Arbitration Proceedings After The Imposition Of Moratorium Under S.14 Of Insolvency And Bankruptcy Code Is Non Est In Law: SC [Read Order]

In Alchemist Asset Reconstruction Company Limited v. M/s Hotel Gaudavan Private Limited, the Supreme Court bench comprising of Justices Rohinton Fali Nariman and Sanjay Kishan Kaul held that arbitration proceedings instituted after the imposition of moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 is non est in law.In the instant case, NCLT had admitted a petition...

Analysis of the Extension of Moratorium Period under IBC

Year 2016 marked the inception of The Insolvency and Bankruptcy Code, 2016 ('Code') of India. The Regulation coming into existence with an aim to revitalise and resolve the sick companies and bring it back to a better financial condition, has gained a lot of recognition in the present market condition. Among other features, one of the important feature of the Code is its time bound resolution process whereby it focuses on resurrecting the sick companies within a period of 180 days and a one-time...

Time Limit Prescribed In IBC- Not Mandatory

In the case of Surendra Trading Company v. Juggilal Kamlapat Jute Mills CO. Ltd. & Ors.[1], the Apex Court was concerned with the correctness of the order passed by the National Company Law Appellate Tribunal (NCLAT) whereby it was held that the time of 7 (Seven) days prescribed in proviso to section 9(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), for admitting or rejecting a petition or initiation of insolvency resolution process, is mandatory in nature and the Hon'ble Supreme...

NCLT Dismisses Cyrus Mistry's Plea To Transfer Case Against Tata Sons, Imposes Rs 10-L Cost [Read Order]

The National Company Law Tribunal (NCLT) has dismissed a petition moved by Cyrus Mistry's firms seeking transfer of their company petition against Tata Sons out of Mumbai bench.Justice MM Kumar dismissed the petition moved by Cyrus Investments Pvt Ltd and Anr and also imposed a cost of Rs 10 lakh.Cyrus Investments Ltd and Sterling Investments Ltd had applied for transfer of case against Tata...

Is The Purpose Of NCLTs Being Defeated?

The NCLT was constituted on June 1, 2016, with 10 benches and one principal bench. It consolidates the corporate jurisdiction of the Company Law Board, Board for Industrial and Financial Reconstruction (BIFR), Appellate Authority for Industrial and Financial Reconstruction (AAIFR) and powers related to the winding up or restructuring of a company and other provisions, earlier vested in...

NLU Delhi Conference on Insolvency Resolution and Cross-Border Insolvency

The Centre for Transnational Commercial Law, National Law University Delhi, in collaboration with UNCITRAL, Insolvency and Bankruptcy Board of India and International Law Institute is organising a two-day conference to commemorate the 2017 UNCITRAL Asia Pacific Day.Date: 27th to 28th October, 2017 (Proposed)Venue: Silver Oak Hall, India Habitat Centre, New DelhiTiming: 09:00 am - 06:00 pmTheme: Centre for Transnational Commercial Law, NLU Delhi is hosting the UNCITRAL Asia Pacific Day on the...

Supreme Court Finally Interprets "Existence Of A Dispute" Under IBC – Mobilox V Kirusa

The Supreme Court of India (Supreme Court) in Mobilox Innovations Private Limited v Kirusa Software Private Limited (Mobilox v Kirusa) has finally settled the widely debated question of what constitutes "existence of a dispute" in the context of applications filed by operational creditors for initiation of corporate insolvency resolution process (CIRP) of corporate debtors under the Insolvency and Bankruptcy Code, 2016 (IBC). This path breaking judgment follows close on the heels of another...

SC To Hear Fresh Plea Seeking Safeguarding Rights, Interests of home buyers on Oct 6

The principle view in filing the instant petition is that lakhs of homebuyers in thousands of projects can lose their life-savings, hard-earned money and moneys obtained through bank/institutional loans due to the operation of Insolvency and Bankruptcy Code, the plea saidAt a time when home buyers Vs builders cases are piling up in the Supreme Court and real estate giants like Unitech,...

Insolvency Proceedings Against Personal Guarantors Under The Insolvency And Bankruptcy Code - Missed Opportunity By The Allahabad HC?

Insolvency and Bankruptcy Code, 2016 (the, "Code") is a crucial legislation passed by the Parliament which has the potential to be a game changer in the insolvency and bankruptcy regime in India. Since the Code is in its nascent stage, it is of paramount importance that interpretational issues are settled at the earliest in order to facilitate smooth functioning of resolution and liquidation proceedings.In absence of requisite notifications and clarifications, the responsibility rests with...

107 Homebuyers Move SC Against Insolvency Petition Against Amrapali [Read Petition]

As many as 107 home buyers moved the Supreme Court on Wednesday challenging the order of the National Company Law Tribunal (NCLT) that admitted insolvency petition against Amrapali's Silicon City project in Noida and demanded protection on equal footing as other stakeholders in the project.Represented by advocate ML Lahoty, the petitioners sought "enforcement of their fundamental rights,...

Supreme Court Lifts Stay On Jaypee Infratech's Insolvency – Boon Or Bane?

The judgment passed by the National Company Law Tribunal (NCLT), Allahabad in the matter of IDBI Bank Limited v. Jaypee Infratech Limited CP NO. (IB) 77/ALD/2017 (hereinafter referred to as "Allahabad Judgment") had been stayed by the Hon'ble Supreme Court by way of order dated 4th September, 2017 passed in the matter of Chitra Sharma & Ors. V. Union of India & Ors. being Writ Petition(s) (Civil) No. 744/2017 (hereinafter referred to as the "SC Stay Order").The said SC Stay Order has...

SC Tells Jaypee Infratech (JIL) To Deposit Rs. 2,000 Cr, Directors Shall Not Leave India [Read The Modified Directions]

Today's Directions;a) The IRP shall forthwith take over the Management of JIL. The IRP shall formulate and submit an Interim Resolution Plan within 45 days before this Court. The Interim Resolution Plan shall make all necessary provisions to protect the interests of the home buyers; b) Mr.Shekhar Naphade, learned senior counsel along with Ms.Shubhangi Tuli, Advocate-on-Record, shall...