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The issue addressed gaps in disclosure and coordination in insolvency processes. IBBI proposed mandatory asset disclosure and creditor oversight, aiming to improve transparency and effective resolution outcomes.
The proposal mandates written reasons for claim rejection and timely communication within seven days. It aims to improve accountability and clarity in the liquidation process.
The advisory clarifies that Section 8 companies are prohibited from direct strike-off using Form STK-2. It highlights that closure must follow prescribed legal routes to safeguard charitable assets and public interest.
NCLT Mumbai held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor [Trivenimudrai Projects Limited] admitted since debt and default thereon stands established.
The Court held that ongoing disputes regarding defective goods and account reconciliation existed prior to the demand notice. It ruled that such disputes bar admission of insolvency proceedings under Section 9 of the IBC.
The Tribunal held that default under the loan agreement existed independently of the arbitral award challenge. It ruled that absence of a stay on the award allows initiation of insolvency proceedings.
The Tribunal held that allowing retention of the amount would amount to preferential recovery. It directed refund to the insolvency estate and limited the claim to the admitted amount.
Supreme Court held that section 64(d) of the Multi-State Co-operative Societies Act, 2002 restricts Multi-State Co-operative Society investment only to entities in the same line of business. Accordingly, Multi-State Co-operative Society is ineligible to submit resolution plan for corporate debtor which doesn’t operate in same line of business.
The Supreme Court refused to entertain the appeal as the delay exceeded the statutory condonable limit under IBC. The ruling reinforces strict adherence to limitation timelines.
The tribunal ruled that state VAT provisions do not prevail over the Insolvency Code. Tax dues were rightly treated as operational debt under the resolution plan.
