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Articles for Liquidation, search results for ibc

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT
6 days, 16 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
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
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
E-auction of sick business assets on dedicated platform may become compulsory
3 weeks ago

E-auction of sick business assets on dedicated platform may become compulsory

Live Mint  

New Delhi: Auction of assets like land, buildings, plant and machinery belonging to businesses getting liquidated is likely to see a wider public participation, with the Insolvency and Bankruptcy Board of India planning to make these transactions more mainstream. After asking liquidators on 29 October to list all such assets of companies facing liquidation on the eBkray platform set up …

Assets Auction Platform Jain Portal Srivastava Ibc
Only Assets Are Transferred In Going Concern Sale Of Corporate Debtor Under Liquidation, Liabilities Must Be Settled U/S 53 Of IBC: NCLT Mumbai
3 weeks, 5 days ago

Only Assets Are Transferred In Going Concern Sale Of Corporate Debtor Under Liquidation, Liabilities Must Be Settled U/S 53 Of IBC: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Ms. Reeta Kohli and Ms. Madhu Sinha has held that in a sale of the corporate debtor in liquidation as a going concern, only assets are transferred and liabilities have to be discharged as per section 53 of the Code. It is thus incumbent upon us to rely upon the law settled by the Hon'ble …

Corporate Sale Corporate Debtor Assets Statutory Nclt Going
Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT
1 month, 1 week ago

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain affirmed that the sale of the Corporate Debtor as a going concern under Regulations 32 & 32A of the Liquidation Regulations is more transparent and effective; therefore, the sale of the Corporate Debtor as a going concern will have precedence, rather than resorting to the Scheme of Compromise …

Corporate Regulations Sale Corporate Debtor Process Tribunal Nclt
Jet Airways liquidation: Why India needs a new regime to save airlines
1 month, 1 week ago

Jet Airways liquidation: Why India needs a new regime to save airlines

Live Mint  

Learning by doing is about the only way to master swimming, cycling or yoga, but does it apply to harnessing India’s Insolvency and Bankruptcy Code as well, particularly in the case of airlines? After Go Air, it is now Jet Airways’s turn to go into liquidation after an insolvency resolution process under IBC failed to sell the business as a …

India Insolvency Aircraft Resolution Airlines Capital Crore
Jet Airways liquidation: A wake-up call for India’s insolvency code
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
Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata
4 months, 2 weeks ago

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench of Bidisha Banerjee and Balraj Joshi has held that the liquidation of a corporate debtor should be a measure of last resort. Five applicants expressed their interest in the Corporate Debtor: Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Intra Finance Private Limited, Navneet Garg, and Mideast Pipeline Products. On February 20, …

Corporate Resolution Interest Resolution Plan Plan Pvt Offer
Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
4 months, 3 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

Mumbai Corporate Insolvency Corporate Debtor Process Respondent Nclt
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
Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court
6 months, 2 weeks ago

Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Subramonium Prasad held that official liquidators must adhere to ethical principles and demonstrate an unwavering commitment to fairness to discharge their duties under the Insolvency and Bankruptcy Code. They must adhere to the highest standards of ethical conduct, diligence, and impartiality to uphold the integrity of the process…” Brief Facts: The Petitioner approached …

Board Insolvency Delhi High Court Fees Registered Petitioner Liquidator
NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC
6 months, 3 weeks ago

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the set-off/adjustment of demand with refund by Income Tax Department during the intervening period when the Corporate Insolvency Resolution Process timeline period has expired but before passing of Liquidation Order under Section 33 of Insolvency and Bankruptcy Code, 2016 amounts …

Delhi Corporate Tax Order Income Period Department
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
IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation
9 months, 3 weeks ago

IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation

Live Law  

The Insolvency and Bankruptcy Board of India has issued a circular dated 13.02.2024, intimating that when a Financial Service Provider undergoes voluntary liquidation under IBC, then the Liquidator shall declare that: the category of Financial Service Providers has been notified by the Central Government under Section 227 of IBC, and the corporate person has obtained prior permission from the appropriate …

Financial Service Provider Liquidator Ibc Ibbi Prior Permission
Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai
10 months, 2 weeks ago

Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Smt. The Bench has rejected an appeal filed under Section 42 of IBC, whereby Employees Provident Fund Organization challenged a letter sent by the Liquidator at a time when he stood discharged from his duties due to dissolution of the Corporate Debtor. The Employees Provident Fund Organization passed orders under Section …

Appeal Corporate Corporate Debtor Order Nclt Bench Epfo
NCLAT Chennai: Goods Not In Possession Of The Port, Claim By Port Can't Be Treated As Secured Creditor Under IBC
11 months, 1 week ago

NCLAT Chennai: Goods Not In Possession Of The Port, Claim By Port Can't Be Treated As Secured Creditor Under IBC

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising Justice Rakesh Kumar Jain and Shreesha Merla held that there is no actual lien to invoke Section 171 of the Indian Contract Act, 1872 when the goods are not in possession of the Port Authority and the claim of the Port cannot be treated as a Secured Creditor for distribution of …

Security Port Nclat Goods Claim Ica Authority
Monthly Digest Of IBC Cases: December 2023
11 months, 2 weeks ago

Monthly Digest Of IBC Cases: December 2023

Live Law  

Supreme Court IBC | When Matter Heard But No Order Pronounced On The Same Day, Limitation To Commence From The Date When Order Gets Uploaded: Supreme Court Case Title: Sanjay Pandurang Kalate v Vistra ITCL Limited and Others Case No. “Such proactive action by tribunals is essential to ensure that the move towards a modernized and technology-friendly judiciary trickles down …

India Justice Supreme Court Resolution Corporate Debtor Income Tax Companies Act
NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations
11 months, 2 weeks ago

NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising Justice Ashok Bhushan and Barun Mitra has held that the Liquidator is entitled to his fee under Section 34 of the Insolvency and Bankruptcy Code, 2016 and Regulation 4 of Insolvency and Bankruptcy Board of India Regulations, 2016 and Cost under Regulation 2B of Liquidation Regulations. NCLAT Verdict: The NCLAT …

Regulation Regulations Costs Cost Respondent Fee Scheme
NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
11 months, 3 weeks ago

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra held that decisions of the Committee of Creditors to liquidate under Section 33 of Insolvency and Bankruptcy Code, 2016 have to be with reasons and the liquidation cannot be decided arbitrarily. Background Facts: On 10.08.2023, the Adjudicating Authority admitted the application of …

Corporate Corporate Debtor Nclat Irp Coc Ibc Liquidation
Yearly Digest Of IBC Cases: 2023
11 months, 3 weeks ago

Yearly Digest Of IBC Cases: 2023

Live Law  

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1125 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has directed the liquidation of the Corporate Debtor, M/s Ajanta …

India Justice Supreme Court Court Resolution Gratuity Chief Justice
ESI Dues Not At Par With PF, Pension Or Gratuity Dues; Neither Excluded From Liquidation Estate : NCLT Ahmedabad
1 year ago

ESI Dues Not At Par With PF, Pension Or Gratuity Dues; Neither Excluded From Liquidation Estate : NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Mrs. Chitra Hankare and Dr. Velamur G Venkata Chalapathy, has held that the dues of Employees State Insurance Corporation are not at par with the dues of Provident Fund, Pension Fund or Gratuity Fund under IBC. Section 36 of IBC does not define the dues of ESIC as workmen dues and …

Pension Gratuity Corporate Debtor Operational Creditor Provident Fund Nclt Estate
Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator
1 year ago

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Ms. Bidisha Banerjee and Shri Balraj Joshi, has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI Regulations 2016. In 2022, the Liquidator filed an application under Section 54 of IBC seeking dissolution of Corporate Debtor. The liquidator shall …

Corporate Corporate Debtor Application Process Bench Liquidator Dissolution
IBC | Tax & Customs Dues To Be Paid As Per Waterfall Mechanism Under Section 53 : Supreme Court
1 year, 1 month ago

IBC | Tax & Customs Dues To Be Paid As Per Waterfall Mechanism Under Section 53 : Supreme Court

Live Law  

The Supreme Court Bench comprising Justice Sanjiv Khanna and Justice S.V.N. The insolvency resolution process costs have to be paid first in priority, followed by dues of Secured Creditors and workmen dues upto 24 months preceding Liquidation Commencement Date. The Bench disposed of the appeal with the clarification that the dues of the Central Board of Indirect Taxes & Customs, …

Supreme Court Appeal Customs Nclt Dues Bench Nclat
Buyers’ apathy, change in IBC spur Go First liquidation fear
1 year, 1 month ago

Buyers’ apathy, change in IBC spur Go First liquidation fear

Live Mint  

MUMBAI : Bankrupt airline Go First is staring at a potential liquidation or torturous recovery given the lack of buyers’ interest, fleet uncertainty and mounting costs, two people aware of the matter said. Go First’s revival was clouded further by a 3 October government notification that said leased aircraft and engines would not come under the bankruptcy moratorium. And then, …

India Aircraft Resolution Bank Civil Aviation Interest Airline