CAM advises and represents CoC of Vidarbha Industries Power during CIRP under IBC
The CIRP was initiated against the Corporate Debtor vide order dated September 30, 2024, passed by the Hon’ble National Company Law Tribunal, Mumbai Bench.
CIRP
‘Resolution plans comply with IBC and CIRP Regulations’; NCLT approves Adani Properties acquisition of two HDIL assets
Reiterating that the commercial wisdom of the CoC is to be given paramount importance for approval/rejection of the Resolution Plan, the NCLT held that the Resolution Plans in the present case met the requirements of the IBC and the IBBI Regulations, and thus, had to be approved.
Shardul Amarchand Mangaldas & Co. advises Committee of Creditors of Vadraj Cement on its Corporate Insolvency Resolution Process
Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors (CoC) of Vadraj Cement Limited (VCL)
NCLT grants exclusion of 854 days to Resolution Professional; directs completion of CIRP
The RP sought exclusion of the time it took for NCLT to decide the applications filed under Section 19 of the IBC regarding the non-cooperation by the Company.
‘Single Homebuyer can’t challenge CoC approved Resolution Plan’; NCLAT upholds CoC’s commercial wisdom
The Resolution Plan has been approved by 83.46% voting share of the CoC, therefore, at the instance of Appellant, approval of Resolution Plan cannot be allowed to be questioned.”
‘Attempt to thwart decrees passed by the Court following due process is an abuse of process of law’; Bombay HC imposes Rs 1 lakh cost
The order dated 16-4-2021 passed by the NCLT, Mumbai indicated that the prohibition during CIRP is with respect to institution and continuation of suits only against Prince SWR System (P) Ltd and not against the Company’s director, i.e., the applicant.
‘Secured Creditor who relinquishes interest cannot seek priority among others based on charge’; NCLT directs distribution of sale proceeds of Monnet Power’s assets
“Once a Secured Creditor relinquishes its security interest to the liquidation estate, it cannot seek priority among other Secured Creditors on the basis of the charge and is only entitled to receive proceeds from the sale of assets in the manner specified under Section 53 of the IBC.”
Is Time of Essence: A Test of IBC’s Timelines and Accountability
by Aseem Chaturvedi*, Arpit Kumar Singh**, Siddhant Kumar*** and Amaan Khan****
Upon approval of resolution plan all claims not included therein shall stand extinguished; Notice under S. 263 IT Act cannot be issued thereafter: Gujarat HC reiterates
‘On the complete extinguishment of all tax liabilities of the Corporate Debtor upon the approval of the Resolution Plan, there could be no occasion whatsoever for the IT Commissioner to issue the impugned notice under Section 263 of the Act, seeking to revise the assessment order for the Assessment Year 2020-21.’
Force Majeure doesn’t absolve Corporate Debtor from contractual obligations; NCLT directs initiation of CIRP against Corporate Debtor
The NCLT acknowledged the impact of force majeure events, particularly the unprecedented rise in coal prices and operational disruptions caused by the COVID-19 pandemic on Corporate Debtor.
Financial Creditors’ involvement in project monitoring does not absolve Corporate Debtors from repayment obligations: NCLAT
“Any dispute even pending in the arbitration does not in any manner prohibit the financial creditor to take remedy under Section 7 IBC.”
NCLT dismisses Akshay Kumar’s insolvency plea against Math tutoring platform, Cue Learn
“The essence of the IBC lies in resolving insolvency matters through a process driven approach, and any deviation from its prescribed scope would undermine the legislative intent of the Code.”
Strengthening Our Insolvency Regime: The Answer Lies Within
by Arush Khanna* and Swetalana Rout**
‘Supervisory & judicial review powers vested in HCs demands rigorous scrutiny & judicious application’; SC sets aside HC’s order interdicting CIRP proceedings under IBC
“The IBC is a complete code in itself, having sufficient checks and balances, remedial avenues and appeals. Adherence of protocols and procedures maintains legal discipline and preserves the balance between the need for order and the quest for justice.”
‘Delays arising from statutory compliance not force majeure’; NCLT admits insolvency proceeding against Raheja Developers
The NCLT held that non-delivery of possession despite payments and continued acknowledgment of liability through emails and communications proved default under Section 7 IBC.
Delhi High Court dismisses contempt proceedings by GAIL India Limited recognizing reasonable efforts amid insolvency challenges
Delhi High Court observed that the contempt proceedings against the respondents lacked legal foundation, as they were not parties to the original petitions instituted by the consortium companies.
Testing the Limits of the Clean Slate Theory — A Critical Examination of the Madras High Court’s Ruling in National Sewing Thread Co. Ltd. v. TANGEDCO
by Ritika Gambhir Kohli†, Akshaya Ganpath†† and Saumya Tiwari†††
Supreme Court overturns NCLAT judgment that closed insolvency process against Byju’s, following settlement with BCCI
The present appeal raises substantial questions about the legal framework governing the withdrawal of a CIRP; the settlement of claims after the admission of an application instituted by a debtor; and the scope of the inherent powers vested in the NCLAT under Rule 11 of the NCLAT Rules.
Suspension of CIRP for defaults during Pandemic under Section 10-A IBC does not apply to personal guarantors: NCLT
NCLT held that the Resolution Professional followed the principles of Natural Justice and considered relevant documents, therefore, the Personal Insolvency Resolution Process should be initiated.
[Jaypee Infratech Resolution Plan] SC closes home buyers’ pleas after Suraksha Realty offers for allotment of homes or refund
About 538 home buyers, who paid more than 80% of the demand, will be given this option for allotment of the flat, in which event, the said home buyers will be treated on par with other home buyers.