Debt and Default Archives

Case Briefs Tribunals/Commissions/Regulatory Bodies

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.

Case Briefs Tribunals/Commissions/Regulatory Bodies

‘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.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Application under Section 9 of the IBC is not maintainable in absence of strict proof of Debt and Default: NCLAT

“The Proceedings under the IBC, 2016, are summary in character and a trial is not conducted, like that of ‘Civil’ matter, before the ‘Competent Civil Court’.”