Sunday, March 24, 2019
The Viewpoint - IBC Judgment: The Defaulter's Paradise is Lost Bar & Bench March 19 2019 By Nandini Gore and Khushboo Bari “The Defaulters’ paradise is lost. In its place, the economy’s rightful position has been regained.”                       ...
Applicability of Limitation Act to Insolvency Applications: NCLT carves out exception Varun Marwah February 11 2019 The Mumbai Bench of NCLT has held that, a debt that is barred by limitation can be proceeded against under provisions of the Insolvency and Bankruptcy Code (IBC), if the...
Supreme Court upholds Creditors Committee sovereignty under the IBC Varun Marwah February 7 2019     The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review. “Besides,...
Why did NCLT decline Essar's settlement plea? Varun Marwah February 1 2019 The NCLT earlier this week rejected a plea to settle dues with lenders and withdraw insolvency proceedings against Essar Steel. The application was filed by majority shareholders of Essar Steel, against the Resolution Professional...
SUPREME COURT OF INDIA   SWISS RIBBONS PVT. LTD. AND ANOTHER — Appellant Vs. UNION OF INDIA AND OTHERS — Respondent ( Before : R.F. Nariman and Navin Sinha, JJ. ) Writ Petition (Civil) Nos. 99, 100, 115, 459, 598, 775, 822, 849, 1221 of...
Insolvency and Bankruptcy Code: Highlights of the Supreme Court judgment Murali Krishnan January 25 2019 FacebookTwitterWhatsAppShare294 In a judgment that has surprised the legal fraternity and many industry experts, the Supreme Court today upheld the validity of the Insolvency and Bankruptcy Code in its entirety. The...
Madras High Court on determining the validity of foreign decrees under IBC Varun Marwah January 18 2019 Recently, the National Company Law Tribunal (NCLAT) had ruled that the adjudicating authority, while hearing an application under the Insolvency and Bankruptcy Code (IBC), is not required to determine the validity...
NCLAT upholds insolvency proceedings against Alok Industries subsidiary Varun Marwah January 18 2019 The Mumbai Bench of NCLT had admitted insolvency proceedings against Alok Infrastructure, a subsidiary of Alok Industries, while Corporate Insolvency Resolution Process (CIRP) against Alok Industries is still underway. In an appeal filed against the said...
NCLT dismisses HDFC's insolvency plea against RHC Holding Aditi Singh December 7 2018 The National Company Law Tribunal has today dismissed HDFC Ltd’s insolvency plea against Malvinder and Shivinder Singh owned RHC Holding Pvt Ltd for recovery of outstanding dues of over Rs 41...
NCLAT on NCLT's power to determine legality of a foreign decree Varun Marwah December 7 2018 FacebookTwitterWhatsAppShare13 The NCLAT has once again held that the NCLT, for the purpose of initiating insolvency, has no jurisdiction to decide whether a foreign decree is legal or illegal. The judgment is...
LIVE LAW Corporate Debtor Cannot Maintain Appeal Under Insolvency & Bankruptcy Code : NCLAT By Legalnewsupdates on Thursday, November 15, 2018 Manu Sebastian Holding that corporate debtor cannot maintain appeal under the Insolvency and Bankruptcy Code, the National Company Law Appellate Tribunal dismissed an appeal. The appeal...
Supreme Court's verdict on Essar establishes much more than Section 29A jurisprudence Varun Marwah October 5 2018 FacebookTwitterWhatsAppShare7 The Supreme Court has given its first (and final) ruling, interpreting Section 29A of the IBC. The precedent set in the case of Essar Steel by Justices Rohinton Nariman and Indu Malhotra, will...
Joint filing by operational creditors under IBC? Varun Marwah October 2 2018 Of the two type of creditor filings possible under the Insolvency and Bankruptcy Code 2016, there is an express provision for allowing joint filing by financial creditors only. Operational creditors have not been...
IBC: Applicability Of The Moratorium To Personal Guarantor Last Updated: 17 September 2018 Article by Sharad Tyagi and Yukti Makan Fair & Just Legal Solutions LLP Do you have Mutual Contacts with the Author The Insolvency and Bankruptcy Code, 2016 ("IBC") is one of the biggest economic reforms in...
Recent Judgments In Relation To Section 34 Of The Arbitration And Conciliation Act, 1996 Last Updated: 7 September 2018 Article by Yashika Sarvaria VGC Law Firm Section 34 of the Arbitration and Conciliation Act, 1996 ("Act") provides for setting aside of an arbitral award...
The Court agreed with the Singapore High Court’s line of reasoning that where debtor appears to have a valid counterclaim or cross-demand which is equivalent to or exceeds the amount of debt, the insolvency process will not be put...
Article by Chakrapani Misra, Ravitej Chilumuri and Ashwij Ramaiah Khaitan & Co On 27 March 2018, the Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board Of India (Liquidation Process) (Amendment) Regulations, 2018 (Amendment). Section 4(II) of the Amendment, inter alia, amended Regulation 32 of...
M Allirajan | TNN | Apr 4, 2018, 04:00 IST Coimbatore: In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has said that time barred debt or stale debt— those for which no action has been taken for...