national company law appellate tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT held that benefit under S. 10-A of IBC can only be claimed when default occurs during prohibited period – ‘05-03-2020 to 25-03-2021’.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT held that the Adjudicating Authority committed error in rejecting the S. 7 application for not fulfilling ‘threshold’ when Deed of Guarantee mentions about the interest on default.

payment to operational creditors under ibc
Case BriefsSupreme Court

The Court said that Vistra ITCL (India) Ltd. would be treated as a secured creditor in terms of Section 52 and 53 of the IBC, and would be entitled to retain the security interest in the pledged shares.

NCLT
Case BriefsTribunals/Commissions/Regulatory Bodies

A creditor has limited grounds to object to S. 10 of IBC application.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

“Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC.”

madras high court
Case BriefsHigh Courts

Madras High Court said that there is no reason why the complaint was not filed either before IBBI or NCLT for the alleged fraud.

Delhi High Court
Case BriefsHigh Courts

The Court opined that the present case would fall under the Office Memorandum which stated that “where there is no cognizable offence under IPC and other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country.”

Insolvency and Bankruptcy Code 2016
Op EdsOP. ED.

by Tarun Gulati† and Madhav Goel††

Delhi High Court
Case BriefsHigh Courts

The PIL seeks formulation and implementation of a scheme that conclusively addresses the grievances of other home buyers who may not have the capacity to approach courts/forums to seek redressal against builders.

Section 138
Case BriefsSupreme Court

The Supreme Court observed that the scope of nature of proceedings under the two Acts are quite different and would not intercede each other.

Experts CornerSwarnendu Chatterjee

by Swarnendu Chatterjee†, Anwesha Pal†† and Megha Saha†††
Cite as: 2023 SCC OnLine Blog Exp 22

Income Tax Appellate Tribunal (ITAT)
Case BriefsTribunals/Commissions/Regulatory Bodies

ITAT reiterated that IBC has overriding effect on all the acts including Income Tax Act (‘IT Act’) which has been specifically provided under Section 178(6) of the IT Act as amended w.e.f. 01-11-2016.

Delhi High Court
Case BriefsHigh Courts

In the instant case, the Directorate of Revenue Intelligence neither submitted proof of claim nor responded to a specific communication via an e-mail addressed to Senior Intelligence Officer. This is a case where despite knowledge, the statutory authorities chose not to submit their proof of claim.

Case BriefsSupreme Court

Supreme Court upheld the NCLT order that the provident fund, pension fund and gratuity fund are not part of the liquidation estate, for distribution under Section 53 of the IBC and the same has to be paid to the employees under the stated heads.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.

Legal RoundUpSupreme Court Roundups

This roundup revisits the analyses of Supreme Court’s judgments/orders on constitutionality of Demonetisation; Freedom of Speech of Ministers; Guidelines to withhold life support of a terminally ill patients; Tussle between Delhi Government and Centre, and more. It also covers reports on Justice SA Nazeer’s retirement; the career trajectory & important decision of Justice CT Ravikumar; Explainers on important law points; five ‘Did You Know’ facts; Cases Reported in SCC Weekly in the month of January; and a throwback from SCC Archives.

Case BriefsHigh Courts

There should be no scope for the declarant to escape on the technical grounds from responsibility attached to the statement made by him in the affidavit. Unless those compliances, referred to in paragraphs 5 and 8 of chapter VII of the Criminal Manual are complied with, it will be difficult to hold the person making a declaration on oath responsible for the statement made on an oath.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

In the instant matter an appeal was preferred against the order of NCLT admitting S. 7 IBC application or repayment of financial debt. Upholding the order of the NCLT, the Tribunal held that even if there is no proof of loan agreement other materials on record can prove the financial debt.

New releasesNews

Eastern Book Company released the second edition of the landmark book on Insolvency and Bankruptcy Law – titled Insolvency and Bankruptcy Code:

Events/WebinarsNew releasesNews

The second edition of Akaant Kumar Mittal’s Insolvency and Bankruptcy Code: Law and Practice promises to be even more comprehensive than before.