IBC 2016 - Page 10

RERA has locus to file an appeal against order initiating CIRP

Real Estate Regulatory Authority Vs D.B. Corp Limited (NCLAT Delhi)

NCLAT Delhi held that RERA (Real Estate Regulatory Authority) being an aggrieved person under section 61 of I&B Code 2016 has a locus to file an Appeal against order initiating Corporate Insolvency Resolution Process (CIRP)....

Posted Under: Corporate Law | |

Financial assistant in JVA by way of Inter-corporate Deposit doesn’t qualify as financial debt

Ansal Housing Limited Vs Samyak Projects Private Limited (NCLAT Delhi)

NCLAT Delhi held that financial assistance given by the Appellant in a Joint Venture Agreement (JVA) by way of an Inter-Corporate Deposit (ICD) does not fall within the canvas of financial debt as defined u/s. 5(8) of the IBC. Hence, CIRP application u/s 7 not entertained....

Posted Under: Corporate Law | |

IBBI suspends IP for delegating his duty of representing in judicial proceedings

Order No. IBBI/DC/200/2024 02/01/2024

IBBI suspends the registration of Insolvency Professional for a period for one year as he delegated his duty to represent the CD in judicial, quasi-judicial proceedings and finds him in contravention of sections 25(2)(b) and 208(2)(a) of the Code, regulation 27 of the CIRP Regulations, regulation 7(2)(a) and (h) of the IP Regulations read...

Proceedings during moratorium should involve Official Liquidator: Kerala HC

Platino Classic Motors India Pvt Ltd Vs Deputy Commissioner of Central Tax And Central Excise (Kerala High Court)

Explore the Kerala High Court judgment in Platino Classic Motors vs Deputy Commissioner. Learn how the court directs a decision on unpaid service tax and central excise dues after hearing the Official Liquidator....

IBBI’s Caution Insolvency Professional Handling IBC 2016 Assignments

Order No. IBBI/DC/199/2023 29/12/2023

"Explore the IBBI Disciplinary Order of Mr. Sanjeev Jhunjhunwala, an Insolvency Professional, in a detailed analysis. Learn about alleged contraventions, submissions, and findings."...

Period of limitation u/s. 61(2) of IBC began from date of upload of order

Sanjay Pandurang Kalate Vs Vistra ITCL (India) Limited and Others (Supreme Court of India)

Supreme Court held that period of limitation provided under section 61(2) of the IBC began from the date of upload of order in case where date of upload of order and date of pronouncement is not on same date....

Promoter not disqualified u/s 29A of the Code are eligible to submit resolution plan

Hari Babu Thota Vs Others (Supreme Court of India)

Supreme Court held that promoter of the company are not disqualified per say under section 29A of the Insolvency and Bankruptcy Code, 2016 (the Code) to dis-entitle him from presenting the resolution plan. Thus, promoters are eligible to submit resolution plan....

Posted Under: Corporate Law |

Income Tax Notice issued prior to date of approval of Resolution Plan was quashed

TUF Metallurgical Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court)

The impugned notices and orders were issued by the respondents/revenue admittedly subsequent to the public announcement under Section 15 of the Code regarding CIRP process pertaining to assessee and it was only subsequent to approval of the Resolution Plan of the Tribunal that Revenue issued the impugned Assessment Order and Demand Notice...

IBBI directs IP to undergo pre-registration educational course

No. IBBI/DC/198/2023 27/12/2023

Explore the IBBI Disciplinary Committee's order on Mr. Vichitra Narayan Pathak, examining alleged contraventions and the impact on insolvency resolution processes....

IRP not a Public Servant: HC quashed CBI FIR u/s 7 of Prevention of Corruption Act

Arun Mohan Vs Central Bureau Of Investigation (Delhi High Court)

Assessee was approached by Financial Creditor of FR Tech Innovations Private Limited (CD) for proposing the name of assessee as IRP in the company petition to be filed by the Financial Creditor under Section 7 of IBC, 2016 in the NCLT, Mumbai Bench by the FR Tech Innovations Private Limited....

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