IBBI introduces Non-submissions of Repayment Plan strengthening Insolvency Resolution Process
Enhancing creditor strength through faster debt recovery.
Insolvency
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”
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”
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.