IBC Cases Weekly Round Up: 13th October To 20th October 2024

Nominal IndexCoC of KSK Mahanadi Power Company Ltd. v. Uttar Pradesh Power Corporation Ltd. and Ors., 2024 LiveLaw (SC) 815 Orissa Manganese & Minerals Ltd. v. State of Odisha and Ors., W.P.(C) No. 1497 of 2024 with W.P. (C) No. 2304 of 2024 and W.P.(C) No. 2307 of 2024 Kher Nagar Sukhsadan Co-operative Housing Society Ltd. v. State of Maharashtra & Ors., Writ Petition No. 3893 of 2024 Buoyant Technology Constellations Pvt. Ltd. vs. Manyata Realty & Ors.,WRIT APPEAL NO.498 OF 2024 (GM-RES) Vijendra Kumar Jain v. Insolvency & Bankruptcy Board of India (IBBI) & Anr., Writ Petition No. 12320 of 2024 Neon Laboratories Ltd. v. Mayank Shah and Anr., Comp. App. (AT) (Ins) No. 1622 of 2023 & I.A. No. 5860, 5861 and 5862 of 2023 Khushbu Dye Chem Pvt. Ltd. v. Chemical Suppliers India Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 664 of 2024 Sidharth Bharatbhushan Jain & Ors. vs. State Bank of India & Ors., COMPANY APPEAL (AT)(INS) NO. 242 OF 2024 Devashree Developers Pvt. Ltd. and Ors. v. Aravali Cylinders Pvt. Ltd., Comp. App. (AT) (Ins) No. 1406 of 2023 & I.A. No. 5032 of 2023 with Comp. App. (AT) (Ins) No. 1430 of 2023 & I.A. No. 5118, 5119 of 2023 Mr. Kailash Motilal Kakrania and Anr. v. Apurva Oil and Industries Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 1257 of 2023 & I.A. No. 4433 of 2023 Ramesh Kumar Chugh v. Assets Care & Construction Enterprises Ltd., Company Appeal (AT) (Insolvency) No. 1726 of 2024 Commissioner of Income Tax (TDS-1), Mumbai v. Mr. Sundaresh Bhat (RP), Company Appeal (AT) (Insolvency) No. 575 of 2023 Meir Commodities India Pvt. Ltd. v. Narayanam Nageswara Rao & Ors, Company Appeal (AT) (CH) (INS) No. 206 / 2024 (IA Nos. 563, 564 & 565 / 2024) Shakir v. Fruitful Buildcon Pvt. Ltd, Comp. App. (AT) (Ins) No. 1893 of 2024 & I.A. No. 6999 of 2024 Jaypee Infratech Ltd. v. Jaypee Healthcare Ltd. & Ors., Company Appeal (AT) (Insolvency) Nos. 1301, 1186, and 1296 of 2024 Assistance Provident Fund Commissioner (Legal), EPFO v. Chandra Prakash Jain (Liquidator), Company Appeal (AT) (Insolvency) No. 1743 of 2024 Spectrum Trimpex Pvt. Ltd. v. VPhrase Analytics Solutions Pvt. Ltd., CP (IB) 249/MB/2024 Saurabh Chawla v. Employee State Insurance Corporation, IA No. 438/2023 in CP (IB) No. 81/ALD/2019 Avendus Finance Private Limited v. Acute Retail Infra Private Limited, C.P. (IB)/913(MB)2023 Bank of Baroda v. Mr. Ajit Kumar and Ors., IA No. 3/2024 ,CP (IB) 1738/MB/ of 2017 Giriraj Enterprises v. State Bank of India and Anr., IA/1693/2024 IN IA(IBC)/1512/CHE/2024 IN IBA NO.1099 OF 2019Supreme Court'Breaches Discipline Of Law Laid Down In IBC' : Supreme Court Disapproves Of HC Deferring CIRP Under Article 226Case Title: CoC of KSK Mahanadi Power Company Ltd. v. Uttar Pradesh Power Corporation Ltd. and Ors.Citation : 2024 LiveLaw (SC) 815The Supreme Court recently took exception to the Telangana High Court ordering the deferring of the Corporate Insolvency Resolution Process in the exercise of powers under Article 226 of the Constitution.The Bench of Chief Justice of India DY Chandrachud , Justice J.B. Pardiwala and Justice Manoj Misra, held that the High Court was not justified in deferring the Corporate Insolvency Resolution Process (CIRP) when the main relief sought in the writ petition uto consolidate the CIRP of two companies was refused.High CourtAll Claims Before Approval Of Resolution Plan Are Extinguished Once Plan Is Approved U/S 31 Of IBC: Orissa High CourtCase Title: Orissa Manganese & Minerals Ltd. v. State of Odisha and Ors.Case Reference: W.P.(C) No. 1497 of 2024 with W.P. (C) No. 2304 of 2024 and W.P.(C) No. 2307 of 2024The Orissa High Court Bench of Mr. Justice D.Dash and Mr. Justice V. Narasingh held that all liabilities of the corporate debtor prior to approval of resolution plan stand extinguished once the plan is approved under section 31 of the Insolvency and Bankruptcy Code (IBC). In this case, three writ petitions were filed against demand letters issued by the state (opposite parties) demanding statutory dues.It was observed as under:“No surprise claim should be flung on the Resolution Plan as the Resolution Plan provides the Corporate Debtor's business on a clean state to the successful Resolution Applicant. Further, the Resolution Applicant “should start with fresh slate on the basis of the Resolution Plan approved shunning its prior status as 'Corporate Debtor'.”Bombay High Court Holds Redevelopment Rights of Society Not Part Of Moratorium Process; Issues Writ Of Mandamus For Redevelopment, Upholding Right to ShelterCase Title: Kher Nagar Sukhsadan Co-operative Housing Society Ltd. v. State of Maharashtra & Ors.Case Number: Writ Petition No. 3893 of 2024The Bombay High Court division bench of Justices Kamal Khata and M.S. Sonak has held that if the developer fails to meet its obligations under the Development Agreement, such as paying transit rent and completing construction within the specified time frame, there is a complete failure of consideration,...

IBC Cases Weekly Round Up: 13th October To 20th October 2024

Mohd Malik Chauhan

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