Supreme Court of India Judgements

46695 Judgements hosted as on 17/01/2025 - Search (FREE), Subscribe, Read & Download

Category: I B C

I B C

Insolvency and Bankruptcy Code, 2016 — Section 7 — Liability of a corporate debtor and its subsidiary — The court emphasized that a holding company and its subsidiary are distinct legal entities, and the assets of a subsidiary cannot be included in the resolution plan of the holding company. Separate applications under Section 7 — The court held that a financial creditor can file separate applications under Section 7 of the IBC against the corporate debtor and the corporate guarantor, which can be filed simultaneously. The court clarified that the payment made by the corporate guarantor under a resolution plan does not discharge the liability of the corporate debtor to repay the loan amount.

Jul 27, 2024 sclaw

2024 INSC 548 SUPREME COURT OF INDIA DIVISION BENCH BRS VENTURES INVESTMENTS LTD. — Appellant Vs. SREI INFRASTRUCTURE FINANCE LTD. AND ANOTHER — Respondent ( Before : Abhay S. Oka…

C P C I B C

Civil Procedure Code, 1908 (CPC) — Order 37 Rule 3(6)(b) — Suit for Recovery — Impact of Moratorium under IBC — The appellants argued that the moratorium under the Insolvency and Bankruptcy Code (IBC) should halt the proceedings — However, the High Court rejected this argument, stating that the moratorium only applies to cases where the company is undergoing insolvency proceedings — In this case, the suit was not against a company undergoing insolvency, and therefore, the moratorium did not apply.

Jul 4, 2024 sclaw

SUPREME COURT OF INDIA DIVISION BENCH ANISH M RAWTHER @ ANEES MOHAMMED RAWTHER — Appellant Vs. HAFEEZ UR RAHMAN AND OTHERS — Respondent ( Before : Vikram Nath and Prashant…

I B C

Insolvency and Bankruptcy Code, 2016 – Section 5(7) – “financial creditor” – The appeals challenge judgments related to the status of certain creditors of M/s. Mount Shivalik Industries Limited under the Insolvency and Bankruptcy Code, 2016 (IBC) – The primary issue is whether the respondents are financial creditors or operational creditors within the meaning of the IBC – The appellants argue that the respondents are operational creditors, as the agreements indicate services rendered to promote the corporate debtor’s products – The respondents contend that the agreements were a means to raise finance, making them financial creditors due to the interest-bearing security deposits – The Court upheld the NCLAT’s decision, recognizing the respondents as financial creditors based on the commercial effect of the transactions – The Court examined the true nature of the transactions and found that the arrangements had the commercial effect of borrowing, satisfying the criteria for financial debt under the IBC – The Court applied the definition of financial debt and operational debt from the IBC, emphasizing the disbursal against the consideration for the time value of money – The appeals were dismissed, confirming the respondents’ status as financial creditors and allowing the resolution process to continue accordingly – The Court’s detailed analysis affirmed the NCLAT’s interpretation of the IBC provisions.

Apr 28, 2024 sclaw

2024 INSC 340 SUPREME COURT OF INDIA DIVISION BENCH GLOBAL CREDIT CAPITAL LIMITED AND ANOTHER — Appellant Vs. SACH MARKETING PVT. LTD. AND ANOTHER — Respondent ( Before : Abhay…

I B C

Insolvency and Bankruptcy Code, 2016 – Section 236 – Criminal Procedure Code, 1973 (CrPC) – Sections 190, 193 and 200 – The appeal challenges a High Court judgment regarding a complaint filed by the Insolvency and Bankruptcy Board of India against the Ex-Directors of M/s. SBM Paper Mills Pvt. Ltd. for offences under the Insolvency and Bankruptcy Code, 2016 – The primary issue is whether the Special Court established under Chapter XXVIII of the Companies Act, 2013 has jurisdiction to try offences under the Insolvency and Bankruptcy Code, 2016 – The Insolvency and Bankruptcy Board of India argued that the High Court erred in quashing the proceedings and that offences under the Code should be tried by the Special Court – The respondents contended that the High Court’s judgment was correct and that the Special Court did not have jurisdiction to try the complaint – The Supreme Court allowed the appeal, holding that the Special Court presided by a Sessions Judge or an Additional Sessions Judge has jurisdiction to try the complaint under the Code – The Court reasoned that the reference to the Special Court in Section 236(1) of the Code is a ‘legislation by incorporation’ and not a ‘legislation by reference’, meaning subsequent amendments to the Companies Act do not affect the Code – The Court applied principles from previous judgments to determine that the case is one of ‘legislation by incorporation’ – The Supreme Court set aside the High Court’s judgment and remitted the matter to the High Court for consideration on merits. The judicial opinion emphasizes the importance of legislative intent and the distinction between ‘legislation by incorporation’ and ‘legislation by reference’ in determining jurisdiction.

Apr 27, 2024 sclaw

SUPREME COURT OF INDIA DIVISION BENCH INSOLVENCY AND BANKRUPTCY BOARD OF INDIA — Appellant Vs. SATYANARAYAN BANKATLAL MALU AND OTHERS — Respondent ( Before : B.R. Gavai and Sandeep Mehta,…

I B C

Insolvency and Bankruptcy Code, 2016 – Sections 31(1) and 60 – National Company Law Tribunal Rules, 2016 – Rule 11 – Inherent Powers – Recall of Resolution Plan approval order passed under Sec. 31(1) of IBC – Recall application was maintainable notwithstanding that an appeal lay before the NCLAT against the order of approval passed by the Adjudicating Authority – A Court or a Tribunal, in absence of any provision to the contrary, has inherent power to recall an order to secure the ends of justice and/or to prevent abuse of the process of the Court

Feb 25, 2024 sclaw

SUPREME COURT OF INDIA FULL BENCH GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY — Appellant Vs. PRABHJIT SINGH SONI AND ANOTHER — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud, CJI., J.…

I B C

Set-off is not permitted under the Insolvency and Bankruptcy Code (IBC) -NCLAT reasoned that the debts between Airtel and Aircel arose from separate transactions and were not connected in a way that would justify set-off – The NCLAT ultimately rejected Airtel’s claim for set-off, finding that it was not permitted under the IBC in the context of Aircel’s corporate insolvency resolution proceedings. This decision reflects the importance of protecting the fairness and efficiency of the insolvency resolution process under the IBC.

Jan 11, 2024 sclaw

SUPREME COURT OF INDIA DIVISION BENCH BHARTI AIRTEL LIMITED AND ANOTHER — Appellant Vs. VIJAYKUMAR V. IYER AND OTHERS — Respondent ( Before : Sanjiv Khanna and S.V.N. Bhatti, JJ.…

I B C

The NCLAT upheld the CoC’s decision to distribute the proceeds on a pro-rata basis and dismissed the appellant’s appeal – Overall, the NCLAT’s decision balanced the interests of the dissenting financial creditor (DBS Bank) with the need for a fair and equitable distribution of proceeds under the resolution plan.

Jan 11, 2024 sclaw

SUPREME COURT OF INDIA DIVISION BENCH DBS BANK LIMITED SINGAPORE — Appellant Vs. RUCHI SOYA INDUSTRIES LIMITED AND ANOTHER — Respondent ( Before : Sanjiv Khanna and S.V.N. Bhatti, JJ.…

I B C

IBC, 2016 – Adjudicating Authority has jurisdiction only under Section 31(2) of the Code, which gives power not to approve only when the Resolution Plan does not meet the requirement laid down under Section 31(1) of the Code, for which a reasoned order is required to be passed – NCLT’s jurisdiction and powers as the Adjudicating Authority under the Code, flow only from the Code and the Regulations thereunder.

Nov 25, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH RAMKRISHNA FORGINGS LIMITED — Appellant Vs. RAVINDRA LOONKAR, RESOLUTION PROFESSIONAL OF ACIL LIMITED AND ANOTHER — Respondent ( Before : Vikram Nath and Ahsanuddin…

You missed

Service

Promotions based on merit-cum-seniority, suitability should be judged individually, not comparatively, and officers meeting the minimum criteria cannot be denied promotion based on a merit list

Jan 17, 2025 sclaw
Arbitration

A micro or small enterprise does not need to be registered under Section 8 of the MSMED Act to make a reference to the Facilitation Council for dispute resolution under Section 18

Jan 12, 2025 sclaw
Maintenance

A decree for restitution of conjugal rights does not automatically disqualify a wife from receiving maintenance under Section 125 of the Cr.P.C., and the court must assess whether the wife had sufficient reason to refuse to live with her husband despite the decree

Jan 12, 2025 sclaw
Service

Constitution of India, 1950 — Article 309 — Executive Orders as Recruitment Rules — The court affirms that in the absence of formal rules framed under Article 309 of the Constitution, executive orders issued by the government can serve as the governing recruitment rules — Specifically, Government Order (G.O.) dated 07th April, 2008 is recognized as the applicable executive order for the Medical Education Service.

Jan 12, 2025 sclaw