22 April 2024

Search Results for Tag : Insolvency

Judgments

Application under Section 7 of the IBC is filed only when the right to apply against default accrues and for every default, there is a fresh period of limitation(24.05.2023)

The present appeal has been filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 (IBC) against the 'impugned order' passed by the 'Adjudic.....

Tags : Period of Limitation, Insolvency and Bankruptcy Code

Notifications & Circulars

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2024(31.01.2024)

In exercise of the powers conferred by clauses (aa) and (t) of sub-section (1) of section 196, section 208 read with section 240 of the Insolvency and.....

Tags : Insolvency Professionals, Amendment, Regulations

Top Story

Centre notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors(20.11.2019)

The Insolvency and Bankruptcy Board of India (IBBI) notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors t.....

Tags : New Rules, Insolvency Resolution, Corporate debtors

Action under Section 7 of the IBC could be invoked even against a (corporate) guarantor(26.03.2021)

Two central issues arise for determination in present appeal are (i) Whether an action under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IB.....

Tags : Insolvency Process, Maintainability, Corporate Guarantor

News

NCLT Kochi Allows Initiation of Insolvency Resolution Process Against Personal Guarantor(27.01.2022)

National Company Law Tribunal, Kochi has allowed initiation of Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Shahdulla M.I. .....

Tags : National Company Law Tribunal, Insolvency Resolution Process Against Personal Guarantor

NCLT Kochi Allows Initiation of Insolvency Resolution Process Against Personal Guarantor(27.01.2022)

National Company Law Tribunal, Kochi has allowed initiation of Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Shahdulla M.I. .....

Tags : National Company Law Tribunal, Insolvency Resolution Process Against Personal Guarantor

NCLT Kochi Allows Initiation of Insolvency Resolution Process Against Personal Guarantor(27.01.2022)

National Company Law Tribunal, Kochi has allowed initiation of Insolvency Resolution Process (IRP) against the Personal Guarantor, Mr. Shahdulla M.I. .....

Tags : National Company Law Tribunal, Insolvency Resolution Process Against Personal Guarantor

Bombay HC Issues Notice on Plea for Restoration of Assault FIR Over Breach of Consent Terms(27.01.2022)

Bombay High Court has issued notice to actor Armaan Kohli on his ex-girlfriend's application to restore the case she filed against him in 2018 while a.....

Tags : National Company Law Tribunal, Insolvency Resolution Process Against Personal Guarantor

NCLAT: Initiation Of CIRP Not A Pre-Requisite To Initiate IRP Against The Personal Guarantor(28.01.2022)

NCLAT has held that initiation of Corporate Insolvency Resolution Process is not a pre-requisite to initiate Insolvency Resolution Process (IRP) again.....

Tags : Insolvency and Bankruptcy Code, NCLAT, Corporate Insolvency Resolution Process

Telangana HC: Scrutiny By IT Department Barred For The Period Covered By The Resolution Plan(28.01.2022)

Telangana High Court has observed that for the period covered by the Resolution Plan, Income Tax Department cannot carry out any scrutiny or assessmen.....

Tags : Income Tax Act, Insolvency and Bankruptcy Code, Corporate Debtor, Financial Creditor

NCLAT, Delhi: Arrears of Salary Accumulated for More Than Three Years Are Not Eligible for CIRP(13.05.2022)

National Company Law Appellate Tribunal, New Delhi has ruled that arrears of salary due beyond a period of three years would be barred by limitation f.....

Tags : National Company Law Appellate Tribunal, three years, Corporate Insolvency Resolution Process, limitation

NCLAT: NCLT Doesn't Have Power to Classify Transaction As Preferential Transaction(16.05.2022)

National Company Law Appellate Law Tribunal, has observed that NCLT does not have the power to suo-moto classify a transaction as a Preferential Trans.....

Tags : National Company Law Appellate Law Tribunal, Section 44, Insolvency and Bankruptcy Code, 2016, Preferential Transaction

Delhi HC: Pendency of Insolvency Petition Is Not Bar to Appointment of Arbitrator(16.05.2022)

Delhi High Court has observed that the mere pendency of an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 is not a ba.....

Tags : Delhi High Court, Section 9, Insolvency and Bankruptcy Code, 2016, Arbitrator

NCLAT: Salary Incrementation is Valid by Employment Agreement or Board Resolution(16.05.2022)

National Company Law Appellate Tribunal, (NCLAT) has observed that salary incrementation is valid only by an employment agreement or board resolution .....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, Section 9

NCLAT: Insolvency Cannot be Initiated on Basis of Unpaid LTC And Leave Encashment Dues(16.05.2022)

National Company Law Appellate Tribunal, has ruled that the welfare claims such as Leave Encashment, superannuation dues are not operational debt for .....

Tags : National Company Law Appellate Tribunal, Leave Encashment, Corporate Debtor, Section 9, Insolvency & Bankruptcy Code, 2016, superannuation dues

NCLAT: Salary Incrementation is Valid by Employment Agreement or Board Resolution(16.05.2022)

National Company Law Appellate Tribunal, (NCLAT) has observed that salary incrementation is valid only by an employment agreement or board resolution .....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, Section 9

NCLT Cuttack: CIRP Can’t be Initiated Over Undecided Claims or Unstamped Agreements(26.04.2022)

National Company Law Tribunal, Cuttack has ruled that Corporate Insolvency Resolution Process cannot be initiated based on undecided claims and/or uns.....

Tags : National Company Law Tribunal, Corporate Insolvency Resolution Process, compulsory registration

NCLAT, Delhi: Time Period Under Regulation 35A is Directory, Not Mandatory(27.04.2022)

National Company Law Appellate Tribunal, has observed that period of time prescribed under Regulation 35A of the IBBI (Insolvency Resolution Process f.....

Tags : National Company Law Appellate Tribunal, Regulation 35A, IBBI (Insolvency Resolution Process for Corporate Persons) (CIRP) Regulations, 2016

NCLAT, Delhi: Time Period Under Regulation 35A is Directory, Not Mandatory(27.04.2022)

National Company Law Appellate Tribunal, has observed that period of time prescribed under Regulation 35A of the IBBI (Insolvency Resolution Process f.....

Tags : National Company Law Appellate Tribunal, Regulation 35A, IBBI (Insolvency Resolution Process for Corporate Persons) (CIRP) Regulations, 2016

Bombay HC: No Bar on Court Exercising Jurisdiction Even When Application U/S 7 of IBC is Filed(27.04.2022)

Bombay High Court has ruled that since application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is filed, which is pending for consider.....

Tags : Bombay High Court, Section 7, Insolvency and Bankruptcy Code, 2016, Section 11, Arbitration and Conciliation Act, 1996

NCLAT: Interest Free Security Deposit is an Operational Debt(28.04.2022)

National Company Law Appellate Tribunal has observed that an interest free security deposit towards advance license fee will qualifies as an operation.....

Tags : National Company Law Appellate Tribunal, interest free, security deposit, Insolvency & Bankruptcy Code, 2016

NCLAT: Territorial Jurisdiction Cannot be Taken Away by Agreement Between Parties(28.04.2022)

National Company Law Appellate Tribunal has observed that the territorial jurisdiction of NCLT to decide a case under the Insolvency and Bankruptcy Co.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, territorial jurisdiction

National Company Law Appellate Tribunal Orders Reverse Real Estate Insolvency Process(12.02.2020)

National Company Law Appellate Tribunal has passed an order for a reverse insolvency process, which could set a template for stressed real estate proj.....

Tags : National Company Law Appellate Tribunal, Reverse Real Estate Insolvency Process

NCLAT Decides to Close Umang Realtech Insolvency Resolution Process(19.02.2020)

National Company Law Appellate Tribunal has decided to close the corporate insolvency resolution process against Umang Realtech if the company manages.....

Tags : National Company Law Appellate Tribunal, Umang Realtech Insolvency Resolution Process

Limitation Act Applicable to Applications Filed Under Sec 7 and 9 of IBC from Inception of Code: SC(12.10.2018)

Supreme Court has held that the Limitation Act is applicable to applications filed under Sections 7 and 9 of Insolvency and Bankruptcy Code From the i.....

Tags : Supreme Court, Insolvency and Bankruptcy Code

Delhi High Court Issues Notice in Plea Challenging IBC Ordinance(30.07.2020)

Delhi High Court has issued notice to the Ministry of Law and Justice and Insolvency and Bankruptcy Board of India in a plea challenging the validity .....

Tags : Delhi High Court, Insolvency and Bankruptcy Code Ordinance, 2020

NCLAT, Delhi: Quantum of Debt Not to be Decided At Stage of Admission of S. 7 IBC Application(18.04.2022)

National Company Law Appellate Tribunal, Delhi has observed that the quantum of debt is not to be considered at the stage of admission of a petition u.....

Tags : National Company Law Appellate Tribunal, Section 7 of the Insolvency and Bankruptcy Code, 2016, admission

Corporate Debtor can’t Maintain Appeal Under Insolvency & Bankruptcy Code: NCLAT(16.11.2018)

National Company Law Appellate Tribunal has dismissed an appeal filed by M/s Radius Infratel Pvt. Ltd. and held that corporate debtor cannot maintain .....

Tags : NCLAT, Insolvency & Bankruptcy Code

NCLAT Upholds Dismissal of Petition Filed During Prohibited Period(24.05.2022)

National Company Law Appellate Tribunal while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process cannot be initiated over .....

Tags : National Company Law Appellate Tribunal, Corporate Insolvency Resolution Process, Insolvency and Bankruptcy

NCLAT: Article 1 of Limitation Act,1963 not Apply to Proceedings Under IB Code, 2016(26.05.2022)

National Company Law Appellate Tribunal (NCLAT) Principal Bench has held that the Article 1 of Limitation Act, 1963 is not applicable to the Petition .....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, Limitation

Supreme Court: Insolvency And Bankruptcy Code is Not for Money Recovery Proceedings(28.04.2022)

Supreme Court has reiterated that the provisions of Insolvency and Bankruptcy Code, 2016 are basically intended to bring the corporate debtor to its f.....

Tags : Supreme Court, Insolvency and Bankruptcy Code, 2016

NCLAT: Resolution Professional Can Submit An Additional Report Under Section 99 I&B Code(29.04.2022)

National Company Law Appellate Tribunal has observed that the Resolution Professional can submit an additional report under Section 99 of the Insolven.....

Tags : National Company Law Appellate Tribunal, Section 99, Insolvency & Bankruptcy Code, 2016

NCLAT: If Credit Facility Agreement is Unstamped, Petition U/S Section 7 is Maintainable(29.04.2022)

National Company Law Appellate Tribunal has observed that if a credit facility agreement is unstamped, then petition under Section 7 of the Insolvency.....

Tags : National Company Law Appellate Tribunal, credit facility, Section 7, Insolvency and Bankruptcy Code, 2016

NCLAT Chennai: Corporate IRP Can be Resume on Failure of Settlement Agreement(02.05.2022)

National Company Law Appellate Tribunal, Chennai has observed that Corporate Insolvency Resolution Process can be revive/resume in case of failure of .....

Tags : National Company Law Appellate Tribunal, Corporate Insolvency Resolution Process

Financial Service Providers Outside Purview of Insolvency and Bankruptcy Code: NCLAT(24.10.2018)

National Company Law Appellate Tribunal has held that financial service providers such as non-banking financial companies are outside the purview of t.....

Tags : NCLAT, Financial Service Providers, Insolvency and Bankruptcy Code

Financial Service Providers Outside Purview of Insolvency and Bankruptcy Code: NCLAT(24.10.2018)

National Company Law Appellate Tribunal has held that financial service providers such as non-banking financial companies are outside the purview of t.....

Tags : NCLAT, Financial Service Providers, Insolvency and Bankruptcy Code

NCLT, Chennai: No Conflict Among Prohibition of Benami Property Transaction Act and IBC, 2016(06.05.2022)

National Company Law Tribunal, Chennai has ruled that there is no conflict between the Prohibition of Benami Property Transaction Act, 1988 and the In.....

Tags : National Company Law Tribunal, Prohibition of Benami Property Transaction Act, 1988, Insolvency and Bankruptcy Code, 2016, attachment of property

NCLAT: Threshold of Rs.1 Crore Is Required for Initiation of CIRP(12.05.2022)

National Company Law Appellate Tribunal (NCLAT) has ruled that an application filed after 24.03.2020 under Section 7 of the Insolvency and Bankruptcy .....

Tags : National Company Law Appellate Tribunal, Section 7, Insolvency and Bankruptcy Code, 2016, threshold, One Crore

SC: Appeal Under IBC is Valid Only if it is Initiated Within 30 days From Date of Order(17.05.2022)

Supreme Court has ruled that an appeal under the Insolvency and Bankruptcy Code, 2016 (IBC) is only acceptable if it is filed within 30 days from the .....

Tags : Supreme Court, Insolvency and Bankruptcy Code, 2016, 30 days, National Company Law Tribunal

SC Declares Noida As Operational Creditor Under IBC(18.05.2022)

Supreme Court has ruled that the NOIDA is an operational creditor under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).

Tags : Supreme Court, NOIDA, Insolvency and Bankruptcy Code, 2016, creditor

Supreme Court Reiterates Section 18 Limitation Act Is Applicable To IBC Proceedings(19.05.2022)

Supreme Court reiterates that the provisions of Section 18 of the Limitation Act are applicable to proceedings under the Insolvency and Bankruptcy C C.....

Tags : Supreme Court, Insolvency and Bankruptcy Code, 2016, Section 18 Limitation Act

IBBI Exempts Lockdown Period from Time Line of Activity in Relation to Liquidation Process(20.04.2020)

Insolvency and Bankruptcy Board of India has stated that the period of lockdown imposed by the Central Government shall not be counted for the purpose.....

Tags : Insolvency and Bankruptcy Board of India, Time Line of Liquidation Process

NCLAT: No Bar in Pendency of Execution Proceedings u/s 9 IBC(07.04.2022)

National Company Law Appellate Tribunal has observed that the pendency of an execution petition does not bar the operational creditor from filing a pe.....

Tags : National Company Law Appellate Tribunal, execution petition, Section 9 of the Insolvency and Bankruptcy Code, 2016

NCLAT Delhi: Resolution Professional Cannot Decide Eligibility Under Section 29A IBC(07.04.2022)

National Company Law Appellate Tribunal has observed that the Resolution Professional is not required to take a decision in regard to the ineligibili.....

Tags : National Company Law Appellate Tribunal, Resolution Professional, Section 29A of the Insolvency & Bankruptcy Code, 2016, Resolution Applicant

Delhi HC: Section 10 of CPC Does Not Lay an Embargo in Proceeding with Arbitration(11.04.2022)

Delhi High Court has held that Section 10 of the Code of Civil Procedure, 1908 does not lay an embargo in proceeding during the pendency of insolvency.....

Tags : Delhi High Court, Section 10 of the Code of Civil Procedure, 1908, embargo, insolvency proceedings, Provincial Insolvency Act, 1920

NCLT, Kolkata: IRP Cannot be Maintained Against Legal Heirs of Personal Guarantor(12.04.2022)

National Company Law Tribunal, Kolkata has held that insolvency resolution process cannot be maintained against the legal heirs of the personal guaran.....

Tags : National Company Law Tribunal, Insolvency Resolution Process, legal heirs, Personal Guarantor

Centre Notifies Regulations for Liquidation Process Under New Bankruptcy Code(19.12.2016)

Central Government has notified rules by which companies can go through liquidation under Insolvency and Bankruptcy Code (IBC), 2016.

Tags : Central Government, liquidation, Insolvency and Bankruptcy Code (IBC), 2016

Application Under Sec. 7 of IBC can’t be Admitted After Settlement Between Parties: NCLAT(06.12.2018)

National Company Law Appellate Tribunal has declared admission of application under Section 7 of the Insolvency and Bankruptcy Code after settlement b.....

Tags : NCLAT, Section 7 of Insolvency and Bankruptcy Code

IBBI Amends Insolvency Resolution Process for Corporate Persons Regulations, 2016(16.06.2022)

Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Per.....

Tags : IBBI, Insolvency Resolution Process for Corporate Persons, Amendment

IBBI Amends its Regulations on Information Utilities(20.06.2022)

Insolvency and Bankruptcy Board of India (IBBI) has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information.....

Tags : Insolvency and Bankruptcy Board of India, Amendments

NCLT Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.(22.06.2022)

National Company Law Tribunal (NCLT), Mumbai Bench has initiated Corporate Insolvency Resolution Process against Nirmal Lifestyle (Kalyan) Pvt. Ltd. a.....

Tags : NCLT, Corporate Insolvency Resolution Process

CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)

Delhi High Court on Friday upheld the supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantee.....

Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC

CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)

Delhi High Court has upheld supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantees and said.....

Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC

No Need to Hear Out 3rd Party During Insolvency Admission, NCLAT Tells NCLT(21.01.2019)

National Company Law Appellate Tribunal (NCLAT) has said that the National Company Law Tribunal (NCLT) should not hear any third party, other than the.....

Tags : NCLAT, NCLT, Hear Out 3rd Party During Insolvency Admission

Operational Creditors should Get a Say and Vote in Insolvency Process: SC(14.12.2018)

Supreme Court has observed that Operational creditors of companies undergoing the corporate insolvency resolution process should have a say in the com.....

Tags : Supreme Court, Operational Creditors, Insolvency Process

Insolvency and Bankruptcy Code Kicks In With Effect From Today(01.12.2016)

Insolvency and Bankruptcy Code which aims to help quicker resolution of cases and unlock value of assets has become operational from today.

Tags : Insolvency and Bankruptcy Code

First Time Dispute in Reply of Demand Notice Doesn't Constitute Pre Existing Dispute Under IBC: NCLAT(30.11.2018)

National Company Law Appellate Tribunal has held that a dispute raised for the first time in reply to demand notice or in response to Adjudicating Aut.....

Tags : NCLAT, Insolvency and Bankruptcy Code

IBBI Amends Regulations Related to Corporate Insolvency Proceedings(19.11.2020)

Insolvency and Bankruptcy Board of India (IBBI) amended Regulations relating to corporate insolvency proceedings which came to be known as the Insolve.....

Tags : Insolvency and Bankruptcy Board of India, Regulations Related to Corporate Insolvency Proceedings

Insolvency Proceedings can be Closed on Basis of Settlement Prior to Formation of CoC: NCLAT(15.02.2019)

National Company Law Appellate Tribunal has asked the Kolkata Bench of National Company Law Tribunal to close an insolvency proceeding by accepting th.....

Tags : NCLAT, Insolvency Proceedings

Supreme Court Upholds Sections 3, 4 & 10 of IBC Amendment Act 2020(20.01.2021)

Supreme Court has upheld the constitutional validity of Sections 3, 4 and 10 of the Insolvency and Bankruptcy Code (Amendment) Act 2020.

Tags : Supreme Court, Insolvency and Bankruptcy Code (Amendment) Act 2020

IBBI Notifies Inspection And Investigation Regulations(19.06.2017)

Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 which .....

Tags : Inspection And Investigation Regulations, Insolvency and Bankruptcy Board of India

Insolvency And Bankruptcy Board Notifies Fast Track Insolvency Resolution Process(19.06.2017)

IBBI has notified IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 which provide process from initiation of ins.....

Tags : Insolvency and Bankruptcy Board of India, Fast Track, Insolvency Resolution Process

SC Upholds Provisions Allowing Lenders to Pursue Insolvency Proceedings Against Promoter Guarantors(21.05.2021)

Supreme Court has upheld provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) allowing lenders to pursue insolvency proceedings against promot.....

Tags : Supreme Court, Insolvency Proceedings Against Promoter Guarantors

Supreme Court Upholds Validity of Insolvency & Bankruptcy Code(28.01.2019)

Supreme Court has upheld the two-year old insolvency code in its entirety, quashing petitions which challenged the law saying it was discriminatory.

Tags : Supreme Court, Insolvency & Bankruptcy Code

Insolvency Proceedings can be Withdrawn After Invitation Of Resolution Plans Under Regulation 36A: SC(30.01.2019)

Supreme Court has permitted withdrawal of Corporate Insolvency Resolution Process(CIRP) even after Resolution Professional issued invitation for expre.....

Tags : Supreme Court, Insolvency Proceedings, Invitation Of Resolution Plans

NCLAT Rules 'Dispute' As Defined in IBC is Illustrative and Not Exhaustive(25.05.2017)

National Company Law Appellate Tribunal has held that the term “dispute” as defined in Insolvency and Bankruptcy Code (S. 9) is illustrative and not e.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code

NCLAT: 14 Days Timeline to Admit or Reject Case Under IBC a 'Mere Directive'(22.05.2017)

National Company Law Appellate Tribunal (NCLAT) has said that 14-day timeline for rejecting or admitting a case under Insolvency and Bankruptcy Code (.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code

Centre Promulgates IBC Amendment Ordinance to Allow Pre-Packaged Insolvency Process for MSMEs(05.04.2021)

Central Government has promulgated Insolvency and Bankruptcy Code(Amendment) Ordinance 2021 to allow pre-packaged insolvency resolution process for co.....

Tags : Central Government, Pre-Packaged Insolvency Process for MSMEs

Gujarat HC Denies Relief to Essar Steel Against RBI’s Order to Initiate Insolvency Proceedings(18.07.2017)

Gujarat High Court has dismissed Essar Steel’s Petition against Reserve Bank of India’s directive to Banks for initiating insolvency proceedings again.....

Tags : Gujarat High Court, Insolvency Proceedings

NCLT: Promoters Cannot Escape Liquidation of Personal Assets(19.07.2017)

National Company Law Tribunal has held that personal properties of Promoters given as security to Banks can be proceeded against, in spite of initiati.....

Tags : National Company Law Tribunal, insolvency proceedings

Supreme Court Allows Recording Consent Terms After Case is Admitted Under Insolvency Code(26.07.2017)

Supreme Court has exercised powers under Article 142 of Constitution to record consent terms between the parties post admission of the application und.....

Tags : Supreme Court, Insolvency Code

NCLT: Proceedings u/s 138 NI Act Have Nothing To Do With Insolvency Application Under I&B Code(28.07.2017)

National Company Law Tribunal has ruled that disclosure of fact of initiation of proceedings u/s 138 of Negotiable Instruments Act in not necessary wh.....

Tags : National Company Law Tribunal, Insolvency and Bankruptcy Code

Supreme Court Uses Special Powers, Allows Company to Withdraw from NCLT(28.07.2017)

Supreme Court has used special powers to allow a company to withdraw from insolvency proceedings after both parties, the borrower and the creditor, ar.....

Tags : Supreme Court, Insolvency Code

Insolvency Proceedings: New form Allows Homebuyers to Seek Claims From Firms(21.08.2017)

Government has introduced a new form under insolvency law to enable a person who has to receive a payment from an insolvent company to seek the claim......

Tags : Insolvency Proceedings

NCLAT Widens Definition of “Dispute” to Resist an Action for Insolvency Under Bankruptcy Code(29.06.2017)

NCLAT has widened definition of 'dispute' u/s 8,9 of Insolvency and Bankruptcy Code to include, apart from existing suits and arbitrations, any other .....

Tags : NCLAT, Insolvency and Bankruptcy Code

NCLAT: Pendency of Appeal Under Arbitration Act Does Not Bar Insolvency Process Under IBC(01.09.2017)

National Company Law Appellate Tribunal has observed that pendency of S.37 appeal under Arbitration Act cannot be treated as an ‘existence of dispute’.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code

Supreme Court: Insolvency and Bankruptcy Code Prevails Over State Laws(04.09.2017)

Supreme Court has ruled that the Insolvency and Bankruptcy Code, 2016 (Code), being a central statute, will prevail over the state laws that are repug.....

Tags : Supreme Court, Insolvency and Bankruptcy Code

No Need for Shareholder Nod for Insolvency Resolution Plan: Govt(26.10.2017)

Government has said insolvency resolution plans, such as sale and transfer of assets, do not require approval from shareholders or the company as the .....

Tags : Insolvency Proceedings

IBBI Clarifies Disciplinary Committee May Impose Monetary Penalty(30.07.2021)

Insolvency and Bankruptcy Board of India (IBBI) has issued a circular wherein it was clarified that the Disciplinary Committee of an Insolvency Profes.....

Tags : Insolvency and Bankruptcy Board of India, Disciplinary Committee, Monetary Penalty

SC: NCLT Has to Admit Section 7 Petition if Debt is Due(15.05.2023)

Supreme Court while observing that even non¬-payment of a part of debt when it becomes due and payable will amount to default on part of a Corporate D.....

Tags : Supreme Court, Corporate Debtor, Insolvency and Bankruptcy Code

Insolvency and Bankruptcy Board of India Relaxes Norms for Information Utilities(06.10.2017)

Insolvency and Bankruptcy Board of India has relaxed norms for information utilities, paving way for Indian companies listed on the stock exchanges to.....

Tags : Insolvency and Bankruptcy Board of India, Information Utilities

Supreme Court: Loan Resolution Platforms Under IBC Must Not Be Used For Settling Commercial Disputes(10.10.2017)

Supreme Court has dismissed bankruptcy proceedings brought by a vendor against mobile-technology partner to a popular reality show, sending a strong m.....

Tags : Supreme Court, Insolvency Code

Rajya Sabha Passes Insolvency and Bankruptcy Code (Amendment) Bill, 2019(30.07.2019)

Rajya Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019. This Bill if passed will , ease the process of corporate restructuri.....

Tags : Rajya Sabha, Insolvency and Bankruptcy Code (Amendment) Bill, 2019

Finance Minister Introduces Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021(27.07.2021)

Finance Minister Nirmala Sitharaman has introduced the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, which amends the Insolvency and Ban.....

Tags : Finance Minister, Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

IBBI Amends Guidelines on Technical Standards for Performance of Core Services(29.07.2021)

Insolvency and Bankruptcy Board of India (IBBI) has notified the Guidelines for Technical Standards for the Performance of Core Services and Other Ser.....

Tags : Insolvency and Bankruptcy Board of India, Guidelines on Technical Standards for Performance of Core Services

Kerala High Court: 'Criminal Accusation' No Grounds of Disqualification For Official Receivers(04.12.2017)

Kerala High Court, while dealing with a challenge made to the appointment of Part Time Official Receivers under the Insolvency Act, 1955, has held tha.....

Tags : Kerala High Court, Insolvency Act, 1955

Calcutta HC: Application to Set Aside Arbitral Award Cannot Be Put on Hold Due to Invocation of IBC(20.01.2020)

Calcutta High Court has stated that an application to set aside an arbitral award under the Arbitration and Conciliation Act, 1996 cannot be kept in a.....

Tags : Calcutta High Court, Set Aside of Arbitral Award, Insolvency and Bankruptcy Code Provisions

Madras HC: Acceptance of Corporate Insolvency Resolution Not a Ground to Quash Case u/s 138 NI Act(23.01.2020)

Madras High Court has held that acceptance of the Corporate Insolvency Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016 ca.....

Tags : Madras High Court, Corporate Insolvency Resolution

PMLA Appellate Authority: IBC Prevails Over Prevention of Money Laundering Act(24.09.2019)

In an important decision, the Appellate Authority of the Prevention of Money Laundering Act, 2002 has upheld the prevalence of the Insolvency and Bank.....

Tags : Appellate Authority of the Prevention of Money Laundering Act, 2002, Insolvency and Bankruptcy Code, PMLA

SC Stays NCLAT Order That Said Limitation Act Doesn’t Apply To Proceedings Under IBC(11.01.2018)

Supreme Court has stayed the order of the National Company Law Appellate Tribunal which said the provisions of the Limitation Act were not applicable .....

Tags : Supreme Court, Insolvency and Bankruptcy Code

Bankruptcy, Insolvency Related Work To be Done By Department of Economic Affairs(07.01.2016)

The work relating to bankruptcy and insolvency has been taken out from the domain of Law Ministry and put under Department of Economic Affairs, a step.....

Tags : bankruptcy and insolvency , Department of Economic Affairs, Law Ministry

Lawyer Can Issue Demand Notice of Unpaid Operational Debt on Behalf of Operational Creditor: SC(18.12.2017)

Supreme Court has held that a lawyer on behalf of the operational creditor can issue a demand notice of an unpaid operational debt.The court also held.....

Tags : Supreme Court, Insolvency and Bankruptcy Code

NCLT, Hyderabad Initiates Corporate Insolvency Resolution Process Against Tata Projects Ltd(06.01.2022)

National Company Law Tribunal, Hyderabad has initiated Corporate Insolvency Resolution Process against Tata Projects Limited for its failure to pay ba.....

Tags : National Company Law Tribunal, Corporate Insolvency Resolution Process, Tata Projects Ltd

NCLAT Chennai Bench Stays Insolvency Process Against Tata Projects Limited(07.01.2022)

National Company Law Appellate Tribunal, Chennai Bench has stayed the order against Tata Projects Limited to initiate Corporate Insolvency Resolution .....

Tags : NCLAT, Corporate Insolvency Resolution Process, Stay Order

Del. HC: Insolvency Professional Doesn’t Fall within Meaning of “Public Servant” under the PC Act(20.12.2023)

Delhi High Court has held that Insolvency Professional does not fall within the meaning of “public servant” as prescribed in any of the clauses of sub.....

Tags : Delhi High Court, Insolvency Professional, Prevention of Corruption Act, Public Servant

SC: Can’t Apply Statutory Set Off or Insolvency Set Off to CIRP Proceedings Under IBC(05.01.2024)

Supreme Court has held that statutory or insolvency set off will not apply to Corporate Insolvency Resolution Process (CIRP) proceedings under IBC and.....

Tags : Supreme Court, Insolvency Set Off, Statutory Set Off

SC: Sessions Judge has Power to Issue Process Against Accused in Offences Under IBC, 2016(22.04.2024)

SC while upholding issuance of process by sessions judge in an offence committed under Insolvency and Bankruptcy Code, 2016 (IBC), has observed that S.....

Tags : Supreme Court, Insolvency and Bankruptcy Code, Sessions Judge

SC Issues Notice to Union Government on Petitions Challenging Constitutionality of IBC Ordinance(14.01.2020)

Supreme Court has issued a notice to the Union Government on Petitions Challenging Constitutional Validity of Insolvency and Bankruptcy Code (Amendmen.....

Tags : Supreme Court, Insolvency and Bankruptcy Code Ordinance

Insolvency and Bankruptcy Board of India (IBBI): Unclaimed Dividend to Go to IBBI Account(17.01.2020)

Insolvency and Bankruptcy Board of India has notified an amendment to the Voluntary Liquidation Process Regulation, 2017, whereby all unclaimed divide.....

Tags : Insolvency and Bankruptcy Board of India, Amendment in Voluntary Liquidation Process Regulation, 2017

Insolvency and Bankruptcy Board of India Disqualifies Parties Barred from Liquidation Process(08.01.2020)

Insolvency and Bankruptcy Board of India has issued a notification whereby promoters or related parties disqualified from taking part in the insolvenc.....

Tags : Insolvency and Bankruptcy Board of India, Liquidation

SC: Adj. Authority Has Power to Recall Order Approving RP Which Isn’t Submitted As Per IBC(14.02.2024)

Supreme Court has held that National Company Law Tribunal has the power under Insolvency and Bankruptcy Code, 2016 (IBC) to recall its order approving.....

Tags : Supreme Court, NCLT, Resolution Plan, Insolvency and Bankruptcy Code

Rajya Sabha Approves Insolvency and Bankruptcy Code (Amendment) Bill, 2020(13.03.2020)

Rajya Sabha has passed amendments to the insolvency law in the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 that will help ring-fence success.....

Tags : Parliament, Insolvency and Bankruptcy Code (Amendment) Bill, 2020

NCLT, Mumbai Orders to Restore E-way Bill Facility for Taxpayers Undergoing Insolvency Proceedings(26.02.2020)

National Company Law Tribunal (NCLT), Mumbai has ordered to restore the e-way bill facility for taxpayers undergoing insolvency proceedings.

Tags : National Company Law Tribunal, E-way Bill Facility for Taxpayers Undergoing Insolvency Proceedings

National Company Law Appellate Tribunal Sets Aside Flipkart’s Insolvency Proceedings(28.02.2020)

National Company Law Appellate Tribunal has set aside the order of the National Company Law Tribunal to initiate insolvency proceedings against Flipka.....

Tags : National Company Law Appellate Tribunal, Flipkart’s Insolvency Proceedings

Del HC: Invoking Penalty Proc. Based on NFAC’s Own Failure to Lodge Claim Can’t be Sustained by them(19.04.2024)

Delhi High Court has held that invocation of penalty proceedings that are based on the National Faceless Assessment Centre’s (NFAC) own failure to lod.....

Tags : Delhi High Court, Penalty Proceedings, NFAC, Insolvency and Bankruptcy Code

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