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Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT
1 week, 3 days ago

Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the amount deposited with the bank by the corporate debtor in pursuance of an One Time Proposal to show bonafides will remain assets of the corporate debtor and can be taken into custody by the RP under section 18 of the code when …

Money Corporate Debtor Bank Nclat Account Irp Asset
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 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
Development Rights Constitute Property U/S 3(27) Of IBC, Can Be Included In Information Memorandum By RP U/S 29 Of Code: NCLAT
1 month ago

Development Rights Constitute Property U/S 3(27) Of IBC, Can Be Included In Information Memorandum By RP U/S 29 Of Code: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra affirmed that development rights are property within the meaning of section 3 of the IBC which can be included in the Information Memorandum by Resolution Professional under section 29 of the IBC. The Tribunal further observed that the Adjudicating Authority has jurisdiction to enter into as to whether …

India Bengaluru Development Corporate Property Rights Collaboration
Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai
5 months ago

Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Shri Sanjiv Dutt and Shri K.R. The NCLT held that the Insolvency and Bankruptcy Board of India has the authority to regulate and recognize IPEs as resolution professionals, despite the IBC not explicitly mentioning them as professional service providers. The CoC clarified that although the IBC prima facie recognises only three entities …

Board Insolvency Resolution Regulations Resolution Professional Professional Professionals
NCLT begins insolvency resolution process against Supertech
5 months ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

Insolvency Resolution Bank Order Projects Process Project
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
Insolvency process begins against Supertech Goup’s Supernova project in Noida
6 months, 1 week ago

Insolvency process begins against Supertech Goup’s Supernova project in Noida

Hindustan Times  

The National Company Law Tribunal has initiated corporate insolvency resolution process against Supertech Group’s subsidiary Supertech Realtors Private Limited, which is developing a commercial tower at the Supernova project in Noida, Sector 94, after it failed to pay a debt of ₹150 crore to the Bank of Maharashtra, in pursuance to an order issued by the NCLT on June 12. …

Corporate Insolvency Bank Supernova Noida Nclt Tower Irp
IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

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
Monthly Digest Of IBC Cases: January 2024
10 months, 3 weeks ago

Monthly Digest Of IBC Cases: January 2024

Live Law  

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 …

India Justice Corporate Insolvency Resolution National Corporate Debtor
Insolvency Resolution Professional Not 'Public Servant' Under Prevention Of Corruption Act: Delhi High Court
1 year ago

Insolvency Resolution Professional Not 'Public Servant' Under Prevention Of Corruption Act: Delhi High Court

Live Law  

The Delhi High Court has ruled that an Insolvency Resolution Professional does not fall within the meaning of “public servant” under Section 2 of the Prevention of Corruption Act, 1988.Justice Tushar Rao Gedela said that it is not necessary that all duties which are broadly defined as “public duty” would encompass within itself “public character”.“Merely because the IP. The Delhi …

Court Insolvency Delhi High Court Cbi Fir Legislature Act
SC relief to homebuyers at twin towers in Noida
1 year, 2 months ago

SC relief to homebuyers at twin towers in Noida

Hindustan Times  

Removing a major hurdle in the way of refunding ₹1.25 crore to 15 homebuyers of the now demolished Supertech twin towers in Emerald Court, Noida, the Supreme Court on Wednesday directed the Union Bank to release an amount of ₹15 lakh within 10 days to the realty firm, which is currently facing bankruptcy proceedings. The 15 homebuyers were to be …

Court Homebuyers Bank Crore Refund Towers Supertech
S.220 IBC | Prima Facie Disciplinary Committee Can Consist Only Of Whole Time Members: Bombay High Court Stays Insolvency Professional's Suspension
1 year, 5 months ago

S.220 IBC | Prima Facie Disciplinary Committee Can Consist Only Of Whole Time Members: Bombay High Court Stays Insolvency Professional's Suspension

Live Law  

The Bombay High Court has stayed the suspension of registration of Insolvency Professional Kairav Anil Trivedi, who is accused of misrepresentation and entering into unauthorised agreement in a Corporate Insolvency Resolution Process. On May 23, 2023, the disciplinary committee had passed an order signed by Ravi Mital, IBBI Chairman, suspending Trivedi’s registration for six months. The court said that prima …

Insolvency Disciplinary Committee Appointed Professional Irp Prima Facie
NCLT initiates insolvency proceedings for Go First
1 year, 7 months ago

NCLT initiates insolvency proceedings for Go First

Hindustan Times  

The National Company Law Tribunal on Wednesday admitted Go First’s voluntary plea under the Insolvency and Bankruptcy Code and awarded the airline bankruptcy protection. Go First has suspended sale of tickets till May 15 The airline had last week filed for insolvency resolution proceedings in the NCLT while also announcing the suspension of the sale of tickets till May 15. …

Insolvency Aircraft Company Crore Airline Nclt Proceedings
Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?
2 years, 2 months ago

Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?

The Hindu  

The story so far: Speaking at the sixth anniversary of the Insolvency and Bankruptcy Board of India on October 1, Union Finance Minister Nirmala Sitharaman said that the country could not afford to lose the “sheen” of its insolvency law, the Insolvency and Bankruptcy Code. Addressing the issue of haircuts— the debt that banks forgo— she said it was unacceptable …

India Insolvency Resolution Cases Assets Company Bankruptcy
IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct
2 years, 5 months ago

IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct

Live Law  

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India, while adjudicating a Show Cause Notice in the matter of Mr. Kedarram Ramratan Laddha, has suspended the Insolvency Professional for a period of one year for accepting assignment as an Interim Resolution Professional without having a valid Authorisation for Assignment and while disciplinary proceedings were pending against him. The …

Disciplinary Proceedings Insolvency Corporate Debtor Disciplinary Order Code Professional
NCLAT Limits Supertech's Insolvency Process To One Project
2 years, 6 months ago

NCLAT Limits Supertech's Insolvency Process To One Project

Live Law  

The National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha has modified its stay order on constitution of Committee of Creditors of Supertech Ltd. and limited the Corporate Insolvency Resolution Process of Supertech to one project i.e., Eco Village II. Earlier, the NCLAT vide its order dated 12.04.2022 while granting time to the …

India Supreme Court Resolution Bank Union Project Nclat
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
Weekly Digest Of IBC Cases: 25th April To 1st May, 2022
2 years, 7 months ago

Weekly Digest Of IBC Cases: 25th April To 1st May, 2022

Live Law  

Insolvency and Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates Case Title: Invest Asset Securitisation and Reconstruction Pvt. 583/2021 National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has held that the look back period prescribed under Section 46 of Insolvency & Bankruptcy Code, 2016 does not …

India Supreme Court Insolvency Resolution Corporate Debtor Title Order
In IBC Proceedings, Penalty Can Be Imposed Only Under The Code And Not Under The Companies Act: NCLAT
2 years, 10 months ago

In IBC Proceedings, Penalty Can Be Imposed Only Under The Code And Not Under The Companies Act: NCLAT

Live Law  

The NCLAT in Bench comprising of Justice Ashok Bhushan, Chairperson and Dr. Alok Srivastava, Technical Member in Mr. Ashish Chaturvedi v. Inox Leisure Limited held that when proceedings before the Adjudicating Authority are being carried out under the Insolvency and Bankruptcy Code, 2016, penalty can only be imposed under the Code and not under the Companies Act, 2013. The Appeal …

Penalty Corporate Debtor Act Nclat Code Irp Authority
NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd
2 years, 11 months ago

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd

Live Law  

The Chennai Bench of the National Company Law Appellate Tribunal has stayed the order initiating Corporate Insolvency Resolution Process against Tata Projects Limited upon being informed that the parties have entered into a settlement agreement. The NCLAT comprising Justice M. Venugopal and Kanthi Narahari also directed the IRP to file an application for withdrawal of the. The NCLAT comprising Justice …

Corporate Insolvency Resolution Order Process Nclat Irp
Insolvency Law In Review – October 2021
3 years ago

Insolvency Law In Review – October 2021

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. NATIONAL COMPANY LAW APPELLATE TRIBUNALS In Gundeep Gurdeep Singh Sood & Another v. Corporation Bank & Another, the National Company Law Appellate Tribunal, New Delhi followed the decision of the Supreme Court in Asset Reconstruction Company Limited v. Bishal Jaiswal & Another, …

Law India Delhi Mumbai Chennai Insolvency Resolution
Formation of the Committee Of Creditors under the Insolvency and Bankruptcy Code: A Visible Collusion
3 years, 6 months ago

Formation of the Committee Of Creditors under the Insolvency and Bankruptcy Code: A Visible Collusion

Live Law  

The Insolvency and Bankruptcy Code, with the primary motive of rehabilitation of financially distressed corporates, came into force with effect from 1st December 2016. In State bank of India Vs. Metenere Ltd the NCLAT though upheld the NCLT ruling directing the SBI to substitute its nominee and Ex-OGM of theirs, to act as the Interim Resolution Professional to ensure CIRP …

India Kolkata Supreme Court Corporate Insolvency Resolution Order
Relevance Of Doctrine Of Priority In Liquidation Under Insolvency & Bankruptcy Code
3 years, 6 months ago

Relevance Of Doctrine Of Priority In Liquidation Under Insolvency & Bankruptcy Code

Live Law  

It is a well established principle that where conflicting, but equal interests have been created in favour of multiple persons, it should be determined based on the maxim qui prior est tempore potior est jure, i.e., he who is earlier in time is stronger in law. This Waterfall mechanism gives the apex priority to the IRP costs and the liquidation …

Security Waterfall Interest Committee Code Priority Proceeds
Insolvency Law In Review – April 2021
3 years, 6 months ago

Insolvency Law In Review – April 2021

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. High Courts In Ruchi Soya Industries Limited v. Union of India and Another, the Madras High Court, inter alia, held that though the definition of 'operational debt' in S. 5 of the Code is not intended to include 'crown debt' such as …

Law Delhi Mumbai Corporate High Courts Chennai Insolvency