IBC News
Whole Time Members Vacancy At Insolvency And Bankruptcy Board Of India
Ministry of Corporate Affairs invites applications for the post of Whole Time Members in Insolvency and Bankruptcy Board of India.Name of the Post: Whole Time MembersNo. of Post: 02 (Two)Essential Qualification and Experience• The Whole Time Member shall be a person of ability, integrity, and standing, who has shown capacity in dealing with problems relating to insolvency or bankruptcy and have special knowledge and experience in the field of Law, Finance, Economics, Accountancy, or...
Make Indore Bench Of NCLT Functional At Least For 2 Days A Week: Madhya Pradesh High Court To Centre
The Madhya Pradesh High Court has asked the Centre to leave no stone unturned to make the Indore Bench of National Company Law Tribunal (NCLT) functional at least for two days a week.The Bench of Justice Sujoy Paul and Justice Pranay Verma said this taking into account the fact that the litigants and lawyers of the jurisdiction are required to travel all the way to Ahmedabad, as the Indore...
NCLT Cannot Direct Parties To Settle A Dispute While Considering A Petition U/Sec 7 IBC: Supreme Court
The Supreme Court observed that Adjudicating Authority and Appellate Authority under Insolvency and Bankruptcy Code cannot compel a party to the proceedings before it to settle a dispute.While they Adjudicating Authority and Appellate Authority can encourage settlements, they cannot direct them by acting as courts of equity, the bench of Justices DY Chandrachud and AS Bopanna...
Bettering Results: Partners From Top Law Firms Teach The Insolvency And Bankruptcy Code, 2016 In The 4 Weeks Online Certificate Course [Register Now]
The Insolvency and Bankruptcy Code, 2016 is one of the most significant economic reforms implemented by the Indian government in recent years. The Code establishes a time-bound process for insolvency resolution as well as a method for maximizing asset value. The introduction of this law has opened new career avenues for students and professionals. But this aspect of the law is still new and evolving and can only be learned from an expert. Bettering Results is conducting the second...
Rajasthan High Court Issues Notice On Plea Against Denial Of Physical Hearing By NCLT Jaipur Bench
The Rajasthan High Court on Friday issued notice to the Jaipur Bench of the National Company Law Tribunal (NCLT) while adjudicating upon an appeal against an order of the NCLT refusing the petitioner's request to allow physical hearing. Justice Ashok Kumar Garg was apprised by the counsel appearing for the petitioner that the petitioner's application for seeking physical hearing of the case...
Karnataka High Court Issues Notice On Plea Challenging Constitutionality Of Sections 99 & 100 Of IBC
The Karnataka High Court has issued notice on Wednesday (December 8) to the Union of India and two others on a petition seeking to declare section 99 and 100 of the Insolvency and Bankruptcy Code (IBC) as unconstitutional and being violative of Article 14. A division bench of Chief Justice Ritu Raj Awasthi and Justice Sachin Shankar Magadum issued the notice and posted the...
Insolvency Law In Review – October 2021
The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. This column fills this...
Resolution Process Has To Be Completed Within The Period Stipulated U/Sec 12 IBC: Supreme Court
The Supreme Court observed that the entire resolution process has to be completed within the period stipulated under Section 12 of the Insolvency and Bankruptcy Code.Any deviation would defeat the object and purpose of providing such time limit, the bench comprising Justice MR Shah and Sanjiv Khanna observed.The court was considering an appeal filed by the Committee of Creditors in the matter...
Dearth of Members, NCLT Benches At Chennai Not Fully Functional: Madras High Court Asks Centre To Clarify
In a public interest litigation filed before Madras High Court for directions to make the NCLT Benches in Chennai fully functional, the respondents including Union of India, NCLT and the Insolvency and Bankruptcy Board of India has been asked to clarify if a single technical member of the Bench at Chennai has been discharging the duties of the NCLT Bench in Kochi...
IBC: NCLT Cannot Adjudicate Contractual Dispute If Termination Of Contract Is Based On Grounds Unrelated To Corporate Debtor's Insolvency: Supreme Court
The Supreme Court observed that the residuary jurisdiction of the NCLT cannot be invoked to adjudicate contractual dispute if the termination of a contract is based on grounds unrelated to the insolvency of the Corporate Debtor. Even if the contractual dispute arises in relation to the insolvency, a party can be restrained from terminating the contract only if it is central to the success of...
Challenge To Minimum Age Criteria For NCLT Appointments: Gujarat High Court Issues Notice
The Gujarat High Court on Tuesday issued a notice in a plea challenging the vires of Section 413(2) of Companies Act, 2013 that imposes a minimum age limitation of 'not less than 50 years for appointment as judicial members in National Company Law Tribunals.The Bench of Chief Justice Aravind Kumar and Justice Hemant M. Prachchhak issued the notice in the PIL filed by Advocate Nipun...
Delhi High Court Upholds Appointment Of Shreesha Merla As Technical Member Of NCLAT
The Delhi High Court today upheld the appointment of Shreesha Merla as a Member (Technical) of the National Company Law Appellate Tribunal.The Division Bench of Chief Justice DN Patel and Justice Jyoti Singh observed,"Looking to the qualification of Respondent no. 2 (Merla), she is fully qualified to be appointed as a Technical Member of the NCLAT...She has also served as member of the...