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Best Of 2022 | 26 Important Supreme Court Judgements On Insolvency And Bankruptcy Code (IBC) With Parallel Citations

LIVELAW NEWS NETWORK

28 Dec 2022 5:18 AM GMT

    • Best Of 2022 | 26 Important Supreme Court Judgements On Insolvency And Bankruptcy Code (IBC) With Parallel Citations

    Discretion of NCLT under Section 7(5) IBC - Observations in 'Vidarbha Industries' made in context of case: Supreme Court refuses review. Axis Bank Ltd v. Vidarbha Industries Power Ltd; 2022 LiveLaw (SC) 817No bar to withdraw admitted CIRP application before constitution of committee of creditors. Ashok G. Rajani v. Beacon Trusteeship Ltd., 2022 LiveLaw (SC) 790 : AIR 2022 SC 4863Approval...


    1. Discretion of NCLT under Section 7(5) IBC - Observations in 'Vidarbha Industries' made in context of case: Supreme Court refuses review. Axis Bank Ltd v. Vidarbha Industries Power Ltd; 2022 LiveLaw (SC) 817
    2. No bar to withdraw admitted CIRP application before constitution of committee of creditors. Ashok G. Rajani v. Beacon Trusteeship Ltd., 2022 LiveLaw (SC) 790 : AIR 2022 SC 4863
    3. Approval of a resolution in respect of one borrower cannot discharge a co-borrower. Maitreya Doshi v. Anand Rathi Global Finance Ltd., 2022 LiveLaw (SC) 789 : AIR 2022 SC 4595
    4. Resolution Plan which ignores statutory dues payable to state government/legal authority liable to be rejected. State Tax Officer v. Rainbow Papers Ltd; 2022 LiveLaw (SC) 743 : AIR 2022 SC 4141
    5. CIRP can be initiated against corporate guarantor without proceeding against principal borrower. K. Paramasivam v. Karur Vysya Bank Ltd., 2022 LiveLaw (SC) 742 : AIR 2022 SC 4127
    6. Insolvency and Bankruptcy Code will prevail over Customs Act once moratorium is declared. Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs, 2022 LiveLaw (SC) 715 : 2022 (13) SCALE 275
    7. S.7(5)(b) IBC - Provision to notify financial creditor before rejecting claim extends to appeals before NCLAT. Kotak Mahindra Bank Limited v. Kew Precision Parts Pvt. Ltd., 2022 LiveLaw (SC) 673 : (2022) 9 SCC 364
    8. Entries in the book of accounts / balance-sheet of corporate debtor can be treated as acknowledgment of liability of debt payable to financial creditor. Asset Reconstruction Company (India) Ltd. v. Tulip Star Hotels Ltd., 2022 LiveLaw (SC) 648 : AIR 2022 SC 3559
    9. NCLT not a debt collection forum; Operational creditor's application to initiate CIRP must be dismissed if the debt is disputed. SS Engineers v. Hindustan Petroleum Corporation Ltd; 2022 LiveLaw (SC) 617
    10. NCLT has discretion to not admit financial creditor's CIRP application even if the corporate debtor is in default. Vidarbha Industries Power Ltd. v. Axis Bank Ltd., 2022 LiveLaw (SC) 587 : (2022) 8 SCC 352
    11. NCLT / NCLAT should not sit in appeal over the commercial wisdom of CoC to allow withdrawal of CIRP. Vallal Rck v. M/s. Siva Industries and Holdings Ltd; 2022 LiveLaw (SC) 541 : AIR 2022 SC 2636
    12. Recovery Certificate Holder can initiate CIRP as Financial Creditor under IBC. Kotak Mahindra Bank ltd. v. A. Balakrishna, 2022 LiveLaw (SC) 534 : AIR 2022 SC 2652 : (2022) 9 SCC 186
    13. Section 18 Limitation Act is applicable to IBC proceedings. State Bank of India v. Krishidhan Seeds, 2022 LiveLaw (SC) 497 : 2022 (8) SCALE 253
    14. SARFAESI proceedings cannot be continued against corporate debtor once CIRP is admitted and moratorium is ordered. Indian Overseas Bank v. RCM Infrastructure Ltd. 2022 LiveLaw (SC) 496 : AIR 2022 SC 2687
    15. Supreme Court declares NOIDA as an operational creditor under the Insolvency and Bankruptcy Code, 2016. New Okhla Industrial Development Authority v. Anand Sonbhadra, 2022 LiveLaw (SC) 491 : 2022 (7) SCALE 656
    16. Appeal to NCLAT shall be filed within a period of 30 days. Safire Technologies Pvt. Ltd. V. Regional Provident Fund Commissioner, 2022 LiveLaw (SC) 472
    17. Moratorium period can be excluded in computing limitation period in a suit / application by corporate debtor. New Delhi Municipal Council v. Minosha India Ltd., 2022 LiveLaw (SC) 469 : (2022) 8 SCC 384
    18. Moratorium applies only to corporate debtor; Natural persons like its director would continue to be liable u/s 138 NI Act. Narinder Garg v. Kotak Mahindra Bank, 2022 LiveLaw (SC) 428 : 2022 (7) SCALE 162
    19. Insolvency and Bankruptcy Code is not for money recovery proceedings. Invest Asset Securitisation and Reconstruction Pvt. Ltd. v. Girnar Fibres Ltd, 2022 LiveLaw (SC) 423
    20. Wages / Salaries of only those workmen / employees who actually worked during CIRP are to be included in CIRP costs. Sunil Kumar Jain v. Sundaresh Bhatt, 2022 LiveLaw (SC) 382 : AIR 2022 SC 1985 : (2022) 7 SCC 540
    21. NCLAT order vitiated if it fails to look into a vital aspect on which NCLT had recorded a specific finding. SVG Fashions Pvt. Ltd. v. Ritu Murli Manohar Goyal, 2022 LiveLaw (SC) 326 : 2022 (5) SCALE 442
    22. Majority homebuyers accept builder's settlement during CIRP; Supreme Court allows withdrawal of insolvency application. Amit Katyal v. Meera Ahuja, 2022 LiveLaw (SC) 259 : AIR 2022 SC 1433 : (2022) 8 SCC 320
    23. Claim which is not part of resolution plan doesn't survive. Ruchi Soya Industries Ltd. v. Union of India, 2022 LiveLaw (SC) 207 : (2022) 6 SCC 343
    24. Operational debt includes advance payment made to a corporate debtor for supply of goods or services. Consolidated Construction Consortium Ltd. v. Hitro Energy Solutions Pvt. Ltd., 2022 LiveLaw (SC) 129 : (2022) 7 SCC 164
    25. Guarantor whose guarantee stands invoked by any creditor barred from giving resolution plan, though insolvency initiated by another creditor: SC on Sec 29A(h) IBC. Bank of Baroda v. MBL Infrastructures, 2022 LiveLaw (SC) 62 : (2022) 5 SCC 661
    26. NCLT must pass reasonable order for fees & expenses of resolution professional. Devarajan Raman v. Bank of India, 2022 LiveLaw (SC) 24 : (2022) 3 SCC 254


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    Annual Digests 2022Supreme CourtIBCInsolvency and Bankruptcy Code 2016
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