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October 19, 2026 11:43 pm

Appeal under Section 61 IBC – Limitation Period – Litigant has to file its appeal within thirty days, which can be extended up to a period of fifteen days, and no more, upon showing sufficient cause and Limitation period starts from date of pronouncement of order

Oct 24, 2021 sclaw

SUPREME COURT OF INDIA FULL BENCH V NAGARAJAN — Appellant Vs. SKS ISPAT AND POWER LTD AND OTHERS — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud, Vikram Nath and…

I B C

Once the “Operational Creditor” has filed an application which is otherwise complete, the adjudicating authority has to reject the application under Section 9(5)(ii)(d) of IBC, if a notice has been received by “Operational Creditor” or if there is a record of dispute in the information utility

Sep 27, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH KAY BOUVET ENGINEERING LIMITED — Appellant Vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED — Respondent ( Before : R.F. Nariman and B.R. Gavai, JJ.…

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Insolvency and Bankruptcy Code, 2016 – Section 12A – Withdrawal of application admitted under section 7, 9 or 10 – Adjudicating Authority is entitled to withdraw the application admitted under Section 7 or Section 9 or Section 10, on an application made by the applicant with the approval of 90% voting share of the CoC.

Sep 19, 2021 sclaw

SUPREME COURT OF INDIA FULL BENCH K.N. RAJAKUMAR — Appellant Vs. V. NAGARAJAN AND OTHERS — Respondent ( Before : L. Nageswara Rao and B.R. Gavai and B.V. Nagarathna, JJ.…

I B C

As per Section 61(2) of the IB Code, the appeal was required to be preferred within a period of thirty days – Therefore, the limitation period prescribed to prefer an appeal was 30 days. However, as per the proviso to Section 61(2) of the Code, the Appellate Tribunal may allow an appeal to be filed after the expiry of the said period of 30 days if it is satisfied that there was sufficient cause for not filing the appeal, but such period shall not exceed 15 days. Therefore, the Appellate Tribunal has no jurisdiction at all to condone the delay exceeding 15 days from the period of 30 days, as contemplated under Section 61(2) of the IB Code.

Sep 19, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH NATIONAL SPOT EXCHANGE LIMITED — Appellant Vs. MR. ANIL KOHLI, RESOLUTION PROFESSIONAL FOR DUNAR FOODS LIMITED — Respondent ( Before : M.R. Shah and…

I B C

Insolvency and Bankruptcy Code, 2016 – Sections 31(1) and 60(5) – Submitted Resolution Plan – Modification or withdrawal of – Existing insolvency framework in India provides no scope for effecting further modifications or withdrawals of CoC-approved Resolution Plans, at the behest of the successful Resolution Applicant, once the plan has been submitted to the Adjudicating Authority.

Sep 19, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH EBIX SINGAPORE PRIVATE LIMITED — Appellant Vs. COMMITTEE OF CREDITORS OF EDUCOMP SOLUTIONS LIMITED AND ANOTHER — Respondent ( Before : Dr. Dhananjaya Y.…

I B C

IBC – Dispute Section 9 – It is important to separate the grain from the chaff – so long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has no other option but to reject the application – the Court is not required to be satisfied as to whether the defence is likely to succeed or not – Court also cannot go into the merits of the dispute

Aug 14, 2021 sclaw

I B C

IBC – There is no residual equity based jurisdiction in the Adjudicating Authority or the Appellate Authority while dealing with the resolution plan approved by the Committee of Creditors. These authorities can not enter into the commercial wisdom underlying the approval granted by the CoC to the resolution plan.

Aug 10, 2021 sclaw

There is no residual equity based jurisdiction in the Adjudicating Authority or the Appellate Authority while dealing with the resolution plan approved by the Committee of Creditors. These authorities can…

I B C

IBC – Initiation of the Corporate Insolvency Resolution Process by a Financial Creditor under Section 7 of the IBC is the occurrence of a default by the Corporate Debtor – Definition of ‘Financial Debt’ in Section 5(8) of IBC does not expressly exclude an interest free loan – ‘Financial Debt’ would have to be construed to include interest free loans advanced to finance the business operations of a corporate body

Aug 7, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH M/S ORATOR MARKETING PRIVATE LIMITED — Appellant Vs. M/S SAMTEX DESINZ PRIVATE LIMITED — Respondent ( Before : Indira Banerjee and V. Ramasubramanian, JJ.…

I B C

A judgment and/or decree for money in favour of the Financial Creditor, passed by the DRT, or any other Tribunal or Court, or the issuance of a Certificate of Recovery in favour of the Financial Creditor, would give rise to a fresh cause of action for the Financial Creditor, to initiate proceedings under Section 7 of the IBC

Aug 6, 2021 sclaw

SUPREME COURT OF INDIA DIVISION BENCH DENA BANK (NOW BANK OF BARODA) — Appellant Vs. C. SHIVAKUMAR REDDY AND ANR. — Respondent ( Before : Indira Banerjee and V. Ramasubramanian,…

I B C

It is not the intent of IBC that a security interest available to a dissenting financial creditor over the assets of the corporate debtor gives him some right over and above other financial creditors so as to enforce the entire of the security interest.

Jun 14, 2021 sclaw

“It has not been the intent of the legislature that a security interest available to a dissenting financial creditor over the assets of the corporate debtor gives him some right…

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Appeal under Section 61 IBC – Limitation Period – Litigant has to file its appeal within thirty days, which can be extended up to a period of fifteen days, and no more, upon showing sufficient cause and Limitation period starts from date of pronouncement of order

It is not the intent of IBC that a security interest available to a dissenting financial creditor over the assets of the corporate debtor gives him some right over and above other financial creditors so as to enforce the entire of the security interest.

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Supreme Court of India Judgements

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