Best Of 2022 | 26 Important Supreme Court Judgements On Insolvency And Bankruptcy Code (IBC) With Parallel Citations

Discretion of NCLT under Section 7(5) IBC - Observations in 'Vidarbha Industries' made in context of case: Supreme Court refuses review. Axis Bank Ltd v. Vidarbha Industries Power Ltd; 2022 LiveLaw (SC) 817No bar to withdraw admitted CIRP application before constitution of committee of creditors. Ashok G. Rajani v. Beacon Trusteeship Ltd., 2022 LiveLaw (SC) 790 : AIR 2022 SC 4863Approval of a resolution in respect of one borrower cannot discharge a co-borrower. Maitreya Doshi v. Anand Rathi Global Finance Ltd., 2022 LiveLaw (SC) 789 : AIR 2022 SC 4595Resolution Plan which ignores statutory dues payable to state government/legal authority liable to be rejected. State Tax Officer v. Rainbow Papers Ltd; 2022 LiveLaw (SC) 743 : AIR 2022 SC 4141CIRP can be initiated against corporate guarantor without proceeding against principal borrower. K. Paramasivam v. Karur Vysya Bank Ltd., 2022 LiveLaw (SC) 742 : AIR 2022 SC 4127Insolvency and Bankruptcy Code will prevail over Customs Act once moratorium is declared. Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs, 2022 LiveLaw (SC) 715 : 2022 (13) SCALE 275S.7(5)(b) IBC - Provision to notify financial creditor before rejecting claim extends to appeals before NCLAT. Kotak Mahindra Bank Limited v. Kew Precision Parts Pvt. Ltd., 2022 LiveLaw (SC) 673 : (2022) 9 SCC 364Entries in the book of accounts / balance-sheet of corporate debtor can be treated as acknowledgment of liability of debt payable to financial creditor. Asset Reconstruction Company (India) Ltd. v. Tulip Star Hotels Ltd., 2022 LiveLaw (SC) 648 : AIR 2022 SC 3559NCLT not a debt collection forum; Operational creditor's application to initiate CIRP must be dismissed if the debt is disputed. SS Engineers v. Hindustan Petroleum Corporation Ltd; 2022 LiveLaw (SC) 617NCLT has discretion to not admit financial creditor's CIRP application even if the corporate debtor is in default. Vidarbha Industries Power Ltd. v. Axis Bank Ltd., 2022 LiveLaw (SC) 587 : (2022) 8 SCC 352NCLT / NCLAT should not sit in appeal over the commercial wisdom of CoC to allow withdrawal of CIRP. Vallal Rck v. M/s. Siva Industries and Holdings Ltd; 2022 LiveLaw (SC) 541 : AIR 2022 SC 2636Recovery Certificate Holder can initiate CIRP as Financial Creditor under IBC. Kotak Mahindra Bank ltd. v. A. Balakrishna, 2022 LiveLaw (SC) 534 : AIR 2022 SC 2652 : (2022) 9 SCC 186Section 18 Limitation Act is applicable to IBC proceedings. State Bank of India v. Krishidhan Seeds, 2022 LiveLaw (SC) 497 : 2022 (8) SCALE 253SARFAESI proceedings cannot be continued against corporate debtor once CIRP is admitted and moratorium is ordered. Indian Overseas Bank v. RCM Infrastructure Ltd. 2022 LiveLaw (SC) 496 : AIR 2022 SC 2687Supreme Court declares NOIDA as an operational creditor under the Insolvency and Bankruptcy Code, 2016. New Okhla Industrial Development Authority v. Anand Sonbhadra, 2022 LiveLaw (SC) 491 : 2022 (7) SCALE 656Appeal to NCLAT shall be filed within a period of 30 days. Safire Technologies Pvt. Ltd. V. Regional Provident Fund Commissioner, 2022 LiveLaw (SC) 472Moratorium period can be excluded in computing limitation period in a suit / application by corporate debtor. New Delhi Municipal Council v. Minosha India Ltd., 2022 LiveLaw (SC) 469 : (2022) 8 SCC 384Moratorium applies only to corporate debtor; Natural persons like its director would continue to be liable u/s 138 NI Act. Narinder Garg v. Kotak Mahindra Bank, 2022 LiveLaw (SC) 428 : 2022 (7) SCALE 162Insolvency and Bankruptcy Code is not for money recovery proceedings. Invest Asset Securitisation and Reconstruction Pvt. Ltd. v. Girnar Fibres Ltd, 2022 LiveLaw (SC) 423Wages / Salaries of only those workmen / employees who actually worked during CIRP are to be included in CIRP costs. Sunil Kumar Jain v. Sundaresh Bhatt, 2022 LiveLaw (SC) 382 : AIR 2022 SC 1985 : (2022) 7 SCC 540NCLAT order vitiated if it fails to look into a vital aspect on which NCLT had recorded a specific finding. SVG Fashions Pvt. Ltd. v. Ritu Murli Manohar Goyal, 2022 LiveLaw (SC) 326 : 2022 (5) SCALE 442Majority homebuyers accept builder's settlement during CIRP; Supreme Court allows withdrawal of insolvency application. Amit Katyal v. Meera Ahuja, 2022 LiveLaw (SC) 259 : AIR 2022 SC 1433 : (2022) 8 SCC 320Claim which is not part of resolution plan doesn't survive. Ruchi Soya Industries Ltd. v. Union of India, 2022 LiveLaw (SC) 207 : (2022) 6 SCC 343Operational debt includes advance payment made to a corporate debtor for supply of goods or services. Consolidated Construction Consortium Ltd. v. Hitro Energy Solutions Pvt. Ltd., 2022 LiveLaw (SC) 129 : (2022) 7 SCC 164Guarantor whose guarantee stands invoked by any creditor barred from giving resolution plan, though insolvency initiated by another creditor: SC on Sec 29A(h) IBC. Bank of Baroda v. MBL Infrastructures, 2022 LiveLaw (SC) 62 : (2022) 5 SCC 661NCLT must ...

Best Of 2022 | 26 Important Supreme Court Judgements On Insolvency And Bankruptcy Code (IBC) With Parallel Citations

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