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...

NCLT Cannot Direct Parties To Settle A Dispute While Considering A Petition U/Sec 7 IBC: Supreme Court

The Supreme Court observed that Adjudicating Authority and Appellate Authority under Insolvency and Bankruptcy Code cannot compel a party to the proceedings before it to settle a dispute.While they Adjudicating Authority and Appellate Authority can encourage settlements, they cannot direct them by acting as courts of equity, the bench of Justices DY Chandrachud and AS Bopanna...

Bettering Results: Partners From Top Law Firms Teach The Insolvency And Bankruptcy Code, 2016 In The 4 Weeks Online Certificate Course [Register Now]

The Insolvency and Bankruptcy Code, 2016 is one of the most significant economic reforms implemented by the Indian government in recent years. The Code establishes a time-bound process for insolvency resolution as well as a method for maximizing asset value. The introduction of this law has opened new career avenues for students and professionals. But this aspect of the law is still new and evolving and can only be learned from an expert. Bettering Results is conducting the second...

Rajasthan High Court Issues Notice On Plea Against Denial Of Physical Hearing By NCLT Jaipur Bench

The Rajasthan High Court on Friday issued notice to the Jaipur Bench of the National Company Law Tribunal (NCLT) while adjudicating upon an appeal against an order of the NCLT refusing the petitioner's request to allow physical hearing. Justice Ashok Kumar Garg was apprised by the counsel appearing for the petitioner that the petitioner's application for seeking physical hearing of the case...

Karnataka High Court Issues Notice On Plea Challenging Constitutionality Of Sections 99 & 100 Of IBC

The Karnataka High Court has issued notice on Wednesday (December 8) to the Union of India and two others on a petition seeking to declare section 99 and 100 of the Insolvency and Bankruptcy Code (IBC) as unconstitutional and being violative of Article 14. A division bench of Chief Justice Ritu Raj Awasthi and Justice Sachin Shankar Magadum issued the notice and posted the...

Insolvency Law In Review – October 2021

The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. This column fills this...

Resolution Process Has To Be Completed Within The Period Stipulated U/Sec 12 IBC: Supreme Court

The Supreme Court observed that the entire resolution process has to be completed within the period stipulated under Section 12 of the Insolvency and Bankruptcy Code.Any deviation would defeat the object and purpose of providing such time limit, the bench comprising Justice MR Shah and Sanjiv Khanna observed.The court was considering an appeal filed by the Committee of Creditors in the matter...