IBC Code Archives | SCC Times

Supreme Court | NCLT can recall Resolution Plan approval despite misclassification of Creditor’s claim under IBC on submission of proof

The dues shown payable to the appellant was Rs. 13,47,40,819 while the appellant claimed it to be Rs. 43,40,31,951.

[Section 29A of IBC] Disqualification of promotors applying for resolution plan not applicable to MSMEs: Supreme Court

Supreme Court observed that the law laid in Digambar Anandrao Pingle (supra) by NCLAT was not correct, and that the date of submission of resolution plan has to be the cut off date.

Case Briefs High Courts

Nothing inconsistent in Arbitration Act as against Sections 7 to 9 of IBC Code: Bombay High Court

Bombay High Court considered the question of whether there is anything inconsistent in the 1996 Act as against Sections 7 to 9 of IBC Code for the said IBC provisions to prevail.

Op Eds OP. ED.

An Advocate “for” Vidarbha

by Lavanya Pathak† and Akshay Sharma††

Case Briefs High Courts

Resolution Professional under IBC is a ‘public servant’ under Prevention of Corruption Act: Jharkhand High Court

Jharkhand High Court clarified that Section 233 of Insolvency and Bankruptcy Code (‘IBC Code’) gives protection to a resolution professional from criminal prosecution for acts in good faith, and not where he has been apprehended red-handed with the bribe amount.

Case Briefs Supreme Court

‘No inconsistency between Regulation 30-A of IBBI Regulations and Section 12-A of IBC’; Supreme Court sets aside NCLT order

Supreme Court clarified that the substituted Regulation 30-A of IBBI Regulations clearly provided for withdrawal applications being entertained before constitution of Committee of Creditors.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT upholds NCLT’s rejection to dislodge resolution plan against POSCO India Processing Center Private Limited

NCLAT observed that allowing present appeal holding the Successful Resolution Applicant ineligible would automatically make the resolution plan redundant.