Corporate Law : Explains how recent tribunal decisions shaped the rules for selling corporate debtors as going concerns, highlighting compliance...
Corporate Law : The Tripartite Agreement Trap: When Banks Lose Financial Creditor Status in Real Estate Insolvency This case memo discussed the ru...
Corporate Law : NCLAT holds that time spent in pending Debt Recovery Tribunal proceedings cannot be excluded under Section 14 of the Limitation Ac...
Corporate Law : RTI inquiry into NCLT/NCLAT reveals member vacancies, lack of consolidated case data, and opaque appointments, highlighting need f...
Corporate Law : The NCLAT ruled that provident fund dues are not corporate debtor assets and must be paid in full during CIRP, prioritizing them o...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Corporate Law : From 2022-23 to 2024-25, appeals filed at NCLAT rose steadily, with IBC cases forming the majority, reflecting active engagement i...
Corporate Law : Supreme Court ruled that CoC and RP can surrender financially burdensome assets voluntarily, clarifying moratorium under section 1...
Corporate Law : SC clarifies limits of High Court's writ powers in IBC cases and recognises Indian CIRP as foreign main proceeding in cross-border...
Corporate Law : NCLT & NCLAT eligibility criteria, insolvency rules, and case statistics from 2022-2024. Updates on financial irregularities and r...
Corporate Law : NCLAT held that foreign oil and gas assets owned through Videocon subsidiaries could not be included in the CIRP of Videocon Indus...
Corporate Law : NCLAT held that a joint venture arrangement did not prevent insolvency proceedings where separate agreements clearly imposed suppl...
Company Law : A resolution applicant could not unilaterally alter its financial proposal through a last minute addendum after completion of the ...
Corporate Law : NCLAT held that the Corporate Debtor’s email offering payment subject to acceptance of a consequence sheet amounted to acknowled...
Company Law : The Appellate Tribunal upheld findings that the arrangement allowing the Successful Resolution Applicant to receive 50% of PUFE re...
Corporate Law : IBBI orders disciplinary action against Mr. S Vasudevan for alleged violations in the insolvency process of Mega Foods Products Ma...
Corporate Law : IBBI suspends IP for Failure to act during CIRP despite NCLAT directive and for Delay in convening Committee of Creditors (CoC) me...
Corporate Law : Read about the IBBI's disciplinary action against Mr. Venkata Sivakumar, an Interim Resolution Professional, for sharing asset mem...
Corporate Law : Govt issued a circular detailing vacancies for Judicial & Technical Members posts in NCLAT with detailed guide to apply for these...
Fema / RBI : It is clarified that cases admitted with National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT) unde...
Supreme Court Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [CA No. 8129/2019] The Supreme Court (SC) held that the 2019 amendment to section 31 of the Code is clarificatory and declaratory in nature and is, therefore, effective from the date on which the Code came into effect. Even […]
Chalasani Udaya Sankar Vs Lexus Technologies Pvt. Ltd. (NCLAT Chennai) It is to be pointed out that the ‘Lockdown’ period during COVID is an extraordinary situation. Furthermore, this ‘Appellate Tribunal’ is of the considered opinion that in every ‘order’ passed by the ‘Tribunal’ ‘sobriety’, ‘calm composure’, ‘poise’ cool like ‘cucumber’ attitude and ‘functional humbleness’ is […]
63 Moons Technologies Ltd. Vs The Administrator of Dewan Housing Finance Corporation Ltd. (NCLAT Delhi) 1. Company Appeal (AT) (Insolvency) No.454 of 2021 has been filed against impugned order dated 7th June, 2021 passed in IA 623/2021 in IA 449/MB/C-II/2021 in CP (IB) 4258/MB/C-II/2019. By the impugned order, the Interlocutory Application of the Appellant seeking […]
All the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the Company’s approved resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date the Adjudicating Authority was granting its approval under Section 31 could be continued.
In present facts of the case, the Hon’ble Appellate Tribunal held that Liquidation is the last resort and this programme of homebuyers needs some calibration and proper evaluation.
In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival
NCLAT Notice No. 138/2021 – Partial temporary relaxation in the Revised Standard Operating Procedure with regard to the filing of Hard-Copies as given in the Notice No. 112/2021 dated 24th May, 2021 is withdrawn with immediate effect. The Revised Standard Operating Procedure dated January 3, 2021, would now be fully operational including it is mandatory that […]
Ideal Surgicals Vs National Company Law Tribunal (Kerala High Court) The challenge in these original petitions is against the proceedings of the National Company Law Tribunal (NCLT), Kochi Bench. IBC, 2016 is a Single Unified Umbrella Code, covering the entire gamut of the law relating to insolvency resolution of corporate persons and others in a time […]
Martin S.K. Golla Vs Wig Associates Pvt. Ltd. (NCLAT) The Resolution Plan of Mr. Wig who was undisputedly a related party, was accepted on 20.04.2018 in the 4th COC (Annexure – 16 – Page 248). Section 29A hits the eligibility of the persons to submit a Resolution Plan if a person falls in any of […]
NCLAT JUDGEMENT SUMMARY FOR THE MONTH OF MAY’ 2021 ON IBC, 2016 It gives us immense pleasure to share our 3rd Edition of NCLAT Judgement Summary for the month of May’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement summary prepared by us is for the purpose of understanding in short […]
