeded because the entire ecosystem and institutional infrastructure, from regulators, including the new Insolvency and Bankruptcy Board of India, and the legislature to the courts, banks and the market worked for it. The rate of recovery fell to 27% of creditors’ admitted claims in 2023-24 from …

India Insolvency Resolution Nclt Value Need Dues
Establishing “Pre-Existence Disputes” Under The IBC Regime
1 month, 1 week ago

Establishing “Pre-Existence Disputes” Under The IBC Regime

Live Law  

The Insolvency and Bankruptcy Code was enacted to facilitate timely resolution to insolvency proceedings, maximisation of value of assets of the debtors, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. However, the section has been liberally interpreted by the Supreme Court in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, wherein it has …

Corporate Dispute Insolvency Operational Disputes Tribunal Notice
Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT
1 month, 1 week 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
Insolvency & Bankruptcy Code Does Not Override Public Body's Statutory Authority To Regulate Its Properties: NCLAT
1 month, 1 week 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
SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?
1 month, 1 week 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
Threshold Limit For Initiating Insolvency Process Against Personal Guarantors Is Also ₹1 Crore: NCLT New Delhi
1 month, 2 weeks ago

Threshold Limit For Initiating Insolvency Process Against Personal Guarantors Is Also ₹1 Crore: NCLT New Delhi

Live Law  

The NCLT New Delhi bench of Shri Subrata Kumar Dash and Shri Ashok Kumar Bhardwaj had held that the threshold limit for initiating insolvency process against the personal guarantors under section 95 of the Code would be the same as is with respect to the corporate debtor under section 4 of the IBC i.e. The tribunal further noted that it …

Personal Corporate Insolvency Corporate Debtor Debt Recovery Tribunal Reference Tribunal
Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT
1 month, 2 weeks 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
Property Of Personal Guarantors Cannot Be Sold Under SARFAESI Act During Moratorium Period U/S 96 Of IBC: NCLT Mumbai
1 month, 3 weeks ago

Property Of Personal Guarantors Cannot Be Sold Under SARFAESI Act During Moratorium Period U/S 96 Of IBC: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Mr. Charanjeet Singh Gulati and Justice Lakshmi Gurung has held that once a petition under section 95 of the IBC is filed, the interim moratorium under section 96 is triggered. Brief Facts This application has been filed by, Raghavendra Joshi under Section 60 r/w Section 60 of the Insolvency and Bankruptcy Code, 2016 read with …

Personal Mumbai Property Sale Bank Application Tribunal