NCLT, Kolkata Bench, ruled that a guarantor who repays a principal borrower’s debt can initiate the Corporate Insolvency Resolution Process (CIRP) against them.
Explore the NCLT Mumbai order in Divyesh Desai case against DCIT Mumbai, directing the refund of TDS totaling Rs. 93,81,464 to the Corporate Debtor Company.
State Bank of India Vs Rohit Ferro Tech Limited (NCLT Kolkata) 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 […]
Bank of Baroda Vs Rajiv Rai (NCLT Chennai) Section 238A of IBC, 2016 applies to the entire provisions of IBC, 2016 and as such Article 136 of the Limitation Act, 1963 also applies to an Application filed under Section 95 of IBC, 2016. In the said circumstances, as per Section 3 of the Limitation Act, […]
Held that a statutory institution like CoC which is in most of the cases represented by public financial institutions is expected to act in a fair and neutral manner so that the objects of IBC, 2016 can be achieved for the benefit of all.
N.C. Goel & Maya Goel Vs Piyush Infrastructure India Private Limited (NCLT Allahabad) In this case Copies of the post-dated cheques issued by the Corporate Debtor for repayment of principal amount have been enclosed. However, these cannot be taken to be unqualified admission of debt because the presumptions drawn under section 118 and section 139 […]
Section 7 application under IBC 2016 is not maintainable in case of lack of written document / evidence in the form of loan agreement, promissory note, contract or any document to substantiate its claim that there was a financial debt and a default of the same
NCLT held that default of payment of settlement agreement do not come under definition of Operational debt under IBC 2016
Sabari Rubber Private Limited Vs Parampuzha Treads Private Limited (NCLT Kochi) Under Section 230(9) of the Companies Act, 2013, the Tribunal may dispense with calling of a meeting of Creditors or class of Creditors where such Creditors or class of Creditors, having at least 90% value, agree and confirm, by way of affidavit, to the […]
Claim of Resolution Professional that he will invite Expression of Interest project wise is not feasible as same is against provisions of IBC 2016.
