Cases Reported in Comp Cas | Latest Cases on Company Laws
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.
resolution plan
‘Resolution plans comply with IBC and CIRP Regulations’; NCLT approves Adani Properties acquisition of two HDIL assets
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 advises Nazara Technologies on Resolution Plan for Smaaash Entertainment
Cyril Amarchand Mangaldas has advised and represented Nazara Technologies Limited
Delhi High Court grants stay on Bank of India’s fraud classification based on Resolution Plan of Reliance Commercial Finance 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.
‘Single Homebuyer can’t challenge CoC approved Resolution Plan’; NCLAT upholds CoC’s commercial wisdom
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.”
Read why Supreme Court upheld DHFL’s resolution plan by Piramal Capital and set aside NCLAT’s order
“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.”
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.’
Withdrawal of CIRP — Oscillating between Value Maximisation and Plan Approval
by Sidharth Sethi*, Shreya Sircar** and Kunal Saini***
Proviso to S. 31(4) IBC mandatory in nature; Breakdown of SC’s 2:1 verdict holding AGI Greenpac’s Resolution Plan for HNGIL unsustainable
“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.”
NCLT allows liquidation of Go First Airways
“Decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.”
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.
‘Delays arising from statutory compliance not force majeure’; NCLT admits insolvency proceeding against Raheja Developers
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.
Read why Supreme Court dismissed NOIDA Special Economic Zone Authority’s appeal for claim of Rs. 6 Crore against corporate debtor
The claims pertaining to the transfer fees, etc., cannot be dealt with by courts or tribunals as the same relates to the commercial wisdom of the Committee of Creditors for they are the best persons to determine their interests, and any such interference is non-justiciable except as provided by Section 30(2) of IBC 2016.
Suspension of CIRP for defaults during Pandemic under Section 10-A IBC does not apply to personal guarantors: NCLT
NCLT held that the Resolution Professional followed the principles of Natural Justice and considered relevant documents, therefore, the Personal Insolvency Resolution Process should be initiated.
[Jaypee Infratech Resolution Plan] SC closes home buyers’ pleas after Suraksha Realty offers for allotment of homes or refund
About 538 home buyers, who paid more than 80% of the demand, will be given this option for allotment of the flat, in which event, the said home buyers will be treated on par with other home buyers.
‘Indemnity obligation on guarantee is not operational debt’; NCLT dismisses CIRP petition due to limitation and Lack of Privity
The NCLT stated that the petitioner neither had a direct contractual relationship with the respondent, nor was the respondent provided with any goods/services, thereby disqualifying them as an operational creditor.
Clean Slate Doctrine — Wiggle Room for “Uncrystallised Claims”?
by Yogendra Aldak†, Pranav Mundra†† and Balraaj Singh Chhatwal†††
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.
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.
NCLAT affirms NCLT’s rejection of application for valuation queries post-resolution plan approval
In the instant matter, the NCLT rejected the application, noting the approval of the resolution by the Committee of Creditors and the absence of filing through an authorized representative.