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Corporate Insolvency Resolution Process (CIRP)
‘Financial debt exceeded minimum threshold’: NCLT admits insolvency application against Sparklet Engineers Private Ltd.
Although the respondent acknowledged execution of works, instalments under the Vendor Settlement Agreement remained unpaid. With repeated acknowledgments of inability to pay and only the first tranche settled, default was established under Section 9 of the Insolvency and Bankruptcy Code, 2016.
Resolution Professional to be appointed as liquidator unless replaced by Adjudicating Authority on grounds provided in Section 34 IBC: NCLAT
The power envisaged under Section 34(4)(b) of the IBC is a power to recommend the replacement of the particular Resolution Professional on facts specific to that individual and is not a general power that could be exercised by the IBBI for issuing the Circular.
NCLT approves acquisition of Sterling Biotech Ltd. by US-based food tech ‘Perfect Day’
National Company Law Tribunal | In an application filed under S. 60(5) of the Insolvency and Bankruptcy Code, 2016, a
Calcutta High Court stays ED’s Provisional attachment order against the Corporate Debtor before commencement of CIRP
Calcutta High Court | While awarding the injunction, Sabyasachi Bhattacharyya, J. restrained the Enforcement Directorate from giving effect to the impugned order