IBC Weekly Round-Up [17th February-23rd February 2025]

Nominal Index: BANK OF BARODA v. FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. 2759/2025, 2025 LiveLaw (SC) 234 Jai Prakash Keswani vs. MB Malls Pvt. Ltd & Ors, Company Appeal (AT) (Insolvency) No. 92 & 93 of 2025 & I.A. No. 294, 295, 378, 379 of 2025 Kumar Jivanlal Patel (Makadia) Vs. Patel Oils & Chemicals Pvt. Ltd. and Ors., Cont.A. - 6/2017 Anuj Bajpai and Anr. Vs. Inderdeep Construction Company & Anr., Comp. App. (AT) (Ins) No.1698 of 2024 & I.A. No.6123 of 2024 and Comp. App. (AT) (Ins) No.1518 of 2024 & I.A. No.5507 of 2024 Asean International Limited Versus Sanjeev Maheshwari, Company Appeal (AT) (Insolvency) No. 1647 of 2023 Adhunik Corporation Limited Versus Shivam India Limited, Company Appeal (AT) (Ins) No. 1427 of 2023 Brand Steel & Power Pvt. Ltd. Versus Avishek Gupta & Ors., Company Appeal (AT) (Insolvency) No. 194 & 195 of 2025 Raman Gupta Versus Surendra Raj Garg Resolution Professional, Metenere Ltd. & Ors., Company Appeal (AT) (Insolvency) No.51 of 2025 & I.A. No. 127 of 2025 Schreiber Dynamix Dairies Pvt. Ltd. Versus Sumat Gupta Resolution Professional, International Mega Food Park Ltd., Comp. App. (AT) (Ins) No. 1423 of 2023 & I.A. No. 5101 of 2023 Spik Enviro Management Pvt. Ltd. Versus Vision Earthcare Pvt. Ltd., Company Appeal (AT) (Ins) No. 1507 of 2023 & I.A. No. 5431, 5432, 5433 of 2023 Saturn Ventures & Advisors Pvt. Ltd. Versus S. Gopalkrishnan & Anr., Comp. App. (AT) (Ins) No. 645 of 2024 Home Kraft Avenues v. Jayesh Sanghrajka, RP of Ornate Spaces R/t Ltd. & Ors., Company Appeal (AT)(INS) No. 756/2023 Greenshift Initiatives Pvt. Ltd. vs. Sonu Gupta, Resolution Professional of Rolta Bi & Big Data Analytics Pvt. Ltd., Company Appeal (AT) (Insolvency) No.1936 of 2024 Edelweiss Asset Reconstruction Company Ltd. vs. Chirag Rejendrakumar Shah, Company Appeal (AT) (Insolvency) No.242 of 2025 Supreme Court Supreme Court Disapproves Of High Court Interdicting Insolvency Process Against Personal Guarantor At Threshold Stage In Writ Jurisdiction Case Name: BANK OF BARODA v. FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. 2759/2025 Citation : 2025 LiveLaw (SC) 234 The Supreme Court while deciding an appeal pertaining to insolvency proceedings initiated against a personal guarantor, observed that the High Court should not have prohibited such proceedings by holding that the guarantor's liability has been waived. “It is well-settled that when statutory tribunals are constituted to adjudicate and determine certain questions of law and fact, the High Courts do not substitute themselves as the decision-making authority while exercising judicial review.,” the Bench of Justices P.S. NARASIMHA and Manoj Mishra observed. NCLAT Lone Homebuyer Can't Challenge Approval Of Resolution Plan: NCLAT Case Title: Jai Prakash Keswani vs. MB Malls Pvt. Ltd & Ors Case Number: Company Appeal (AT) (Insolvency) No. 92 & 93 of 2025 & I.A. No. 294, 295, 378, 379 of 2025 The National Company Law Appellate Tribunal (NCLAT), New Delhi bench of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) has held that one lone homebuyer has to go with the majority decision of the homebuyers and cannot challenge the approval of Resolution Plan. He has to sail or sink with the majority decision. Sale Of Corporate Debtor In Liquidation As Going Concern Beyond 90 Days Is Permissible Under Amended Regulation 32A(4) Of IBC: NCLAT Case Title: Anuj Bajpai and Anr. Vs. Inderdeep Construction Company & Anr. Case Number: Comp. App. (AT) (Ins) No.1698 of 2024 & I.A. No.6123 of 2024 and Comp. App. (AT) (Ins) No.1518 of 2024 & I.A. No.5507 of 2024 The National Company Law Appellate Tribunal (“NCLAT”) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) has held that the sale of a corporate debtor as a going concern in liquidation can be conducted even beyond 90 days under amended Regulation 32A(4) of the Liquidation Regulations, 2016 (Regulations). After the amendment, the sale of the corporate debtor can be conducted in the first auction and the requirement that such sale has to be conducted within 90 days has been removed. Relief U/S 60(5) Of IBC Against Rejection Of Claims By Liquidator Cannot Be Sought When Remedy U/S 42 Is Not Exhausted: NCLAT Case Title: Asean International Limited Versus Sanjeev Maheshwari Case Number: Company Appeal (AT) (Insolvency) No. 1647 of 2023 The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that relief under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be claimed against rejection of claims by the liquidator when the remedy provided under section 42 of the...

IBC Weekly Round-Up [17th February-23rd February 2025]

Mohd Malik Chauhan

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