Judgements IBC – Dispute Section 9 – It is important to separate the grain from the chaff – so long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has no other option but to reject the application – the Court is not required to be satisfied as to whether the defence is likely to succeed or not – Court also cannot go into the merits of the dispute August 14, 2021 Ibcode
Judgements IBC – Resolution plan approved by Committee of Creditors (CoC) – Jurisdiction of the Adjudicating Authority and Appellate Authority cannot extend into entering upon merits of a business decision made by a requisite majority of the CoC in its commercial wisdom – Nor is there a residual equity based jurisdiction in the Adjudicating Authority or the Appellate Authority August 14, 2021 Ibcode
Judgements Supreme Court today upheld the provisions of Insolvency and Bankruptcy Code, 2016 which applies to personal guarantors of corporate debtors. May 21, 2021 Ibcode
Judgements IBC, 2016 – Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, April 25, 2021 Ibcode
Judgements IBC, 2016 – Once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders April 25, 2021 Ibcode
Judgements NCLT cannot direct invitation of fresh bids from resolution applicants after approval of a resolution plan by CoC: NCLAT April 24, 2021 Ibcode
Judgements I B C, 2016 – S 61 – Contempt proceeding – Provisions of the IBC are premised on a time bound process for the resolution of corporate insolvencies – Exercise of legal rights by a party to a proceeding cannot constitute contempt February 25, 2021 Ibcode
Judgements Insolvency and Bankruptcy Code, 2016 – Sections 9 and 10A – retrospective bar on the filing of applications for the commencement of CIRP during the stipulated period does not extinguish the debt owed by the corporate debtor or the right of creditors to recover it. February 14, 2021 Ibcode
Judgements A person having only security interest over the assets of corporate debtor, even if falling within the description of ‘secured creditor’ by virtue of collateral security extended by the corporate debtor, would not be covered by the financial creditors as per definitions contained in sub-section (7) and (8) of Section 5. February 14, 2021 Ibcode
Judgements Held, Exclusion under the first proviso to Section 21(2) is related not to the debt itself but to the relationship existing between a related party financial creditor and the corporate debtor – As such, the financial creditor who in praesenti is not a related party, would not be debarred from being a member of the Committee of Creditors February 14, 2021February 14, 2021 Ibcode
