National Company Law Tribunal
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The application is filed by Jammu and Kashmir Bank against the Himalayan Mineral Waters Private Limited for a total financial debt of Rs. 50,04,38,456/- for the credit facilities availed by Leel Electricals.

Delhi High Court
Case BriefsHigh Courts

The Court exonerated the charges of contravention of prescribing non-refundable participation fee levied on Liquidator of Corporate Debtor, however, he was found guilty of paying excess fees to BDO Restructuring Advisory LLP.

Clean Slate Doctrine
Experts CornerLakshmikumaran & Sridharan

by Yogendra Aldak†, Pranav Mundra†† and Balraaj Singh Chhatwal†††

National Company Law Appellate Tribunal
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The NCLAT warned against manipulating the IBC for debt recovery purposes, as it would defeat the code’s purpose of rehabilitating Corporate Debtors.

Addressing Breach of Settlement Agreements
Op EdsOP. ED.

by Siddhant Asthana1

Liquidation Process
Legislation UpdatesRules & Regulations

IBBI notifies Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024.

national company law appellate tribunal
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“Debt acknowledgment in balance sheets and OTS proposal demonstrated Corporate Debtor’s awareness of assignment, rendering technical challenges unfounded.”

national company law appellate tribunal
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While affirming the impugned order, the NCLAT granted the appellant option to pursue proceedings as per the agreement between the parties before an appropriate forum in accordance with the law.

national company law appellate tribunal
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The NCLAT reiterated that Commercial wisdom of the CoC is crucial in determining the viability and feasibility of a resolution plan.

national company law appellate tribunal
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The democratic principles of the determinative role of majority opinion are enshrined in the IBC, and objections by a minority within a class, when the majority has approved a resolution plan, have no legal standing.

national company law appellate tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT held that the impugned order passed by the Adjudicating Authority is at a prima facie stage and should not be treated as a final expression of opinion.

delhi high court
Case BriefsHigh Courts

“If in the present case, the petition is entertained, it will eventually subvert the procedure laid down under the Insolvency and Bankruptcy Code, 2016 and the respondent in return will be denied the opportunity to present their case before the concerned NCLT.”

national company law appellate tribunal
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The NCLAT stated that prayers in general or in a very wide term or which is too elaborate as prayed in the applicant’s application may not require any consideration by the Adjudicating Authority.

national company law appellate tribunal
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Amount taken by the Directors of the Corporate Debtor in their personal capacity cannot be construed as ‘Financial Debt’ under S. 5(8) of the IBC.

corporate insolvency resolution
Experts CornerLakshmikumaran & Sridharan

by Ankit Parhar† and Rashi Srivastava††
Cite as: 2023 SCC OnLine Blog Exp 55

national company law appellate tribunal
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NCLAT directed the new Resolution Professional to protect the assets of the Corporate Debtor as required under S. 25(1) of the IBC

national company law appellate tribunal
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The NCLAT set aside Adjudicating Authority’s order initiating CIRP of the Corporate Debtor.

national company law appellate tribunal
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“The Adjudicating Authority does not appear to have committed any error in holding the alleged disputes claimed by the Corporate Debtor to be feeble as it is not supported by credible evidence.” NCLAT

national company law appellate tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

While upholding NCLT’s order the NCLAT held that in the present case there is a debt which remained unpaid by the Operational Creditor.

national company law appellate tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT held that benefit under S. 10-A of IBC can only be claimed when default occurs during prohibited period – ‘05-03-2020 to 25-03-2021’.