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Corporate Law : The Supreme Court ruled that a shortfall payment clause in a Deed of Hypothecation can qualify as a contract of guarantee under th...
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Corporate Law : The amendments replace the consultation committee with CoC oversight, giving creditors greater control over liquidation decisions....
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Corporate Law : The IBBI amended the Liquidation Process Regulations, 2016 to allow appointment of one registered valuer for each asset class in M...
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Corporate Law : The order highlights that delayed applications, late progress reports, and non-compliance with filing requirements amounted to ser...
NCLT Chandigarh held that application u/s. 33(2) of the Insolvency and Bankruptcy Code for the initiation of the liquidation process of the Corporate Debtor [Hoshiar Nirvair Tractors Private Limited] stands approved as no resolution plan was received even after publication of Form G twice.
Held that the liability of the corporate guarantor is co-extensive with the principal borrower, and accordingly, both the principal borrower and corporate guarantor are equally liable for the default. Accordingly, CIRP application u/s. 7 of IBC allowed.
NCLT had no discretion to appoint an IRP other than the one proposed by the applicant, unless disciplinary proceedings were pending. As the NCLT’s order substituting the recommended IRP lacked statutory support, it was quashed and the matter remitted for fresh consideration.
Consequently, the petition was admitted, moratorium under Section 14 of the IBC was declared and Interim Resolution Professional was appointed to conduct the Corporate Insolvency Resolution Process of corporate debtor.
NCLAT rejected the recall of its 01.02.2023 order and dismissed the condone delay application of 248 days, as appellant himself had requested withdrawal earlier.
IBBI dismisses Nelson James Macwan’s RTI appeal for email replies, ruling the Act is not a forum for grievance redressal or creating new information.
NCLT held that it has no jurisdiction to decide copyright violations or contractual termination claims related to the Hindi remake of Kaithi (Bholaa). Dream Warrior Pictures’ Section 9 application against Reliance Entertainment was rejected as no undisputed operational debt existed.
The NCLAT Chennai has dismissed an appeal filed by a shareholder of a company undergoing CIRP, holding that an appeal at the behest of a shareholder is not maintainable.
After completion of the process, a Resolution Plan was submitted by the Successful Resolution Applicant (SRA). The Committee of Creditors (CoC) approved the plan with the requisite majority under Section 30(4) of the Insolvency and Bankruptcy Code, 2016.
NCLT Cuttack held that time of filing of CIRP application and not time of admission of application has to be considered for requisite threshold amount u/s. 4 of the Insolvency and Bankruptcy Code, 2016. Hence, GST debit-note and payment done after filing of application cannot be considered.
