IBC News
Supreme Court Upholds Rejection Of Operational Creditor's Insolvency Plea Against Essar Power Gujarat
The Supreme Court on Wednesday (July 8) refused to interfere with the National Company Law Appellate Tribunal (NCLAT) order rejecting an ₹85-crore insolvency petition against Essar Power Gujarat Ltd. on the ground that a pre-existing dispute exists between the parties. A partial court working days bench of Justice Nongmeikapam Kotiswar Singh and Justice K. Vinod Chandran dismissed the...
Justice Ashok Bhushan Says Public Confidence Is The True Foundation Of Judicial Institutions, Calls NCLAT Bar Equal Partner In Administration Of Justice
Delivering his farewell address as Chairperson of the National Company Law Appellate Tribunal (NCLAT), Justice Ashok Bhushan said that public confidence is the true foundation of every judicial institution and emphasised that courts and tribunals derive their authority not merely from statutes but from the trust reposed in them by the people. He also described the Bar as an equal partner in...
Supreme Court Sets Aside NCLT Judgment For Using AI-Hallucinated Citations, Asks BCI To Examine Issue
The use of AI-generated fake judgments is "like the release of methyl isocyanide in the province of law and justice", the Court observed.
IBC | Delay In Re-Filing Defective Appeal After Curing Defects Cannot Be Condoned : Supreme Court
The Court also observed that the Supreme Court Rules cannot override the mandate under the IBC.
IBC | Once CoC Approves Resolution Plan, Successful Resolution Applicant Can't Negotiate Further : Supreme Court
The Supreme Court has reaffirmed the binding nature of Committee of Creditors (CoC)-approved resolution plans under the Insolvency and Bankruptcy Code, 2016 (IBC), holding that a Successful Resolution Applicant (SRA) cannot indirectly back out of a plan by later objecting to conditions that were discussed and accepted during CoC meetings. A bench comprising Justice K.V. Viswanathan and...
IBC | Appeals Must Be Filed With Certified Copy Of Impugned Order, Mere E-Filing Not Enough: Supreme Court
The Supreme Court on Tuesday (May 12) observed that an e-filing of an appeal before the National Company Law Appellate Tribunal (NCLAT) without a certified copy of the impugned order is not a mere defective filing but a “wholly incompetent appeal” that cannot subsequently be cured. A bench of Justice Sanjay Kumar and Justice K. Vinod Chandran set aside the National Company Law...
Bank Cannot Invoke IBC Against Debtor Over Loan Directly Disbursed To Builder Linked To Construction Progress: Supreme Court
The transaction cannot be viewed in isolation as a simple financial lending arrangement between the Bank and the CD, the Court said.
Corporate Veil Can Be Lifted To Include Assets Of Group Companies In CIRP Of Holding Company : Supreme Court
The Supreme Court on Tuesday (May 5) observed that for protecting the rights of the homebuyers and paving a way for completion of the stalled real estate projects, the corporate veil may be lifted during the Corporate Insolvency Resolution Process initiated against the holding company, by allowing the inclusion of the assets of the subsidiary companies. Setting aside the NCLAT's decision,...
'Perfect Order' : Supreme Court Dismisses Byju Raveendran's Appeal Against NCLT Restoring Original CoC In Think & Learn CIRP
The Supreme Court today(May 4) refused to interfere with an order of the National Company Law Appellate Tribunal, Chennai (NCLAT), which had restored the original Committee of Creditors (CoC), including Aditya Birla and Glas Trust Company LLC as financial creditor, in the insolvency resolution process concerning Think & Learn Pvt Ltd (the company which ran the ed-tech company Byju's).A...
CIRP | Admission Of Claim By Resolution Professional Does Not Amount To Acknowledgment Of Debt: Supreme Court
The Supreme Court today set aside the NCLAT judgment which had held that admission of a creditor's claim by a resolution professional amounts to acknowledgment of debt and gives a fresh limitation period to file a application to initiate Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code.A bench of Justices Pamidighantam Sri Narasimha and Alok...
'Situation Is Grim' : Supreme Court Takes Suo Motu Case On NCLT Delays In Approving Resolution Plans
The Supreme Court on Wednesday (April 29) took suo motu cognizance of systemic delays in approval of resolution plans by the National Company Law Tribunals, particularly at its Principal Bench in New Delhi. Also, the Court took note of the shortage of judicial and technical members across all NCLT benches. Taking note of a report submitted by the Registrar of the NCLT Principal Bench,...