IBC News
IBC | CIRP Of Holding Company Cannot Include Subsidiary's Assets: Supreme Court
The Supreme Court on Monday (July 23) held that a holding company is not the owner of its subsidiary's assets and thus, subsidiary assets cannot be included in the holding company's resolution plan.A bench of Justice Abhay Oka and Justice Pankaj Mithal dismissed an appeal filed by a Successful Resolution Applicant of a Corporate Guarantor against NCLT's decision to admit Financial...
Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai
The National Company Law Tribunal, Mumbai bench of Shri Sanjiv Dutt (Technical Member) and Shri K.R. Saji Kumar (Judicial Member), held that Insolvency Professional Entities (IPEs) are qualified to be appointed as Resolution Professionals (RPs) under the Insolvency and Bankruptcy Code, 2016. The NCLT held that the Insolvency and Bankruptcy Board of India (IBBI) has the authority...
Insolvency Resolution Of Corporate Guarantor Won't Bar Creditor From Filing CIRP Against Corporate Debtor For Balance Debt : Supreme Court
In a notable decision relating to the Insolvency & Bankruptcy Code of 2016, the Supreme Court held when that the insolvency resolution of a corporate guarantor will not prevent the creditor from initiating another insolvency process against the corporate debtor for the balance debt.The Court clarified that the insolvency resolution of the corporate guarantor will not result in the...
Electricity Being Essential Service Needs To Be Continued During CIRP Period, NCLAT Delhi Upholds RP's Decision To Increase Maintenance Charges
While upholding the Resolution Professional (RP) decision to increase the maintenance charges for homebuyers of the Corporate Debtor to cover electricity bills and dues, the National Company Law Appellate Tribunal (Appellant Tribunal) Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member), held that...
NCLAT Delhi - RP Not Liable For Payments Made To 103 Employees Responsible For Preserving And Managing Operations Of Jet Airways
The National Company Law Appellate Tribunal (Appellete Tribunal) Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), held that the Resolution Professional is not personally liable for the lump sum payments made to the 103 employees who were part of the Asset Preservation Team (APT) responsible for preserving and managing the operations of...
Weekly Digest Of IBC Cases: 08th July 2024 To 15th July 2024
HIGH COURT Mere Initiation Of Arbitration Proceedings Doesn't Bar Corporate Debtor From Pursing Remedies Under IBC: Delhi High Court Allows Section 11(6) Petition Case Title: Pitambar Solvex Pvt Ltd And Anr. vs. Manju Sharma And Ors. Case No.: ARB.P. 212/2024, I.A. 9821/2024 The Delhi High Court bench of Justice Neena Bansal Krishna held that mere initiation of the...
NCLT Bengaluru Admits BCCI's Insolvency Plea Against Think And Learn Pvt. Ltd. With Default Of Rs. 158 Crores
The National Company Law Tribunal (“NCLT”) Bengaluru bench comprising Justice K. Biswal (Judicial Member) and Mr. Manoj Kumar Dubey (Technical Member) admitted the Board of Control for Cricket in India's (“BCCI”) petition for Corporate Insolvency Resolution Process (“CIRP”) against Think & Learn Private Limited (Corporate Debtor) under Section 9 of Insolvency and...
NCLT Mumbai: Exclusion Of Stay Period Of CIRP Petition Doesn't Postpone Insolvency Commencement Date Under IBC
The National Company Law Tribunal ('NCLT') Mumbai bench comprising Justice V.G. Bisht (Retd.) (Judicial Member) and Mr. Prabhat Kumar (Technical Member) held that exclusion of period of stay of Corporate Insolvency Resolution Process (“CIRP”) petition does not lead to postponement of Insolvency commencement date under Insolvency and Bankruptcy Code, 2016...
Half Yearly Digest Of IBC Cases : January To June,2024
Supreme CourtIBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association (Regd.) vs. M/S. Ansal Crown Infrabuild Pvt. Ltd. & Ors. Citation: 2024 LiveLaw (SC) 63 The Supreme Court has held that the imposition of moratorium under Section 14 of the Insolvency...
Corporate Guarantor Can't Be Absolved From Its Liability Only Due To Non-Invocation Of Guarantee: NCLAT Delhi
The National Company Law Appellate Tribunal ('NCLAT') Delhi bench, comprising Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) held that a Corporate Guarantor cannot be absolved from its liability only due to non-invocation of guarantee. Background Facts: Iskon Infra Engineering Private Limited (Corporate Guarantor/Company) initiated voluntary...
'Voluminous Appeal Records, Citations Of Very Little Value': NCLAT Chennai Raps Practising Company Secretary For Unnecessarily Burdening The Tribunal
The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice Sharad Kumar Sharma, Member (Judicial) and Jatindranath Swain, Member (Technical) came down heavily on a Practising Company Secretary for filing an Appeal with voluminous records running in several volumes. The Appeal was preferred by the concerned Appellant against an order of the National Company...
NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC
The National Company Law Tribunal ('NCLT') Court V, New Delhi bench comprising Shri Mahendra Khandelwal (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) held that the Adjudicating Authority cannot consider a Settlement Proposal, even of a higher value than the Resolution Plan, after the approval of the Resolution Plan by the Committee of Creditors...