Pursuant to Section 60 of the Insolvency and Bankruptcy Code, 2016 the National Company Law Tribunal is bestowed with the jurisdiction to decide: 'any' application or proceeding against a corporate debtor; 'any' claim made by or against a corporate debtor including claims by or against its subsidiaries; and 'any' questions of priority or 'any' question of law or facts, arising …
On March 8, 2021, Hon'ble Supreme Court delivered a judgement highlighting the need for the Legislature to provide clarity on the validity of ipso facto clauses in India in the context of insolvency laws. Such ipso facto clauses become a contentious legal issue in light of the two opposing considerations – on one hand, upholding ipso facto clauses make the …
The Supreme Court has observed that lack of a legislative voice on the issue of validity/invalidity of ipso facto clauses relating to insolvency will lead to confusion and reduced commercial clarity.The bench comprising Justices DY Chandrachud and MR Shah observed thus while upholding the order of the National Company Law Tribunal which stayed the termination by the Gujarat Urja Vikas. …
The Supreme Court observed that the National Company Law Tribunal has jurisdiction to adjudicate contractual disputes, which arise solely from or which relate to the insolvency of the Corporate Debtor.However, for adjudication of disputes that arise dehors the insolvency of the Corporate Debtor, the RP must approach the relevant competent authority, the bench comprising Justices DY. The Supreme Court observed …
