IBC News
Monthly Digest Of IBC Cases: April 2022
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. 5910 of 2019. A Supreme Court division bench comprising of Justice M.R. Shah and Justice Aniruddha Bose has held that the dues towards the wages/salaries of only...
NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited
The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Finquest Financial Solutions Pvt. Ltd. v Anuj Jain (Erstwhile RP of Ballarpur Industries Ltd.) & Ors., has set aside the order dated 25.01.2022 passed by NCLT Mumbai...
Weekly Digest Of IBC Cases: 25th April To 1st May, 2022
Supreme Court1. Insolvency and Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court ReiteratesCase Title: Invest Asset Securitisation and Reconstruction Pvt. Ltd. v Girnar Fibres Ltd.Case No.: 2022 LiveLaw (SC) 423 The Supreme Court bench comprising of Justice Dinesh Maheshwari and Justice Aniruddha Bose reiterated that the provisions of Insolvency and...
Supreme Court Keeps CIRP In Abeyance And Permitted Promoter To Complete The Housing Project
The Supreme Court bench comprising of Justice L Nageshwara Rao and B R Gavai in the case of Anand Murti versus Soni Infratech Private Limited directed to keep the Corporate Insolvency Resolution Process in abeyance and permitted the erstwhile promoter of corporate debtor to complete the construction of real estate housing project within the stipulated time period. Suspended Director...
Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati
The National Company Law Tribunal ("NCLT"), Amravati Bench, comprising of Justice Telaprolu Rajani (Judicial Member), while adjudicating a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC") in the matter of M/s Pridhvi Asset Reconstruction and Securitisation Company Ltd. v M/s Andhra Cement Ltd., has initiated Corporate Insolvency Resolution Process...
Corporate Insolvency Resolution Process Can Be Resume On Failure Of Settlement Agreement: NCLAT Chennai
NCLAT Chennai bench comprising of Justice M Venugopal and Mr. Kanthi Narahari in the case of ICICI Bank versus OPTO Circuits (India) limited held that Corporate Insolvency Resolution Process (CIRP) can be revive/resume in case of failure of settlement agreement between the parties. ICICI Bank filed an appeal before NCLAT Chennai under Section 61 of the Insolvency & Bankruptcy...
IBC - Moratorium Applies Only To Corporate Debtor ; Natural Persons Like Its Director Would Continue To Be Liable U/s 138 NI Act : Supreme Court
The Supreme Court reiterated that the moratorium provisions contained in Section 14 of the Insolvency and Bankruptcy Code, 2016 would apply only to the corporate debtor The natural persons mentioned in Section 141 of the Negotiable Instruments Act would continue to be statutorily liable under the provisions of the Act, the bench comprising Justices UU Lalit, S. Ravindra Bhat and PS...
NCLT Kolkata Invokes Penal Provisions Under IBC Against Tax Haven Based Resolution Applicant
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an interim application filed in Beni Gopal Singhi v EMC Ltd., has proceeded against a tax haven based Successful Resolution Applicant ("SRA") under Section 74(3) of the Insolvency and Bankruptcy Code, 2016 ("IBC")...
'Indian Judicial Processes Cannot Be Taken For A Ride': NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an interim application filed in Beni Gopal Singhi v EMC Ltd., has held that the affidavit filed by the Successful Resolution Applicant (incorporated in Cayman Islands) was impudent and seems to assume that the...
Chairman Of Monitoring Committee Has Locus Standi To File Application For Fresh CIRP: NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an interim application filed in Beni Gopal Singhi v EMC Ltd., has held that the Chairman of Monitoring Committee has the locus to file an application before the Adjudicating Authority to give a fresh lease of life...
Resolution Professional Can Submit An Additional Report Under Section 99 Of Insolvency And Bankruptcy Code, 2016: NCLAT
NCLAT principal bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava & Ms. Shreesha Merla in the case of Ramesh Chander Agarwala versus State Bank of India held that the Resolution Professional can submit an additional report under Section 99 of the Insolvency & Bankruptcy Code, 2016. Personal Guarantors of a corporate debtor filed an appeal under Section 61 of the...
Even If Credit Facility Agreement Is Unstamped, Section 7 Petition Is Maintainable, On Proving Financial Debt : NCLAT Principal Bench
The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Aashish Kadam & Anr. v Nagpur Nagarik Sahakari Bank Ltd. & Anr., has held that if a credit facility agreement is unstamped, then petition...