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Essel Group's Shirpur Gold Refinery, NCLT Initiates Insolvency Proceedings Following ₹92 Crore Default

Subhash Chandra-promoted Essel Group's Shirpur Gold Refinery Limited has been admitted for corporate insolvency resolution following an application filed by Prudent ARC at the Mumbai bench of the National Company Law Tribunal. However, the NCLT observed that the account's classification as NPA was a valid date of default for initiating insolvency proceedings. The NCLT referred to the judgment of the …

Insolvency

Insolvency Loan Date Limited Default Insolvency Proceedings Adv

The National Company Law Appellate Tribunal New Delhi, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that Section 29A of Insolvency and Bankruptcy Code, 2016 disqualifies not only those in management and control of the Corporate Debtor when its account was declared Non-Performing Asset but also those in management and control of the Corporate Debtor in close proximity …

SUPREME COURT Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

Insolvency and Bankruptcy Code 2016 - There can be no dispute with the proposition that the period of limitation for making an application under Section 7 or 9 of the IBC is three years from the date of accrual of the right to sue, that is, the date of default. State Tax Officer v. Rainbow Papers Ltd., 2022 LiveLaw 743 …

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Dr. Alok Srivastava, recently adjudicated an appeal filed by a Financial Creditor in Bipin Sharma v Earth Infrastructure Ltd. & Anr., challenging the eligibility of the Successful Resolution Applicant, Roma Unicon Designex Consortium, under Section 29A of the Insolvency and Bankruptcy Code, 2016. …

Insolvency Proceedings Initiated Against GVK Industries Ltd. At The Instance Of J&K Bank: NCLT, Hyderabad

The National Company Law Tribunal, Hyderabad Bench, comprising of Shri Bhaskara Pantula Mohan and Shri Veera Brahma Rao Arekapudi, while adjudicating a petition under Section 7 of the Insolvency and Bankruptcy Act, 2016 filed in M/s Jammu and Kashmir Bank Ltd. v GVK Industries Ltd. has initiated Corporate Insolvency Resolution Process against GVK Industries Ltd. vide an order dated 21.04.2022. …

Lenders to Future Retail have started classifying loans to the firm as a ‘non-performing asset’ after the retailer missed payments to the banks, they told the Supreme Court in a filing. Citing its dispute with Amazon, FRL last month challenged its lenders in the top court to avoid facing insolvency proceedings or being classified as a defaulter, after it missed …

The Supreme Court observed that a judgment and/or decree for money in favour of the Financial Creditor, or the issuance of a Certificate of Recovery in its favour, would give rise to a fresh cause of action for the Financial Creditor, to initiate proceedings under Section 7 of the IBC for initiation of the Corporate Insolvency Resolution Process. The court …

Insolvency Law In Review – November 2020

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In Sanjeev Kumar v. Aithent Technologies Private Limited, the NCLAT by a majority judgment held that the NCLT, Kolkata had rightly admitted the application filed u/s 9 of the Code by the lessor, as even though the dues arising from the lease …

Insolvency Law In Review – September 2020

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In SREI Equipment Finance Limited v. Rajeev Anand & Ors, the Supreme Court held that an admission made in a counter affidavit of the Corporate Debtor, in a prior S.7 application, can be relied upon by the creditor in future S.7 applications …