Symposium on 'Recovery & Resolution – Emerging Challenges before Recovery Tribunals and NCLTs'

'Law 85 Trust' in association with the 'Federation of Indian Hire Purchase Association' (FIHPA) is organising a Symposium on the topic 'Recovery & Resolution – Emerging Challenges before Recovery Tribunals and NCLTs'. Senior judges including Hon'ble Justice Mr. Sanjay Kishan Kaul (Judge, Supreme Court of India), Hon'ble Justice Mr....

NCLT Has Inherent Power To Impose Moratorium Before Initiation Of Corporate Insolvency Resolution Process : NCLAT [Read Judgment]

The National Company Law Appellate Tribunal (NCLAT) in a matter has recently held that once an application for initiating insolvency proceedings is filed, NCLT does not have to await hearing of the parties to impose moratorium. The NCLAT Bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Kanthi Narahari, Member (Technical), while hearing the matter [NUI Pulp and...

IBC - A Big Game Changer In Banking (Part I)

The introduction of IBC was termed as the most powerful weapon in the hands of the bankers to reduce the frightening level of non-performance assets. It is expected that IBC will change the game plan of NPA Management in Indian banking space. The main objectives of the code were time bound reorganisation, maximisation of value of assets, promotion of entrepreneurship, availability of credit and balance interests of all stakeholders. The euphoria around IBC may prompt many to ask -...

Workmen Dues Of Pension, Gratuity, PF Not Included In Liquidation Assets : NCLAT Affirms NCLT View [Read Judgment]

The Appellate Tribunal confirmed that the dues should be paid to the workers directly, and would not fall under the waterfall mechanism of distribution of assets under section 53 of the IBC.

NCLAT Gives Nod To Insolvency Proceedings Against Sahara Q Shop [Read Order]

National Company Law Appellate Tribunal refused to grant relief to Sahara Q Shop Unique Products Range Limited against an order passed by the National Company Law Tribunal admitting an application filed against the said company under section 9 of the Insolvency and Bankruptcy Code, 2016. The present appeal arose from the order of the National Company Law Tribunal which had admitted...

A Creditor Can't Be Given Preferential Treatment Towards Satisfaction Of A Compromise Decree, Pending Moratorium In IBC Proceedings: Delhi HC [Read Judgment]

Dismissing a contempt petition, the Delhi HC on Friday held that contempt proceedings could not be used to execute an order of payment, whose execution was otherwise prevented by law on account of ongoing insolvency proceedings. Background The Petitioner, a sole proprietor, had filed a suit for recovery of money against the Respondents, a construction company and its directors,...

Treating Homebuyers As Financial Creditors Not Arbitrary : SC Upholds 2018 IBC Amendment [Read Judgment]

Dismissing a bunch of petitions filed by nearly 200 realtors, the Supreme Court on Friday upheld the amendments made to the Insolvency and Bankruptcy Code in 2018 to treat homebuyers as financial creditors.In the judgment titled Pioneer Urban Land and Infrastructure Ltd and Anr vs Union of India, the bench of Justices R F Nariman, Sanjiv Khanna and Surya Kant held that the amendments do...

Names Of Resolution Professionals Facing Disciplinary Proceedings Can't Be Made Public : IBBI Appellate Authority [Read Order]

The First Appellate Authority (FAA) of the Insolvency and Bankruptcy Board of India has held against disclosure of names of insolvency professionals (IPs) facing disciplinary proceedings saying the same would impede the investigation process due to unwarranted public attention and is likely to harm practice of most IPs who are established professionals like Chartered Accountants. The FAA...

Call For Paper: CARIP NLUJAA Journal On Intellectual Property Rights [Vol 2019-20, Issue 1]

Centre for Advanced Research on Intellectual Property Rights, National Law University and Judicial Academy Assam, hereby invites articles/research papers, case studies, and book reviews on the contemporary topics of Intellectual Property Rights for publication in the 1st Issue of the CARIP- NLUJAA Journal on Intellectual Property Rights for its 2019-2020 volume. The Journal on Intellectual Property Rights is a peer-reviewed ISSN serial journal published by the Centre for Advanced Research on...

Essar Insolvency : SC Orders Status Quo On NCLAT Verdict

The Supreme Court on Monday ordered status quo as of today with respect to the order of National Company Law Appellate Tribunal in the Essar insolvency case.The bench of Justices R F Nariman and Surya Kant was hearing a bunch of appeals filed by the Committee of Creditors and several banks challenging the July 4 order of the NCLAT which had approved ArcelorMittal's Rs 42,000 crore bid for...

Disciplinary Proceedings Initiated By IBBI Can't Be Quashed By NCLT, Rules NCLAT [Read Order]

National Company Law Appellate Tribunal has held in the case of IBBI v. Rishi Prakash Vats & Ors. that once a disciplinary proceeding is initiated by the Insolvency and Bankruptcy Board of India (IBBI) on the basis of evidence on record, it is for the Disciplinary Authority, i.e., IBBI to close the proceeding or pass appropriate orders in accordance with law. Such power having been...

NCLAT Approves Resolution Plan Of ArcelorMittal With Certain Modifications

The National Company Law Appellate Tribunal has modified and approved the Resolution Plan of ArcelorMittal India Private Limited in the Corporate Insolvency Resolution Process of Essar Steel India Limited. Previously, the NCLT, Ahmedabad had approved the Resolution Plan of ArcelorMittal as approved by the Committee of Creditors of Essar Steel India Limited. Standard Chartered Bank, Prashant Ruia and certain banks among various other appellants had approached the NCLAT seeking various...