Corporate Debtor Archives

‘IBC’s object is not to kill the company’; Builder’s Insolvency Proceedings closed as 82 out of 128 home buyers choose possession over refund/compensation: SC

“If the original applicants and the majority of the home buyers are not permitted to close the CIRP proceedings, it would have a drastic consequence on the home buyers of real estate project.”

Case Briefs Tribunals/Commissions/Regulatory Bodies

Can application filed under S. 95(1) read with S. 60(1) IBC be rejected on ground that no Corporate Insolvency Resolution Process was pending against Corporate Debtor? NCLAT addresses

If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or

Case Briefs Tribunals/Commissions/Regulatory Bodies

If granting exclusion of time would help Corporate Debtor from liquidation, should NCLAT allow such exclusion? Here’s what NCLAT says

National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice M. Venugopal (Judicial Member) and Dr Ashok Kumar Mishra (Technical

Op Eds OP. ED.

To File or not to File: Understanding the Jurisdictional Dilemma in Personal Guarantor’s Insolvency Resolution Process

by Shivam Singhal†

Case Briefs High Courts

Whether proceedings under Ss. 138 and 141 of NI Act can be initiated against corporate debtor during moratorium period? Madras HC answers

Madras High Court: N. Sathish Kumar, J., while addressing a matter with regard to the dishonour of cheques under Section 138 of

Case Briefs Tribunals/Commissions/Regulatory Bodies

EPC Construction Resolution: NCLAT allows distribution of Rs 223 crores from available cash balance among creditors and lenders

National Company Law Appellate Tribunal (NCLAT): The Bench of Justice Ashok Bhushan (Chairperson) and Dr. Alok Srivastava (Technical Member) allowed distribution of

Case Briefs Tribunals/Commissions/Regulatory Bodies

Attachment of Bank Accounts of a Corporate Debtor: Is it violative of S. 14 of IBC during pendency of Corporate Insolvency Resolution Process? NCLT explains

National Company Law Tribunal, Mumbai Bench: The Coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member directed that

Case Briefs Supreme Court

Can NCLT entertain an arbitrable dispute? SC sets the yardsticks of residuary powers of NCLT under IBC

“The residuary jurisdiction of the NCLT cannot be invoked if the termination of a contract is based on grounds unrelated to the insolvency of the Corporate Debtor.”

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT | Deducing from the acts and the tactics of the corporate debtor failing the test of legality, initiates CIRP

National Company Law Tribunal, Mumbai Bench, Mumbai- The Coram of Ashok Kumar Borah, Judicial Member, and Shyam Babu Gautam, Technical Member while

Op Eds OP. ED.

Does Unsecured Loan with No Returns have the Effect of Time Value of Money and be Covered under the Commercial Borrowing under the IBC Code?

by Love Kumar Gupta† and Angad Sandhu††

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | On not finding flaws in the NCLT order, abstains from interfering- Petitioner not being authorised under S.7 IBC, lacks locus standi

National Company Law Appellate Tribunal (NCLAT)- The Coram of Justice Jarat Kumar Jain (Judicial Member), Ashok Kumar Mishra (Technical Member), and Alok

Case Briefs Supreme Court

Supreme Court on preferring an appeal before NCLAT beyond a period of 30 days: Read the Law [Explained]

Supreme Court of India: The Bench of M.R. Shah and Aniruddha Bose, JJ., observed that, “Appellate Tribunal has jurisdiction or power to

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated

National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Jarat Kumar Jain, Judicial Member and Dr Ashok Kumar Mishra, Technical Member

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT | With no prospects, substance and bleak chances of recovery, Resolution Professional seeks liquidation — With its acceptance, Nirav Modi’s Firestar dooms

National Company Law Tribunal (NCLT): The Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) while allowing the

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | ‘Acknowledgment’ is based on neighboring circumstances and has nothing to do with the form-Rejects Appeal

National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Venugopal M (Judicial Member) and V.P. Singh (Technical Member) while setting aside

Case Briefs Supreme Court

Supreme Court on Jurisdiction of NCLAT & NCLT || Does jurisdiction of NCLAT/NCLT extend into entering upon merits of a business decision made by a requisite majority of CoC?

Supreme Court: The Division Bench of Dr Dhananjaya Y Chandrachud and M R Shah, JJ., observed that, Jurisdiction of the Adjudicating Authority

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT rejects withdrawal application under S. 12-A IBC where corporate debtor entered into settlement only with a fraction of creditors: CIRP against Rolta India Ltd. will continue

National Company Law Tribunal, NCLT Mumbai: Coram of Suchitra Kanuparthi, Judicial Member and Chandra Bhan Singh, Technical Member, observed that, “…a Judicial

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT Decodes | Whether working capital provided by an investor to run a restaurant would come under the ambit of Financial Debt?

National Company Law Tribunal (NCLT): Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) held that ‘Working Capital’

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing ‘title deeds’ under Resolution Process? Read on

National Company Law Appellate Tribunal (NCLAT): The Division Bench of Justice Anant Bijay Singh, Judicial Member and Shreesha Merla, Technical Member held

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | ‘Balance and Security Confirmation Letter’ is sufficient ‘acknowledgement of debt’ so as to extend limitation period for initiating insolvency proceedings under S. 7 IBC

National Company Law Appellate Tribunal (NCLAT): A Division Bench of Justice Venugopal M. (Judicial Member) and V.P. Singh (Technical Member) dismissed an