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A mandatory effect operates to recognise a foreign proceeding once the requirements in Article 17 of the Third Schedule are satisfied.
“Regulations and Byelaws framed under Section 204 IBC clearly provide checks and balances. Therefore, it cannot be said to be confirmation of excessive or unbridled power”
“IBC does not suffer from any manifest arbitrariness to violate Article 14 of the Constitution”
Supreme Court said that the mere expectation of the Liquidator that a still higher price may be obtained can be no good ground to cancel an otherwise valid auction and go for another round of auction.
by Sriram Venkatavaradan and Saai Sudharsan Sathiyamoorthy†
Supreme Court held that the period of suspension of legal proceedings is excludable in computing the period of limitation for the enforcement of such right in terms of Section 22(5), SICA. Further, the dismissal of the application under Section 9, IBC on the ground of ‘pre-existing dispute’ cannot be held to be patently illegal or perverse.
In the instant case, the Directorate of Revenue Intelligence neither submitted proof of claim nor responded to a specific communication via an e-mail addressed to Senior Intelligence Officer. This is a case where despite knowledge, the statutory authorities chose not to submit their proof of claim.
Supreme Court upheld the NCLT order that the provident fund, pension fund and gratuity fund are not part of the liquidation estate, for distribution under Section 53 of the IBC and the same has to be paid to the employees under the stated heads.
by K. Vaitheeswaran*
Allahabad High Court said that challenge to demand notice for electricity dues, issued jointly in name of Directors of the insolvent company cannot be sustained on the ground that liabilities of guarantor stood automatically discharged on acceptance of Resolution Plan.
Bombay High Court: While hearing a challenge to the Government Notification dated 04/10/2022 changing the jurisdiction of Dept Recovery Tribunals
An order of attachment when made under the PMLA does not result in the corporate debtor or the Resolution Professional facing a fait accompli.
Delhi High Court: In two separate suits filed seeking recovery of amount from the defendants, being ex- promoters and personal guarantors of
The Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations,
National Company Law Appellate Tribunal, Delhi: The Bench of Anant Bijay Singh, J., Judicial Member, and Shreesha Merla, Technical Member,
On 14th June, 2022, Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
by Rahul Chakraborti†, Prashamsha Tulachan†† and Saumya Agarwal†††
Cite as: 2022 SCC OnLine Blog Exp 27
by Akaant Kumar Mittal† and Lavanya Jha††
Cite as: 2021 SCC OnLine Blog Exp 51
by Akaant Kumar Mittal†
Cite as: 2021 SCC OnLine Blog Exp 33