IBC Weekly Round-Up [24th March - 30th March 2025]

Nominal Index: M/S JSW STEEL LIMITED VERSUS PRATISHTHA THAKUR HARITWAL & ORS., CONTEMPT PETITION (CIVIL) NO. 629 OF 2023, 2025 LiveLaw (SC) 361 Garden Silk Mills Limited v. Gayatri Industries, INTERIM APPLICATION NO. 3540 OF 2021 in FIRST APPEAL NO. 748 OF 2003 United Futuristic Trade Impex Pvt Ltd. v. Varaha Infra Ltd., Company Appeal (AT) (Insolvency) No. 480 of 2025 Alphabet Inc. & Ors. vs. Competition Commission of India & Anr., Competition Appeal (AT) No. 04 of 2023 RAMESH KOTHARI Versus THE STATE OF MADHYA PRADESH AND OTHERS, WRIT PETITION No. 7687 of 2025 AMW Auto Component Limited Versus Principal Commissioner Of Income Tax Rajkot 1, R/Special Civil Application No. 1593 Of 2025 M/s Jakson Limited vs. M/s Three C Universal Developers Pvt Ltd., CP(IB) NO. 2582/ND/2019 and I.A. No. 4750/2024 IFCI Limited vs. M/s. Patil Construction & Infrastructure Ltd., C.P. (I.B) No. 142/MB/2023 Keerthan Upadhya(Guarantor), CP(IB)/51(CHE)/2025 Armaco Infralinks Pvt. Ltd. Versus B. S. Ispat Pvt. Ltd., CP (IB) / 891 (MB) 2024 Avil Menezes Liquidator of Parekh Aluminex Limited, IA No.492 of 2025 IN CP (IB)/1262/MB/C-II/2017 Himatsingka Seide Limited V/S Textile Professional LLP, CP (IB) No. 886/MB/2022 M/s. Sri Pavana Keerthi Hotels India Private Limited v. The Commissioner, Greater Hyderabad Municipal Corporation, I.A. No. 250 of 2024 In C.P. (IB) No.153/7/HDB/2021 M/s, Q West Infrastructure Pvt. Ltd. Vs M/s Grevek Investments & Finance Pvt. Ltd., C.P. 260/IB/MB/2024 M/s.Noveltech Feeds Private Limited v. M/s.Gold Chick Hatcheries & Foods Pvt Ltd, Company Petition (IB) No. 202/9/HDB/2022 Bank Of Maharashtra Stressed Asset Management Branch Vs Mrs. Kavita Ninad Mestry, CP (IB) No.1009/MB/2023 with IA (IBC) No.4914/2024 UCO BANK Versus SHANKAR PODDAR, I.A. (IB) No. 86/KB/2025 In Company Petition (IB) No. 158/KB/2021 Aquarius H2O Dynamics Private Limited Versus M/s Riddhi Siddhi Metals, Company Appeal (AT) (Insolvency) No. 39 of 2025 Rahee Jhajharia E to E JV Versus MB Power (Madhya Pradesh Ltd.), Company Appeal (AT) (Insolvency) No. 2279 of 2024 Supreme Court IBC | Supreme Court Accepts Apology Of Tax Authorities For Asking Successful Resolution Applicant To Pay Dues Not Covered By Approved Plan Case Title: M/S JSW STEEL LIMITED VERSUS PRATISHTHA THAKUR HARITWAL & ORS., CONTEMPT PETITION (CIVIL) NO. 629 OF 2023 Citation : 2025 LiveLaw (SC) 361 Giving the benefit of doubt and accepting their unconditional apology, the Supreme Court today disposed of a contempt petition filed against Chhattisgarh tax authorities for raising demand notices against a successful resolution applicant over claims in respect of a period prior to the approval of the resolution plan. "we have no hesitation in holding that the demands raised by the respondents/authorities for a period prior to the date on which the learned NCLT has approved the Resolution Plan were totally contemptuous in nature. The respondents could not have raised the said demands inasmuch as they are not part of the Resolution Plan...However, we do not propose to proceed against the respondents/contemnors inasmuch as they are entitled to benefit of doubt", said a bench of Justices BR Gavai and AG Masih. High Court All Claims Which Are Not Part Of Resolution Plan Shall Stand Extinguished, No Person Entitled To Initiate Any Proceedings Over Such Claims: Bombay HC Case Title: Garden Silk Mills Limited v. Gayatri Industries Case Number: INTERIM APPLICATION NO. 3540 OF 2021 in FIRST APPEAL NO. 748 OF 2003 The Bombay High Court bench of Justice Sharmila U. Deshmukh dismissed an Interim Application filed by the Appellant seeking the release of the bank guarantees, stating that all claims which are not part of the Resolution Plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect of any such claim. Application U/S 94 Of IBC Cannot Be Entertained Against Sole Proprietorship Firms: Madhya Pradesh High Court Case Title: RAMESH KOTHARI Versus THE STATE OF MADHYA PRADESH AND OTHERS Case Number: WRIT PETITION No. 7687 of 2025 The Madhya Pradesh High Court bench of Justice Vivek Rusia and Justice Prem Narayan Singh has held that since sole proprietorship firms are not included in the definition of the corporate person under section 3(7) of the Insolvency and Bankruptcy Code, 2016 (Code), an application under section 94 of the Code cannot be entertained. Notice U/S 263 Of Income Tax Act Cannot Be Issued By Authority After Approval Of Resolution Plan U/S 31 Of IBC: Gujarat High Court Case Title: AMW Auto Component Limited Versus Principal Commissioner Of Income Tax Rajkot 1 Case Number: R/Special Civil Application No. 1593 Of 2025 The Gujarat High Court bench of Justice Bhargav D. Karia and Justice D.N.Ray has held that after approval of ...

IBC Weekly Round-Up [24th March - 30th March 2025]

Mohd Malik Chauhan

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