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The proceeds of the Debentures were utilized for inter alia implementation of the resolution plan submitted by Independent Sugar Corporation Limited, a Bermuda incorporated entity in respect of Hindusthan National Glass & Industries Limited (“HNG”) and working capital and capital expenditure requirements of HNG.
The transaction achieved a recovery of approximately INR 2500 Crores for creditors, including 74.89% for secured financial creditors.
Explore the latest cases reported in SCC’s Company Cases (Comp Cas) Volume on Resolution plan, Moratorium, Winding up and Liquidation, Directors, Notice, Banking business and much more.
“The Corporate Debtor in the present case was running into substantial losses which has now become a profit-making entity earning substantial profits. The SRA — JSW invested huge amounts in modernization and expansion of the entity. Not only that but thousands of employees have been earning their livelihood on account of the Corporate Debtor running as an on-going concern due to the Resolution Plan being implemented by the SRA — JSW.”
Explore the latest cases reported in SCC’s Company Cases (Comp Cas) Volume on Corporate Insolvency, Banking business, Dishonour of cheque, Securities Market Transactions, Resolution plan, Moratorium, Winding up and Liquidation and much more.
Explore the latest cases reported in SCC’s Company Cases (Comp Cas) Volume on Resolution plan, Moratorium, Winding up and Liquidation, Deposit Insurance, Credit Guarantee and much more.
Recalling the previous judgment dated 2-5-2025, the Court found that this was a fit case warranting exercise of review jurisdiction vested in the Supreme Court.
Cyril Amarchand Mangaldas acted as legal counsel to JSW Energy Limited (as successful bidder) for availing credit facility of INR 12,475 Crore from State Bank of India for implementation of resolution plan.
Explore the latest cases reported in SCC’s Company Cases (Comp Cas) Volume on Resolution plan, Moratorium, Winding up and Liquidation, Wilful defaulters and much more.
Reiterating that the commercial wisdom of the CoC is to be given paramount importance for approval/rejection of the Resolution Plan, the NCLT held that the Resolution Plans in the present case met the requirements of the IBC and the IBBI Regulations, and thus, had to be approved.
Cyril Amarchand Mangaldas has advised and represented Nazara Technologies Limited
The petitioner submitted that since Resolution Plan under the Reserve Bank of India’s Prudential Framework for Resolution of Stressed Assets, 2019 have already been implemented, therefore, the Bank of India ought not to have proceeded against the petitioner.
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.”
“There is a clear distinction between the Avoidance Applications that may be filed by the Resolution Professional in view of Section 25(2)(j), for avoidance of transactions in accordance with Chapter III of the IBC, and the applications that may be filed in respect of the fraudulent trading or wrongful trading under Section 66, which falls under Chapter VI of the IBC.”
‘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.’
by Sidharth Sethi*, Shreya Sircar** and Kunal Saini***
“Legislative intent behind inserting the proviso to Section 31(4) of the IBC would suggest that prior approval of the CCI was specifically mandated and it should not be seen as a flexible provision to be ignored in certain exigencies.”
“Decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.”
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.
The NCLT held that non-delivery of possession despite payments and continued acknowledgment of liability through emails and communications proved default under Section 7 IBC.