Money advanced for clearing land title is an investment, not financial debt under Section 5(8) of the IBC: NCLAT
The NCLAT reinforced that not all financial transactions qualify as financial debts under the IBC.
NCLAT
Inter-Corporate Loans and Deposits: Treatment of Such Debts in Case of Default
by Sidharth Sethi† and Shreya Sircar††
2024 SCC Vol. 6 Part 2
Arbitration — Arbitration and Conciliation Act, 1996 — Ss. 34 and 37 — Arbitral award — Validity of: Law explained on validity
Procedural orders directing consolidation of related petitions not appealable under Section 421 of Companies Act: NCLAT
The NCLAT criticized the appellants for unnecessarily burdening the Tribunal with excessive documentation, voluminous records and citations of little value, thereby wasting Tribunal’s resources and acting contrary to professional ethics.
Shardul Amarchand Mangaldas & Co. advises the Committee of Creditors of Metalyst Forgings Limited
Shardul Amarchand Mangaldas & Co. advised the committee of creditors (CoC) in the corporate insolvency resolution process of Metalyst Forgings Limited (Metalyst),
CCI’s Obligation to Put Parties under Investigation to Notice — An Analysis of a Recent Madras High Court Ruling
by Neelambera Sandeepan* and Srivaishanavi R.**
Delhi High Court dismisses petition seeking Guidelines for Suspended Insolvency Professionals by IBBI Disciplinary Committee
The Court exonerated the charges of contravention of prescribing non-refundable participation fee levied on Liquidator of Corporate Debtor, however, he was found guilty of paying excess fees to BDO Restructuring Advisory LLP.
Critical Analysis of Supreme Court Judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni
by Gaurav Mitra* and Lavanya Pathak**
Clean Slate Doctrine — Wiggle Room for “Uncrystallised Claims”?
by Yogendra Aldak†, Pranav Mundra†† and Balraaj Singh Chhatwal†††
Tribunals and Commissions Roundup April 2024 | Maggie Noodles consumer dispute, Bengaluru water crisis, Flipkart’s Liability, missing girls in Andhra Pradesh; and more
The State Commission absolved Flipkart from any liability as it was merely facilitating the sale through its portal. However, it was noted that Flipkart should have displayed a strict attitude vis-à-vis breach of terms regarding sale of counterfeit products on its site.
[Financial Debt v. Operational Debt] SC clarifies when a ‘debt’ is considered as financial debt and operational debt under IBC
“While deciding that whether a debt is a financial debt or an operational debt arising out of a transaction covered by an agreement or arrangement in writing, it is necessary to ascertain what is the real nature of the transaction reflected in the writing.”
‘Inconvenience of specific party cannot outweigh statutory provisions’; Delhi High Court directs DGCA to process deregistration of 54 leased GoAir aircrafts
“It is trite that the international treaty obligations are required to be followed strictly and any deviation therefrom would have adverse effects including downgrading of the business interests of country in the international community.”
Homebuyers/Allottees with or without RERA orders are treated equally under Section 7(1) proviso (2) IBC: NCLAT
The NCLAT held that the appellant, having obtained a recovery certificate from RERA, qualified as Financial Creditors.
NCLAT upholds Resolution plan and affirms parties’ right to seek redress for ‘reliefs and concessions’ in Competent Court
The NCLAT upheld the grant of reliefs and concessions regarding shared utilities and services in Resolution Plan to facilitate the smooth and successful implementation of the Resolution Plan.
‘Merely shared management not enough to establish liability’; NCLAT finds claims against Corporate Debtor untenable
The NCLAT warned against manipulating the IBC for debt recovery purposes, as it would defeat the code’s purpose of rehabilitating Corporate Debtors.
CoCs cannot consider Resolution Plans from applicants not listed in Prospective Resolution Applicants’ List: NCLAT
NCLAT held that CoCs’ resolution not to consider Resolution Plans from additional new entrants rendered the NCLAT’s orders unsustainable.
Filing of ‘Certified Copy’ not an empty ritualistic formality: NCLAT
NCLAT upheld appellant’s classification as a Financial Institution and it’s liability to pay Liquidation Costs.
NCLAT rules on Secured Creditor’s right to choose method of debt realisation
NCLAT stated that since the IBC overrides the SARFAESI Act, the Liquidator ought not to prefer a petition, based on the SARFAESI Act, and therefore Liquidator’s decision to classify the appellant as an unsecured financial creditor was illegal and invalid.
2024 SCC Vol. 2 Part 4
M.P. Municipal Corporation Act, 1956 (23 of 1956) — S. 132(6)(l) — Tax on advertisement: Law clarified on requisites for levy of