Supreme Court upholds constitutional validity of provisions relating to Personal Guarantors in IBC; Holds IBC cannot operate in retroactive manner
“IBC does not suffer from any manifest arbitrariness to violate Article 14 of the Constitution”
Insolvency
No absolute or unfettered discretion on the part of Liquidator to cancel auction which is otherwise valid: Supreme Court
Supreme Court said that the mere expectation of the Liquidator that a still higher price may be obtained can be no good ground to cancel an otherwise valid auction and go for another round of auction.
Go Airlines insolvency: NCLAT approves appointment of new Resolution Professional by CoC
NCLAT directed the new Resolution Professional to protect the assets of the Corporate Debtor as required under S. 25(1) of the IBC
Explained | Supreme Court’s verdict on constitutionality of Section 327(7) of Companies Act vis-à-vis preferential payment of dues to workers after liquidation
The Supreme Court said that it cannot adopt a doctrinaire approach. Some sacrifices have to be always made for the greater good, and unless such sacrifices are prima facie apparent and ex facie harsh and unequitable as to classify as manifestly arbitrary, these would not be interfered with by the court. Thus, no priority can be given to workers’ dues after liquidation of the company under the IBC.
SC upholds NCLAT’s ‘project-wise-resolution’ process order in Supertech Insolvency; allows it to complete housing projects
The Court said that if Committee of Creditors would be constituted for all projects of Supertech, it will cause immense hardships to the home buyers and will throw ever project into uncertainty.
Call for Blogs | RGNUL Centre for Business Laws and Taxation [Rolling Submissions]
About Rajiv Gandhi National University of Law, Punjab Rajiv Gandhi National University of Law (RGNUL), Punjab, was established by the State Legislature
Resolution Professional under IBC is a ‘public servant’ under Prevention of Corruption Act: Jharkhand High Court
Jharkhand High Court clarified that Section 233 of Insolvency and Bankruptcy Code (‘IBC Code’) gives protection to a resolution professional from criminal prosecution for acts in good faith, and not where he has been apprehended red-handed with the bribe amount.
Delhi High Court changes the status of Look Out Circular; directs immigration authorities to inform SFIO about former Director of Techpro Systems Limited arrival and departure
The Court opined that the present case would fall under the Office Memorandum which stated that “where there is no cognizable offence under IPC and other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country.”
Period of suspension of legal proceedings is excludable in computing limitation period for enforcement of right under Section 22(5), SICA: Supreme Court
Supreme Court held that the period of suspension of legal proceedings is excludable in computing the period of limitation for the enforcement of such right in terms of Section 22(5), SICA. Further, the dismissal of the application under Section 9, IBC on the ground of ‘pre-existing dispute’ cannot be held to be patently illegal or perverse.
[IBC] Statutory authorities chose not to submit their proof of claim; Delhi High Court quashes show cause issued by Directorate of Revenue Intelligence
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.
CNLU, Patna| Carcil National Conference on Antitrust Laws 2023
The Centre for Advanced Research on Corporate and Insolvency Laws (CARCIL) is inviting submissions for the CARCIL National Conference on Antitrust laws in collaboration with CCI, to be held in Physical Mode on April 07, 2023, at CNLU, Patna.
2nd Edition of CNLU-CCI National Moot Court Competition, in association with JSA Advocates & Solicitors: Register Now
About CNLU Founded in the year 2006, Chanakya National Law University (CNLU) had an altruistic aspiration of serving society by disseminating high-quality
PF and gratuity dues not part of liquidation estate; cannot be recovered under Section 53 of IBC which provides for waterfall mechanism: Supreme Court
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.
EBC announces launch of 2nd edition of Akaant Kumar Mittal’s Insolvency and Bankruptcy Code: Law and Practice: Registration Link Inside!
The second edition of Akaant Kumar Mittal’s Insolvency and Bankruptcy Code: Law and Practice promises to be even more comprehensive than before.
Approval of a Resolution Plan does not ipso facto discharge a Personal Guarantor of a Corporate Debtor of his liabilities under Contract of Guarantee; Allahabad High Court reiterates
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.
Date of default and acknowledgement are two different events; NCLAT imposes penalty of Rs. 25 lakhs for attempting to stop implementation of a RERA order
National Company Law Appellate Tribunal | While dealing with an appeal challenging the impugned order passed by NCLT, Ashok Bhushan*, J., Dr.
Interim moratorium under S. 96 IBC in respect of one of the guarantors would not ipso facto apply against a co-guarantor; Delhi HC stays suit in view of bar under S.96 IBC
Delhi High Court: In two separate suits filed seeking recovery of amount from the defendants, being ex- promoters and personal guarantors of
Non-payment of full provident fund and gratuity violative of S. 30(2)(e) IBC; NCLAT directs Jet Airways to make payments
National Company Law Appellate Tribunal, Delhi: In a batch of appeals filed challenging order dated 22-06-2021 passed by the National
Insolvency professional must not accept any fees or charges from any professional and/or support service provider vide IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2022
The Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations,
What is the effect of commencement of proceedings under the IBC, over any pending proceedings before another Court or Tribunal? ITAT discusses
Income Tax Appellate Tribunal (ITAT), Hyderabad: While deciding the instant appeal in the backdrop of Corporate Insolvency Resolution Proceedings (CIRP) pending against