The Insolvency And Bankruptcy Code – Respite To MSME

The Insolvency and Bankruptcy Code 2016 (Code) has now been maturing over the period of time with various precedents and clarifications being issued from time to time by the adjudicating authority. The Code, since its implementation, changed the entire symmetry of the debtor creditor relationship. The Code has recently brought relief to the Micro Small and Medium Enterprises (MSME) by relaxing the applicability of the provisions of Section 29A with respect to submission of a resolution...

Delhi Gymkhana Club Case: Supreme Court Directs Preservation Of CCTV Records Till Further Orders

The Supreme Court today, while taking serious note of the allegations that records of Delhi Gymkhana club were being destroyed, directed the Administrator of the club to preserve the CCTV records till further orders. The bench of Justices AM Khanwilkar, Dinesh Maheshwari and CT Ravikumar was hearing civil appeal(s) filed challenging NCLAT's order directing the suspension of the...

'Success Fees' Is Of Contingent And Speculative Nature; Not A Part Of IBC: NCLAT

The Principal Bench of the National Company Appellate Law Tribunal has held that 'success fees' which is more in the nature of contingency and speculative, is not a part of the provisions of the Insolvency and Bankruptcy Code and the related Regulations and thus it is not chargeable by an Insolvency Resolution Professional.The Tribunal thus went on to disallow payment of success fee to...

Admission Notification: NLU Bhopal Launches Two-Year Graduate Insolvency Programme (GIP) [Apply Now]

Insolvency and Bankruptcy Board of India (IBBI) has approved that the National Law Institute University, Bhopal shall offer two-year Graduate Insolvency Programme (GIP) for young and bright minds having the prescribed qualification in relevant disciplines to become Insolvency Professionals (IP).A GIP graduate will be eligible for registration as IP after qualifying the Limited Insolvency Examination. Otherwise, for registration as IP after taking Limited Insolvency Examination, a person is...

Moratorium Ordered U/Sec.14 IBC Does Not Apply To Proceedings In Respect Of Directors/Management Of Corporate Debtor: Supreme Court

The Supreme Court observed that the moratorium ordered under Section 14 of the Insolvency and Bankruptcy Code does not apply in respect of the directors/management of the Corporate Debtor.It applies only in relation to the Corporate Debtor and against its directors/management, proceedings could continue, the bench of Justices DY Chandrachud, Vikram Nath and Hima Kohli observed.In this case,...

'Attorney General Solved The Problem', Says Supreme Court As Centre Agrees To Reinstate Justice Cheema As NCLAT Chairperson Till Sep 20

The Attorney General on Thursday informed the Supreme Court that the Central Government has agreed to reinstate Justice Ashok Iqbal Singh Cheema as the Acting Chairperson of the National Company Law Appellate Tribunal till September 20 to enable him to pronounce the pending judgments.Justice Cheema had filed a writ petition in the Supreme Court aggrieved by the order issued by the Centre...

'We Will Suo Motu Stay Tribunals Reforms Act' : Supreme Court Tells Centre In NCLAT Member Justice Cheema's Plea

Extremely upset with the manner in which the Central Government terminated the services of Justice Ashok Iqbal Singh Cheema as the Acting Chairperson of the National Company Law Appellate Tribunal, the Supreme Court on Wednesday orally said that it will suo motu stay the Tribunals Reforms Act 2021.The Tribunals Reforms Act 2021 has become a point of friction between the Supreme Court and...

Liability Of Personal Guarantors Under IBC: A Legal Quandary

Talking of the stature of a personal guarantor, the build might vary in the n number of cases, yet what would resonate to each of the descriptions and would make them stand in unison, with no second thoughts would be their 'plight'. Don't let those lines of worry rest on your forehead after reading this since we won't let you stay puzzled for too long. We promise! Wondering what made our beliefs so firm regarding this concern? You'll get to know all of it within six to seven minutes of...

IBC- Every Attempt Has To Be First Made To Revive The Concern And Make It A Going Concern, Liquidation Being The Last Resort: Supreme Court

Every attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort, the Supreme Court observed while upholding NCLT order permitting withdrawal of Corporate Insolvency Resolution Process.The bench of Justices L Nageswara Rao, BR Gavai and BV Nagarathna observed that an adjudicating authority under Insolvency and Bankruptcy Code can...

Supreme Court Closes Doors For Withdrawal Or Modification Of Resolution Plans After Acceptance By Committee Of Creditors

The Supreme Court of India, on 13.09.2021, delivered a landmark judgment which has settled the issue of whether withdrawal or modification of the Resolution Plan by the Resolution Applicant, after acceptance by the Committee of Creditors ("CoC") but before approval of the Adjudicating Authority/NCLT, is permissible or not. The bench of Justices D.Y. Chandrachud and M.R. Shah while deciding three Appeals filed by Ebix Singapore PTE Limited, Kundan Care Products Limited and Seroco...

"We Are In A Democratic Country Following Rule Of Law, You Can't Say It": Supreme Court To AG In Tribunal Matter- Full Courtroom Exchange

The Supreme Court on Wednesday took objection to how the Central government has affected appointments to tribunals.At the outset, CJ N . V . Ramana raised the issue of the premature retirement of Justice A. I. S. Cheema as NCLAT chairman- "The department has hurriedly on 11th of September made arrangements and he has been replaced by another gentleman, Justice M. Venugopal. I don't know how...

'We Are Very Unhappy' : Supreme Court Says Centre Made NCLT/ITAT Appointments From Wait-List Ignoring Select-List

The Supreme Court on Wednesday continued its criticism of the Union Government in the matter relating to filling up of vacancies in Tribunals.A special bench comprising Chief Justice of India NV Ramana, Justice DY Chandrachud and Justice L Nageswara Rao expressed unhappiness with the Government for the manner in which the recent appointments were made to the National Company Law Tribunal...