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“When the Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC) application is based on default committed subsequent to Section 10-A of the IBC period and the amount claimed subsequent to Section 10-A of the IBC period is well beyond threshold, application cannot be rejected on the ground.”
The financing enabled implementation of an NCLT-approved resolution plan, facilitating creditor payments and the acquisition of full ownership and management control by an entity backed by Welspun Group and Ashdan Properties.
Invocation of insolvency proceedings or the moratorium under the Insolvency and Bankruptcy Code, 2016 cannot become a legal device to indefinitely stall redevelopment. The IBC was never intended to be used as a shield for non-performance at the cost of human rehabilitation.
The appellant relying on Tottempudi Salalith v. State Bank of India, (2024) 1 SCC 24, contended that the limitation for filing Section 95 IBC application in the present case must be treated as 12 years and hence the application filed was not barred by time.
The National Article Writing Competition and Workshop on IBC, 2025 designed to cultivate deep academic inquiry and practical understanding of India’s insolvency regime is to be held in August 2025.
by Mridul Chitransh* and Milan Asati**
Criminal Procedure Code, 1973 — S. 438 — Anticipatory bail — In corruption offences: Law clarified on grant of anticipatory bail in
Court can consider any document with intrinsic worth having bearing on lis decided earlier
Arbitration and Conciliation Act, 1996 — S. 11(6) — Substantive claims of petitioner whether time-barred i.e. issue of limitation requiring intricate evidentiary
The Insolvency Bankruptcy Board of India (‘IBBI’) and INSOL India held the 2nd International Conclave in Delhi on 7th December to engage in the path-breaking discourse surrounding the ever-evolving space of insolvency and bankruptcy.
by Ritika Gambhir Kohli†, Akshaya Ganpath†† and Saumya Tiwari†††
The bank has acted in an arbitrary and illegal manner by claiming that the entire bid amount shall be deposited by the petitioner, while on the other hand, avoiding the question of the supervening legal impossibility, which debarred them from issuing Sale Certificate or handing over the physical possession of the property to petitioner.
The NCLT noted that Form AA, meant for individual Insolvency Professionals, had been modified by the Insolvency Professional Entity to fit its consent as no separate form for IPEs exists.
by Shekhar Raj Sharma* and Akshita Grover**
“Whether the Insolvency Resolution Professional is a public servant or not according to Insolvency and Bankruptcy Code or Prevention of Corruption Act, 1988 or Section 21 of Penal Code, 1860, is purely the domain of the legislature and if required, the legislature may carry out necessary amendments to the legislations.”
“The ‘Bank Guarantee’ is a ‘contract of Guarantee’ provided/furnished by the Bank, the “surety”, to perform the ‘promise’, or ‘discharge’ the liability, of the third person, being the Corporate Debtor herein, in case of his ‘default’.”
“The IBC and the resolution process does not contemplate matters being left inchoate. In fact, it exhorts one to accept the seal of finality and quietude which stands attached to the approval of a Resolution Plan.”