Appointment Of Resolution Professional: Rajasthan HC Issues Notice On Plea Challenging Constitutionality Of Sections 95, 97 & 99 Of IBC

The Rajasthan High Court has issued notice on a plea challenging the constitutionality of Sections 95, 97 and 99 of the Insolvency Bankruptcy Code, 2016. The division bench of Chief Justice Akil Kureshi and Justice Rameshwar Vyas observed, "Since the provisions of the law framed by the Parliament are under challenge, we therefore issue notice to the learned Additional...

IBC & Admiralty Act Interplay - Insolvency Proceedings Against Shipping Company Won't Bar Suit Against Vessel : Bombay High Court

In a significant judgment, the Bombay High Court has held that a Shipping Company slipping into liquidation under the Insolvency and Bankruptcy Code will not impact an ongoing Admiralty Suit against its Vessel as the two are separate entities. The judgement authored by Justice BP Colabawalla explains the interplay between the bar against further suits and proceedings under S.33 (5) of...

NUJS And IBBI: Three Day Certificate Course On "Changing Paradigms Of Insolvency And Bankruptcy Code, 2016"

Centre for Insolvency and Bankruptcy Studies, NLU, Jodhpur in collaboration with the Insolvency and Bankruptcy Board of India is organizing a three-day online certificate course programme on "Changing Paradigms of Insolvency and Bankruptcy Code, 2016" The course is intended to further the primary object of the IBBI to create awareness among various stakeholders- Legal Practitioners, Academicians, Professionals and students about the continually and rapidly evolving legal Insolvency...

The Adjudicating Authority Need Not Record Any Finding Regarding 'Default' At The Time Of Application Under Section 95 Of The I&B Code: NCLAT

The NCLAT, Principal Bench consisting of Justice Ashok Bhushan (Chairperson), Justice Jarat Kumar Jain (Judicial Member) and Dr. Alok Srivastava (Technical Member) held in the case of Kanchan Nanubhai Desai Personal Guarantor (Anoushka Medicare & Diagnostics Pvt. Ltd.) v. Finequest Financial Solutions Pvt. Ltd, that when an application is filed under Section 95, which is...

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT

NCLAT, Chennai Bench comprising Justice M. Venugopal and Kanthi Narahari in the case of Drip Capital Inc. v. Concord Creations (India) P. Ltd. set aside the order passed by the Adjudicating Authority (NCLT), Bengaluru Bench, holding that the 'Adjudicating Authority' is not a 'Court of Law' and 'CIRP' is not synonymous to litigation. The Appellant/ Financial Creditor granted an...

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd

The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) has stayed the order initiating Corporate Insolvency Resolution Process against Tata Projects Limited upon being informed that the parties have entered into a settlement agreement. The NCLAT comprising Justice M. Venugopal and Kanthi Narahari also directed the IRP to file an application for withdrawal of the...

Real Estate Developer HDIL Lose Case Against Flat Purchasers At NCLAT, One Of The Biggest Win For Flat Purchasers

M/s SOLICIS LEX had filed a consolidated appeal (A1 - Majestic Towers; A2 - Galaxy Apartments) in the NCLAT on behalf of many flat purchasers. The appeal was filed Against the decision of the NCLT Mumbai - whereby the resolution process was closed and the housing projects and other assets of HDIL were ordered to be liquidated - in which case the home buyers get nothing - no flat or refund. All proceeds of Liquidation were to flow to Banks and Financial Institutions. Adv Sunil...

Insolvency & Bankruptcy Code : Important Supreme Court Judgments Of 2021

1. Supreme Court Upholds Sections 3, 4 & 10 Of IBC Amendment Act 2020 [Judgment dated: 19.01.2021] [Citation : LL 2021 SC 25] [Bench: Justices R.F. Nariman, Navin Sinha and K.M. Joseph] [Author: Justice K.M. Joseph] In Manish Kumar v. Union of India And Anr., the Supreme Court upheld the constitutional validity of Section 3, 4 and 10 of the Insolvency...

Attachment Of Bank A/C By Tax Authorities During Pendency Of CIRP Violative Of Section 14 IBC: NCLT Mumbai

The National Company Law Tribunal at Mumbai has ruled that an attachment by the Tax Authorities during the pendency of a Corporate Insolvency Resolution Process (CIRP) is violative of Section 14 (Moratorium) of the Insolvency and Bankruptcy Code."The claim of the Respondent (Dy. Commissioner of State Tax) will be dealt in the manner as provided u/s. 53 of the IBC and therefore, Respondent No....

Jurisdiction Of Authorities Under PMLA To Proceed Against Properties Of Corporate Debtor Ceases Once Liquidation Approved Under IBC: Delhi High Court

The Delhi High Court has adjudicated on the question as to whether the authorities under the Prevention of Money Laundering Act, 2002 would retain the jurisdiction or authority to proceed against properties of a corporate debtor once a liquidation measure has come to be approved in accordance with Insolvency and Bankruptcy Code, 2016. Justice Yashwant Varma in a detailed order held that the...

Whole Time Members Vacancy At Insolvency And Bankruptcy Board Of India

Ministry of Corporate Affairs invites applications for the post of Whole Time Members in Insolvency and Bankruptcy Board of India.Name of the Post: Whole Time MembersNo. of Post: 02 (Two)Essential Qualification and Experience• The Whole Time Member shall be a person of ability, integrity, and standing, who has shown capacity in dealing with problems relating to insolvency or bankruptcy and have special knowledge and experience in the field of Law, Finance, Economics, Accountancy, or...

Make Indore Bench Of NCLT Functional At Least For 2 Days A Week: Madhya Pradesh High Court To Centre

The Madhya Pradesh High Court has asked the Centre to leave no stone unturned to make the Indore Bench of National Company Law Tribunal (NCLT) functional at least for two days a week.The Bench of Justice Sujoy Paul and Justice Pranay Verma said this taking into account the fact that the litigants and lawyers of the jurisdiction are required to travel all the way to Ahmedabad, as the Indore...