Supreme Court: Ignorance of statutory dues payable will lead to the rejection of Resolution Plan submitted for the Corporate Debtor
A Division Bench of the Hon’ble Supreme Court of India (SC), comprising of Hon’ble Ms. Justice Indira Banerjee and Hon’ble Mr. Justice A.S. Bopanna, dealt with the interplay between the provisions of Section 53 of the IBC and Section 48 of the Gujarat Value Added Tax, 2003 (GVAT Act), in State Tax Officer (1) v. […]
Entries in Corporate Debtor’s financial statements to be treated as acknowledgement of debt
A Division bench of the Hon’ble Supreme Court of India (SC), comprising of Hon’ble Ms. Justice Indira Banerjee and Hon’ble Mr. Justice J.K. Maheshwari, in their judgment dated 01.08.2022 in Asset Reconstruction Company (India) Limited v. Tulip Star Hotels Limited & Ors., held that an application under Section 7 of IBC would not be barred […]
Provisions of RERA Act, 2016 to prevail over the provisions of SARFAESI Act, 2002 in case of conflict, affirms Supreme Court
A Division bench of the Hon’ble Supreme Court of India (SC), comprising of Hon’ble Mr. Justice MR Shah and Hon’ble Mrs. Justice BV Nagarathna, in their judgment dated 14.02.2022 in Union Bank of India v. Rajasthan Real Estate Regulatory Authority and Others, agreed with the view taken by the Hon’ble Rajasthan High Court (HC), and […]
Operational Creditor can initiate Corporate Insolvency Resolution Process for debts arising out of advance payment for supply of goods
A Full bench of the Hon’ble Supreme Court of India (SC), comprising of Hon’ble Dr. Justice D.Y. Chandrachud, Hon’ble Mr. Justice Surya Kant and Hon’ble Mr. Justice Vikram Nath, in their order dated 04.02.2022 in M/s Consolidated Construction Consortium Limited v. M/s Hitro Energy Solutions Private Limited (Civil Appeal No. 2839 of 2020), held that […]
Supreme Court: No Writ Petition will be maintainable in cases where remedy lies under the SARFAESI Act to approach DRT
A Division bench of the Hon’ble Supreme Court of India (SC), comprising of Mr. Justice MR Shah and Ms. Justice BV Nagarathna, in their order dated 12.01.2022 in Phoenix ARC Private Limited v. Vishwa Bharati Vidya Mandir & Ors. (Civil Appeal Nos. 257-259 of 2022), held that a borrower, aggrieved by any of the action(s)/proceedings […]
Supreme Court extends limitation, due to Covid-19, for the last 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 order dated 10.01.2022 in Re: Cognizance for Extension of Limitation (MA No. 21 of 2022 in MA No. 665 of 2021 in SMW(C) No. 3 […]
A Financial Institution cannot be forced to enter into One-Time Settlement arrangement with the Borrower, through issuance of Writ of Mandamus
The following issues had arisen for adjudication before the Division bench of the Hon’ble Supreme Court of India (SC), comprising of Mr. Justice MR Shah and Ms. Justice BV Nagarathna, in The Bijnor Urban Cooperative Bank Limited, Bijnor & others v. Meenal Agarwal & others: – Whether benefit under the One Time Settlement (OTS) scheme […]
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 […]
