Performance of the NCLTs under the IBC Regime: An Overview
by Bishwajit Dubey† and Raghav Pandey††
SICA
Unsecured creditors vis-à-vis object of SICA, 1985: Rehabilitation scheme binds all, holds Supreme Court
To make the company viable, the unsecured creditor would have to sacrifice to some extent otherwise the revival efforts would fail, observed the Supreme Court..
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.
No proceedings against the assets of the company can be taken before any decision is taken by the BIFR
Supreme Court : While dealing with the issue relating to jurisdiction of BIFR in winding up proceedings, the Court held that winding