Justice Pankaj Mithal Bids Adieu to the Supreme Court: A throwback to His Dedicated Journey & Distinguished Career
Justice Pankaj Mithal began his career in law in the 1980s and subsequently went on to become Judge at the Supreme Court of India.
Financial Debt
No Financial Creditor status with invalid Debt Assignment: NCLAT sets aside initiation of CIRP under Section 7 IBC
“For maintaining an application for default of another Financial Creditor, the essential ingredients to be fulfilled by the Applicant is that the Applicant has to be a Financial Creditor on its own facts.”
Know Thy Judge | Supreme Court of India: Justice Pankaj Mithal’s tryst with law and notable judgments
Sitting Judge of the Supreme Court of India, Justice Pankaj Mithal began his career in law in the 1980s and subsequently went on to become Chief Justice of High Courts of J&K and Ladakh and Rajasthan.
Supreme Court sets aside NCLAT order de-recognizing four lenders of the insolvent Reliance Infratel as Financial Creditors
Noting that hypothecation means the process of using an asset as collateral for a loan. It acts as a protection to the lender when the borrower does not repay the loan, the Supreme Court highlighted that the name of the document is not a decisive factor. Only because the title of the document contains the word hypothecation, it cannot be concluded that guarantee is not a part of this document.
Money advanced for clearing land title is an investment, not financial debt under Section 5(8) of the IBC: NCLAT
The NCLAT reinforced that not all financial transactions qualify as financial debts under the IBC.
Inter-Corporate Loans and Deposits: Treatment of Such Debts in Case of Default
by Sidharth Sethi† and Shreya Sircar††
Know Thy Judge | Supreme Court of India: Justice Pankaj Mithal
Sitting Judge of the Supreme Court of India, Justice Pankaj Mithal began his tryst with law in the 1980s.
NCLT initiates corporate insolvency proceedings against Himalayan Mineral Water
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.
Supreme Court Roundup May 2024 | Art. 370; Pregnant person’s consent; Application of S. 498-A IPC; Financial Debt v. Operational Debt; Jaypee Infratech Resolution Plan; Constitutionality of ICAI guidelines
The roundup revisits the analyses of Supreme Court’s judgments/orders on Pregnant person’s consent; Application of S. 498-A IPC; Financial Debt v. Operational Debt and more. It also covers the top stories; Never reported Judgments and Know thy Supreme Court Judges.
[Financial Debt v. Operational Debt] SC clarifies when a ‘debt’ is considered as financial debt and operational debt under IBC
“While deciding that whether a debt is a financial debt or an operational debt arising out of a transaction covered by an agreement or arrangement in writing, it is necessary to ascertain what is the real nature of the transaction reflected in the writing.”
Financial Debt claim under Section 5(8) of IBC cannot be entertained after CoC’s approval of Resolution Plan: NCLAT
The NCLAT reiterated the importance of adhering to timelines in the Insolvency resolution process and the unacceptability of claims filed after the approval of the Resolution Plan by the CoC.
Adequate pleadings and findings required to establish Section 65 IBC compliance; NCLAT revives Section 7 application
NCLT’s order did not contain specific findings regarding whether the entire loan amount had been paid and whether nothing remained due.
Transition between the parties should be direct to construe the debt as ‘Financial Debt’ under Section 5(8) of the IBC: NCLAT
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.
Deduction of TDS and deposit in Form 16-A under Section 194-A of Income Tax Act proves the deduction was TDS relating to ‘Interest other than interest on securities’: NCLAT observes
In the instant matter an appeal was preferred against the order of NCLT admitting S. 7 IBC application or repayment of financial debt. Upholding the order of the NCLT, the Tribunal held that even if there is no proof of loan agreement other materials on record can prove the financial debt.
Recovering Foreign Award Debts in Insolvency Proceedings
by Kartikey Mahajan, Siddhant Sharma and Jatan Rodrigues
Cite as: 2022 SCC OnLine Blog Exp 87
Can default in payment of instalments under the settlement agreement be defined as an operational debt? NCLT decides
National Company Law Tribunal, New Delhi: The bench of Abni Rajan Kumar Sinha, Judicial Member and Hemant Kumar Sarangi, Technical Member has
Can post-dated cheque issued for repayment of principal amount be taken as unqualified admission of debt? NCLT Allahabad decides
National Company Law Tribunal, Allahabad (NCLT): The bench of Rajasekhar V.K., Judicial Member and Virendra Kumar Gupta, Technical Member decided that for
Liability in respect of a claim arising out of a Recovery Certificate is a “financial debt” under Section 5(8) of the IBC: Supreme Court
Supreme Court: The 3-judge bench of L. Nageswara Rao, BR Gavai* and AS Bopanna, JJ has held that a liability in respect
National Company Law Tribunal orders insolvency proceedings against Supertech: Indebted and defaulted repayment of loan
National Company Law Tribunal, New Delhi: The Coram of P.N. Prasad, Judicial Member and Rahul Bhatnagar, Technical Member, declared insolvency proceedings against