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Insolvency and Bankruptcy Code, 2016

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Judgements

IBC, 2016 – Applicability of Section 18 of the Limitation Act, 1963 – While applying Section 18 of the Limitation Act, even went to the extent of holding that an entry in the balance sheet of the company could also be treated as an acknowledgment in writing, subject however to any caveat found in the accompanying reports – Appeal allowed.

April 10, 2022 Ibcode
Judgements

Insolvency and Bankruptcy Code, 2016 – Section 9 – held that a notice on behalf of the operational creditor by a lawyer would be in order.

April 2, 2022April 2, 2022 Ibcode
Judgements

HELD instead of relegating the original applicants to approach the NCLT/Adjudicating Authority by moving an application under Section 12A of the IBC – This is a fit case to exercise powers under Article 142 of the Constitution of India as the settlement arrived at between the home buyers and the appellant and corporate debtor –company shall be in the larger interest of the home buyers

March 6, 2022March 6, 2022 Ibcode
Judgements

Dominant purpose of the IBC is revival of the Corporate Debtor and making it an on­going concern -Opinion expressed by the CoC after due deliberations in the meetings through voting, as per voting shares, is the collective business decision and that the decision of the CoC’s ‘commercial wisdom’ is non­ justiciable, except on limited grounds as are available for challenge under Section 30(2) or Section 61(3) of the IBC – Under Section 61(3)(ii) of the IBC, an appeal would be tenable if there has been material irregularity in exercise of the powers by the RP during the corporate insolvency resolution period – Scope of the words ‘material irregularity’, as are found in Section 115 of the CPC, 1908

December 19, 2021 Ibcode
Judgements

Insolvency and Bankruptcy Code, 2016 – Sections 7 – Insolvency Resolution – A requirement only needs to be assessed at the threshold while admitting the petition. Hence, if subsequent to the admission, withdrawal applications are preferred and the 10 per cent threshold is reduced, it shall not affect the maintainability of the original petition.

December 19, 2021 Ibcode
Judgements

Insolvency and Bankruptcy Code, 2016 – Section 60(5)(c) – Residuary jurisdiction of the NCLT cannot be invoked if the termination of a contract is based on grounds unrelated to the insolvency of the Corporate Debtor – NCLT does not have any residuary jurisdiction to entertain the present contractual dispute which has arisen dehors the insolvency of the Corporate Debtor.

November 27, 2021 Ibcode
Judgements

NCLT rejects plea for initiating insolvency against Air India

November 4, 2021 Ibcode
Judgements

Appeal under Section 61 IBC – Limitation Period – Litigant has to file its appeal within thirty days, which can be extended up to a period of fifteen days, and no more, upon showing sufficient cause and Limitation period starts from date of pronouncement of order

October 24, 2021 Ibcode
Judgements

Allowed the filing of an application under Section 7 of the Code despite the fact that the Company Court had passed a winding up order against the corporate debtor. Held that a proceeding under Section 7 of the Code is an independent proceeding and has an overriding effect over winding up proceedings under the Companies Act, 2013.

October 17, 2021 Ibcode
Judgements

If the RP is unable to form an opinion regarding preferential, undervalued, extortionate or fraudulent transactions within the timeline stipulated under Regulation 35A of the Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution for Corporate Persons) Regulations, 2016 (CIRP Regulations), it can approach the adjudicating authority for appropriate relief under the provisions of law, but an application for exclusion of time till the availability of books of accounts and details from the personnel of the corporate debtor in order to form an opinion, will not be the appropriate course of action.

October 16, 2021 Ibcode

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