IBC News
Supreme Court Finally Interprets "Existence Of A Dispute" Under IBC – Mobilox V Kirusa
The Supreme Court of India (Supreme Court) in Mobilox Innovations Private Limited v Kirusa Software Private Limited (Mobilox v Kirusa) has finally settled the widely debated question of what constitutes "existence of a dispute" in the context of applications filed by operational creditors for initiation of corporate insolvency resolution process (CIRP) of corporate debtors under the...
SC To Hear Fresh Plea Seeking Safeguarding Rights, Interests of home buyers on Oct 6
The principle view in filing the instant petition is that lakhs of homebuyers in thousands of projects can lose their life-savings, hard-earned money and moneys obtained through bank/institutional loans due to the operation of Insolvency and Bankruptcy Code, the plea saidAt a time when home buyers Vs builders cases are piling up in the Supreme Court and real estate giants like Unitech,...
Insolvency Proceedings Against Personal Guarantors Under The Insolvency And Bankruptcy Code - Missed Opportunity By The Allahabad HC?
Insolvency and Bankruptcy Code, 2016 (the, "Code") is a crucial legislation passed by the Parliament which has the potential to be a game changer in the insolvency and bankruptcy regime in India. Since the Code is in its nascent stage, it is of paramount importance that interpretational issues are settled at the earliest in order to facilitate smooth functioning of resolution and liquidation...
107 Homebuyers Move SC Against Insolvency Petition Against Amrapali [Read Petition]
As many as 107 home buyers moved the Supreme Court on Wednesday challenging the order of the National Company Law Tribunal (NCLT) that admitted insolvency petition against Amrapali's Silicon City project in Noida and demanded protection on equal footing as other stakeholders in the project.Represented by advocate ML Lahoty, the petitioners sought "enforcement of their fundamental rights,...
Supreme Court Lifts Stay On Jaypee Infratech's Insolvency – Boon Or Bane?
The judgment passed by the National Company Law Tribunal (NCLT), Allahabad in the matter of IDBI Bank Limited v. Jaypee Infratech Limited CP NO. (IB) 77/ALD/2017 (hereinafter referred to as "Allahabad Judgment") had been stayed by the Hon'ble Supreme Court by way of order dated 4th September, 2017 passed in the matter of Chitra Sharma & Ors. V. Union of India & Ors. being Writ...
SC Tells Jaypee Infratech (JIL) To Deposit Rs. 2,000 Cr, Directors Shall Not Leave India [Read The Modified Directions]
Today's Directions;a) The IRP shall forthwith take over the Management of JIL. The IRP shall formulate and submit an Interim Resolution Plan within 45 days before this Court. The Interim Resolution Plan shall make all necessary provisions to protect the interests of the home buyers; b) Mr.Shekhar Naphade, learned senior counsel along with Ms.Shubhangi Tuli, Advocate-on-Record, shall...
Can A PSU Be A "Corporate Person" Under Bankruptcy Code? NCLT Chennai Reserves Order
The National Company Law Tribunal, Chennai, on Saturday, reserved an order that would clarify whether a PSU would fall within the ambit of a "corporate person" under the Insolvency and Bankruptcy Code.The matter before the Tribunal pertains to Petitions filed by power producers Ind. Bharath Power Gencom Ltd, Ind. Bharath Thermal Limited and Aarkay Energy (Rameshwaram) Limited against Tamil...
Arbitral Awards And "Existence Of Dispute" Under IBC – NCLAT Ruling In Annapurna v Soril
The judgment of Hon'ble National Company Law Appellate Tribunal (NCLAT), dated 29 August 2017, in M/s Annapurna Infrastructure Pvt. Ltd. & Anr. v. M/s. SORIL Infra Resources Ltd., has thrown up some intriguing questions on the interplay between the Insolvency and Bankruptcy Code, 2016 (IBC) and the Arbitration and Conciliation Act, 1996 (A&C Act).Under IBC, an operational creditor...
IDBI Moves SC To Vacate The Stay Of Insolvency Proceeding Against Jaypee
A day after the Apex Court stayed the insolvency proceeding against Jaypee Infratech before NCLT, the IDBI bank today moved the top court saying the stay order will benefit the builder rather than the home buyers. Mentioning urgently before the Bench headed by Chief Justice of India J Dipak Misra, Senior Advocate A M Singhvi sought the bench to vacate the stay order."The stay order on...
Decoding Of Insolvency And Bankruptcy Code, 2016, SC's First Major Judgment [Read Judgment]
In a detailed judgment, Justice RF Nariman, while sitting with Justice Sanjay Kishan Kaul, has extensively travelled through the new legislation – Insolvency and Bankruptcy Code of 2016. The Supreme Court was dealing with an appeal preferred by M/s Innovative Industries, against which insolvency proceedings were initiated by ICICI Bank. It was the contention of the appellant, who is...
Pendency Of Execution Petitions Or Appeals Under Sec.37 Of The Arbitration & Conciliation Act, Not A Bar To Initiate Insolvency Resolution Process; NCLAT [Read Judgment]
It was quite uncertain as to whether the preference of an Appeal under Sec.37 of the Arbitration and Conciliation Act, 1996 against the dismissal of the objection under Sec.34 would amount to 'an existence of dispute' which debars initiation of Corporate Insolvency Process under Sec.9(1) of the I & B Code, and equally unclear about the status of 'pendency of an Execution Petition for...
Inapplicability Of Limitation Act To Insolvency And Bankruptcy Code?
In a recent National Company Law Appellate Tribunal (NCLAT) ruling of Neelkanth Township and Construction Pvt. Ltd. v. Urban Infrastructure Trustees Ltd.[1] (11.08.2017), several issues with regard to the Insolvency and Bankruptcy Code, 2016[2] (IBC) were discussed. One of the issues for consideration before the NCLAT was whether the application under Section 7 of the IBC is time barred, as...