Insolvency
SC issues notice in appeal challenging lay-offs during insolvency: Key questions raised on IBC-ID Act Conflict
The appeal challenges the NCLAT’s order upholding a purported lay-off by Resolution Professional, which the appellant claims was a disguised and unlawful retrenchment. The Court is set to examine whether IBC overrides ID Act provisions and whether such retrenchments can legally occur under the garb of lay-offs during insolvency proceedings.
Insolvency proceedings no shield for Directors in cheque dishonour cases under S. 138 NI Act: Orissa HC
“On the request of the petitioner, the complainant waited and represented the cheque through its banker, but once again it got dishonoured with the same remark – refer to drawer.”
SAM & Co. advises Committee of Creditors of Hindusthan National Glass & Industries Ltd. on INR 2500 Crore Resolution
The transaction achieved a recovery of approximately INR 2500 Crores for creditors, including 74.89% for secured financial creditors.
CAM successfully advises Union Bank of India in Bankruptcy Petition Against Kapil Wadhawan; NCLT Mumbai Admits Petition
Kapil Wadhawan had executed a joint deed of personal guarantee to secure the credit facilities extended to erstwhile Dewan Housing Finance Corporation Ltd., not exceeding INR. 50,656.84 Crores.
Creditor’s name not essential in balance sheet for acknowledgment of debt to extend limitation period; Supreme sets aside NCLAT Order; Allows IFIN’s plea
The judgment reaffirmed the principle that entries in a corporate debtor’s balance sheet can constitute an acknowledgment of liability under Section 18 of the Limitation Act, provided they indicate a subsisting jural relationship between the parties, even if the financial creditor is not named explicitly. The Court emphasised that such entries must be interpreted liberally and in context, considering the overall tenor of the balance sheet and the surrounding circumstances.
CAM advises and represents CoC of Vidarbha Industries Power during CIRP under IBC
The CIRP was initiated against the Corporate Debtor vide order dated September 30, 2024, passed by the Hon’ble National Company Law Tribunal, Mumbai Bench.
Cyril Amarchand Mangaldas advises Nazara Technologies on Resolution Plan for Smaaash Entertainment
Cyril Amarchand Mangaldas has advised and represented Nazara Technologies Limited
‘Single Homebuyer can’t challenge CoC approved Resolution Plan’; NCLAT upholds CoC’s commercial wisdom
The Resolution Plan has been approved by 83.46% voting share of the CoC, therefore, at the instance of Appellant, approval of Resolution Plan cannot be allowed to be questioned.”
IBBI introduces Non-submissions of Repayment Plan strengthening Insolvency Resolution Process
Enhancing creditor strength through faster debt recovery.
From Geopolitics to Tech Mergers: IBA organised conference on ‘Mergers and Acquisitions in India: a key engine to the USD 30 trillion goal’
From 03 to 04-04-2025, the International Bar Association corporate and M&A Law Committee at Taj Mahal Palace, Mumbai.
Insolvency, Advocacy, and Beyond: A Conversation with Advocate Pranav Gupta
Interviewed by Sidhanth Singh
Upon approval of resolution plan all claims not included therein shall stand extinguished; Notice under S. 263 IT Act cannot be issued thereafter: Gujarat HC reiterates
‘On the complete extinguishment of all tax liabilities of the Corporate Debtor upon the approval of the Resolution Plan, there could be no occasion whatsoever for the IT Commissioner to issue the impugned notice under Section 263 of the Act, seeking to revise the assessment order for the Assessment Year 2020-21.’
Penalties imposed by NCDRC are regulatory in nature & do not constitute “debt” under IBC, 2016: Supreme Court
Permitting a stay on regulatory penalties under the guise of insolvency proceedings would undermine the very purpose of the CP Act and embolden errant developers to escape liability through insolvency proceedings.
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.
2nd CARCIL-CNLU National Conference on Corporate and Insolvency Laws, 2024
About the Organisation: The Centre for Advanced Research on Corporate and Insolvency Laws (CARCIL) is a Centre of Excellence to facilitate the
Insolvency of “Group Companies”
by Anuja Pethia* and Rishabh Govila**
Cross Border Insolvency | SICC recognises and enforces foreign proceeding concerning restructuring plan for PT Garuda Indonesia
A mandatory effect operates to recognise a foreign proceeding once the requirements in Article 17 of the Third Schedule are satisfied.
Live | 2nd ILA Annual Conference 2024 [February 9-11, 2024]
Insolvency Law Academy is conducting its 2nd annual conference, the 2nd meeting of ILA’s Insolvency Scholars Forum and 1st meeting of ILA’s Emerging Scholar’s Group from 9th to 11th February, 2024 in Goa.
Explained| Madras High Court verdict on constitutionality of Section 204 of the Insolvency and Bankruptcy Code
“Regulations and Byelaws framed under Section 204 IBC clearly provide checks and balances. Therefore, it cannot be said to be confirmation of excessive or unbridled power”