Whether a Decree or an Arbitral Award or a Settlement Deed can form the Basis of a Financial or Operational Debt under IB Code
by Akaant Kumar Mittal†
Cite as: 2022 SCC OnLine Blog Exp 1
IBC
“NCLT can encourage settlements, it cannot direct it by acting as courts of equity” SC holds NCLT has limited powers to either admit or reject an application u/s 7(5) of IBC
Supreme Court: The Division Bench comprising of Dr Dhananjaya Y Chandrachud* and A S Bopanna, JJ., held that the powers of NCLT
“Any deviation would defeat the object and purpose of providing such time limit under IBC”; Supreme Court directs to speed up insolvency process of Amtek Auto
Supreme Court: The Division Bench of M.R. Shah* and Sanjiv Khanna, JJ., directed to speed up the insolvency resolution process of Amtek
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.”
Decoding the Conundrum around the Retrospective Effect of Section 29-A IBC through the Evolution of the Famous Wig Associates Judgment
by Shuchi Sejwar† and Sanjana Sachdeva[*]
Kar HC | Interplay between IBC and Companies Act regarding winding up petitions; Court decides in matter of transfer of company petition to NCLT
Karnataka High Court: S. Sunil Dutt Yadav, J., decided in the matter of a petition which was filed praying to transfer a
IBC and Limitation| Words “order is made available to the aggrieved party” consciously omitted from Section 61(1)&(2): SC. Read why
“The IBC, as a prescriptive mechanism, affecting rights of stakeholders who are not necessarily parties to the proceedings, mandates diligence on the part of applicants who are aggrieved by the outcome of their litigation.”
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††
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
Whether S. 7 IBC petition is maintainable where financial creditor fails to enclose financial contract/documents along with the petition: NCLT examines
National Company Law Tribunal (NCLT): Coram of Judicial Member Ashok Kumar Borah and Technical Member Shyam Babu Gautam has admitted a petition
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
Resolution Applicant under IBC not allowed to withdraw/modify its Resolution Plan, once submitted for approval of NCLT: Supreme Court
Supreme Court: A Division Bench of Dr D.Y. Chandrachud and M.R. Shah, JJ. has held that under Insolvency and Bankruptcy Code, 2016,
NCLT | ‘The moment a pre-existing dispute is established, IBC disenthralls itself’– Dismisses Application
National Company Law Tribunal, New Delhi: The Coram of Abni Ranjan Kumar Sinha, (Judicial Member) and L.N. Gupta (Technical Member) dismissed an
NCLAT | Matter getting protracted, defeating the purpose of IBC; Orders NCLT to pass orders ‘one way or the other’
National Company Law Appellate Tribunal (NCLAT): The Coram of Judicial A.I.S. Cheema (The officiating Chairperson) and Dr Alok Srivastava (Technical Member) while
Guarantors: The Unspoken Exception to the Clean Slate Theory
by Amir Bavani* and Rhea Jayakumar**
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
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
NCLT | Malice Intention to start something ‘other than insolvency’ nipped- Releases the Corporate Debtor from ‘rigors of CIRP and moratorium’
National Company Law Tribunal (NCLT): The Coram of Justice Abni Ranjan Kumar Sinha,(Judicial Member), and L.N. Gupta, (Technical Member) while exercising their
NCLT | Personal Guarantor not liable to be prosecuted under S. 95 IBC where corporate debtor concerned is not under corporate insolvency resolution process
National Company Law Tribunal, Mumbai: Coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member dismissed an interlocutory application filed
Claim for Refund of Advance: Whether an Operational Debt
by Rahul Poddar*