NCLT cannot coerce allottees in real estate projects to enter into settlements with the Developer-Corporate Debtor, rules Supreme Court
The issue which arose for adjudication before the Division bench of the Hon’ble Supreme Court of India (SC), comprising of Dr. Justice DY Chandrachud and Mr. Justice AS Bopanna, in ES Krishnamurthy & Ors. v. Bharath Hi Tech Builders Pvt. Ltd. was whether the Adjudicating Authority can, in terms of the provisions of the IBC, […]
NOC not required from the Income Tax Department, during Voluntary Liquidation process under IBC
The Insolvency and Bankruptcy Board of India (IBBI), vide its Circular No. IBBI/LIQ/45/2021 dated November 15, 2021, issued a clarification regarding the requirement of seeking No Objection Certificate (NOC) / No Dues Certificate (NDC) from the Income Tax department, during Voluntary Liquidation Process under the Insolvency and Bankruptcy Code, 2016 (IBC). Acknowledging the substantial time […]
Supreme Court: Limitation to file Appeal under Section 61 of IBC starts running from the date of pronouncement of Order
A Full bench of the Hon’ble Supreme Court of India (SC), comprising of Dr. Justice DY Chandrachud, Mr. Justice Vikram Nath and Ms. Justice BV Nagarathna, held, in their judgment dated 22.10.2021 in V Nagarajan v. SKS Ispat and Power Ltd.& Ors., that the period of limitation for filing an appeal against an impugned order […]
Supreme Court extends Limitation, due to Covid-19, for the 3rd time
A Full bench of the Hon’ble Supreme Court of India (SC), comprising of Mr. Chief Justice N.V. Ramana, Mr. Justice L. Nageswara Rao and Mr. Justice Surya Kant, in their final order dated 23.09.2021 in Re: Cognizance for Extension of Limitation (MA No. 665 of 2021 in SMW(C) No. 3 of 2020), directed for the […]
Supreme Court: No scope for withdrawal of Resolution Plans, once the same has been submitted to the Adjudicating Authority (NCLT)
A Division bench of the Hon’ble Supreme Court of India (SC), comprising of Dr. Justice DY Chandrachud and Mr. Justice MR Shah, in their order dated 13.09.2021 in Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited & Anr., held: NCLT (as Adjudicating Authority) cannot exercise its residual powers under Insolvency and […]
Ebix Singapore v. Educomp: No scope for withdrawal of plans, rules Supreme Court
A Division bench of the Hon’ble Supreme Court of India (SC), comprising of Dr. Justice DY Chandrachud and Mr. Justice MR Shah, in their order dated 13.09.2021 in Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited & Anr., held: NCLT (as Adjudicating Authority) cannot exercise its residual powers under Insolvency and […]
Issuance of a Decree or Recovery Certificate constitutes fresh cause of action for proceeding under IBC
A Division bench of the Hon’ble Supreme Court of India (SC), comprising of Ms. Justice Indira Banerjee and Mr. Justice V. Ramasubramanian, in their order dated 04.08.2021 in Dena Bank v. C. Shivakumar Reddy, held: The balance sheets and financial statements of the corporate debtor for 2016-2017 constituted acknowledgement of liability in the present case, […]
Supreme Court: Definition of “Financial Debt” under IBC includes Interest-free Loans advanced to finance the business operations of a corporate body
A Division bench of the Hon’ble Supreme Court of India (SC), comprising of Ms. Justice Indira Banerjee and Mr. Justice V. Ramasubramanian, recently ruled (order dated 26.07.2021) that as the definition of “financial debt” in Section 5(8) of Insolvency and Bankruptcy Code, 2016 (IBC) did not expressly exclude an interest free loan, “financial debt” can […]
IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021
The Insolvency and Bankruptcy Board of India (IBBI), vide notification dated July 14, 2021, further amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations). IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021 (Amended CIRP Regulations) will apply to every ongoing corporate insolvency resolution process (CIRP) or which is […]
Extension of Limitation by Supreme Court due to second wave of Covid-19
A Full bench of the Hon’ble Supreme Court of India, taking note of the extraordinary situation causedby the second wave of COVID-19 outbreak, restored its earlier order dated March 23, 2020 in ReCognizance for Extension of Limitation (SMW(C) No. 3/2020) and directed that the period(s) oflimitation, as prescribed under any general or special laws and […]
