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ITAT reiterated that IBC has overriding effect on all the acts including Income Tax Act (‘IT Act’) which has been specifically provided under Section 178(6) of the IT Act as amended w.e.f. 01-11-2016.
In the instant case, the Directorate of Revenue Intelligence neither submitted proof of claim nor responded to a specific communication via an e-mail addressed to Senior Intelligence Officer. This is a case where despite knowledge, the statutory authorities chose not to submit their proof of claim.
Supreme Court upheld the NCLT order that the provident fund, pension fund and gratuity fund are not part of the liquidation estate, for distribution under Section 53 of the IBC and the same has to be paid to the employees under the stated heads.
While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.
This roundup revisits the analyses of Supreme Court’s judgments/orders on constitutionality of Demonetisation; Freedom of Speech of Ministers; Guidelines to withhold life support of a terminally ill patients; Tussle between Delhi Government and Centre, and more. It also covers reports on Justice SA Nazeer’s retirement; the career trajectory & important decision of Justice CT Ravikumar; Explainers on important law points; five ‘Did You Know’ facts; Cases Reported in SCC Weekly in the month of January; and a throwback from SCC Archives.
There should be no scope for the declarant to escape on the technical grounds from responsibility attached to the statement made by him in the affidavit. Unless those compliances, referred to in paragraphs 5 and 8 of chapter VII of the Criminal Manual are complied with, it will be difficult to hold the person making a declaration on oath responsible for the statement made on an oath.
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.
Eastern Book Company released the second edition of the landmark book on Insolvency and Bankruptcy Law – titled Insolvency and Bankruptcy Code:
The second edition of Akaant Kumar Mittal’s Insolvency and Bankruptcy Code: Law and Practice promises to be even more comprehensive than before.
Allahabad High Court said that challenge to demand notice for electricity dues, issued jointly in name of Directors of the insolvent company cannot be sustained on the ground that liabilities of guarantor stood automatically discharged on acceptance of Resolution Plan.
The Supreme Court stated that it was neither a case where the appellant did not make any application within the stipulated time under the 2019 Scheme nor where the appellant deliberately did not deposit the settlement amount.
With 1263 judgments delivered; three Chief Justices of India taking turns to lead the judiciary; a number of judges retiring and a
National Company Law Appellate Tribunal held that there is no provision in Insolvency Bankruptcy Code, 2016 for alteration or modification in the resolution plan by the Adjudicating Authority
National Company Law Appellate Tribunal | Upholding the maintainability of an application filed under S. 7 IBC, a bench comprising of Rakesh
That various stakeholders are to be considered by the Resolution Professional under the relevant provisions of IBC andin accordance with law, and the same should be placed before the CoC for approval. Thus, the resolution plan was sent back for approval by the Committee of Creditors.
by Akaant Kumar Mittal†
Cite as: 2022 SCC OnLine Blog Exp 83
by M.P. Venkateshwara Perumal*
by Sucheta Sarkar†
About NUALS The National University of Advanced Legal Studies is a uni-disciplinary university in Kochi, Kerala, India for undergraduate, graduate
An order of attachment when made under the PMLA does not result in the corporate debtor or the Resolution Professional facing a fait accompli.