Looking For More IBC Updates?

LiveLawBiz is LiveLaw's dedicated platform for insolvency, bankruptcy and restructuring laws.If you follow developments in the Insolvency and Bankruptcy Code, corporate insolvency resolution, liquidation, restructuring or related regulatory matters, we invite you to visit LiveLawBiz for more specialised and comprehensive coverage. LiveLawBiz brings you: - • IPR • GST/VAT/CST • Competition Law • RERA • Arbitration • Tax While selected major IBC developments will...

Supreme Court Seeks Centre's Report On NCLT Benches' Infrastructure Facilities

The Supreme Court on Monday called for a status report from the Centre on the infrastructural facilities available to the National Company Law Tribunal (NCLT) benches.The Court also directed the Union Government to identify the basic amenities urgently required by the National Company Law Tribunal (NCLT) after discussing with the NCLT President.Hearing an application filed by the NCLT Principal Bench Bar Association, the bench comprising Chief Justice of India Surya Kant, Justice Joymalya...

Litigant Mustn't Suffer When Delay Is Due To E-Filing Technical Glitch : Supreme Court Restores NCLAT Appeal

The Supreme Court has recently held that a litigant cannot be shown the door merely because an appeal was e-filed a day beyond the statutorily condonable period, where the delay was caused solely by a technical glitch in the tribunal's own e-filing portal.A bench of Justice Dipankar Datta and Justice Sheel Nagu held so while setting aside an order of the National Company Law Appellate...

Supreme Court Clears Implementation Of Resolution Plan For Stalled 'Sushant Aquapolis' Project In Ghaziabad

In a relief to home buyers of the Ghaziabad-based housing project 'Sushant Aquapolis,' the Supreme Court recently cleared the path for implementation of the resolution plan of the corporate debtor, M/s Ansal Urban Condominium Private Limited, which had promoted the group housing cluster. A bench of Justice JB Pardiwala and Justice K Vinod Chandran accepted the Successful Resolution...

'Homebuyers Can't Be Penalised For Builders' Default' : Supreme Court Rejects NOIDA's Time-Extension Charges In CIRP

The Supreme Court on Thursday set aside directions treating NOIDA's time-extension charges as insolvency process costs in two delayed high-rise projects, holding that homebuyers and the new resolution applicant cannot be made to pay penalties for the original developer's default.The Court held that homebuyers, who constitute a class of financial creditors in the Corporate Insolvency...

S. 9 IBC | Uncrystallized Damages From Breach Of Contract Not Operational Debt : Supreme Court

The Supreme Court on Wednesday (August 12) held that claims for damages arising from breach of contract cannot be treated as "operational debt" under the Insolvency and Bankruptcy Code, 2016, unless previously adjudicated and crystallized by a competent court. “It is a settled position of law that damages, whether liquidated or unliquidated, cannot be treated as operational debt unless...

IBC | PF Dues Protected, But Uncrystallised Interest & Damages Can Be Excluded From Resolution Plan : Supreme Court

The Supreme Court has held that unadjudicated claims for interest and damages under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, which had not been determined before the commencement of the Corporate Insolvency Resolution Process (CIRP), need not be provided for in a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 (IBC).A bench of Justice...

IBC Moratorium Against Company Doesn't Bar Consumer Complaints Against Promoters, Directors : Supreme Court

The Supreme Court on Monday (July 27) observed that an operation of a moratorium under the Insolvency & Bankruptcy Code, 2016, against a residential project development company would not be a ground to reject the consumer complaints against its promoters/directors. “In the present case, Respondent No.1 alone is the corporate debtor against whom the CIRP has been initiated. No...

Supreme Court Recommends IBC Amendment To Protect MSMEs, Says Small Operational Creditors Need Fairer Repayment Mechanism

While reaffirming the "clean slate" principle under the Insolvency and Bankruptcy Code (IBC), the Supreme Court has called upon the Law Commission and the Legislature to examine amendments to the insolvency framework to better protect Micro, Small and Medium Enterprises (MSMEs) and other small operational creditors, observing that they are significantly disadvantaged under the existing...

Supreme Court Takes Suo Motu Case Over NCLT Appointment Delays & Infrastructure Issues

The Supreme Court has registered a suo motu case over the delays in the appointment of members in National Company Law Tribunals and infrastructure issues.The suo motu case, titled "In Re : Appointment of Judicial and Technical Members and Inadequate Infrastructure in National Company Law Tribunal (NCLT) and Ancillary Issues" was registered on May 19, following the April 29 judgment in...

Pre-2016 DRT Recovery Certificates Cannot Form Basis For Insolvency Notice Under Presidency Towns Insolvency Act: Supreme Court

The Supreme Court on Monday (July 13) held that a recovery certificate issued by a Debts Recovery Tribunal (DRT) before the 2016 amendment to the Recovery of Debts and Bankruptcy Act (RDB Act) could not be treated as a "decree or order" for initiating insolvency proceedings under Section 9(2) of the Presidency Towns Insolvency Act, 1909. “A claim which was untenable on the date the...

IBC| 'Mere Settlement Talks Can't Defer CIRP Admission Once Debt & Default Is Established', Supreme Court Affirms Revival Of CIRP

The Supreme Court on Thursday (July 9) dismissed the appeals filed by the suspended director of Parsvnath Developers Ltd., upholding the revival of Corporate Insolvency Resolution Process proceedings against the real estate group in a default case involving approximately ₹452 crore.A partial court working days bench of Justice KV Viswanathan and Justice Alok Aradhe refused to interfere with...