I B C Archives - Page 4 of 8 - Supreme Court of India Judgements

January 18, 2025 1:27 pm

IBC, 2016 Ss 7 & 9 – Limitation – HELD It would be absurd to hold that the CIRP could be initiated by filing an application under Section 7 or Section 9 of the IBC, within three years from the date on which an application under those provisions of the IBC could have first been made before the NCLT even though the right to sue may have accrued decades ago.

Sep 24, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH M/S TECH SHARP ENGINEERS PVT. LTD. — Appellant Vs. SANGHVI MOVERS LIMITED — Respondent ( Before : Indira Banerjee and J.K. Maheshwari, JJ. )…

I B C

Gujarat Value Added Tax, 2003 – IBC – State is a secured creditor under the GVAT Act. Section 3(30) of the IBC defines secured creditor to mean a creditor in favour of whom security interest is credited. Such security interest could be created by operation of law – Definition of secured creditor in the IBC does not exclude any Government or Governmental Authority

Sep 11, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH STATE TAX OFFICER (1) — Appellant Vs. RAINBOW PAPERS LIMITED — Respondent ( Before : Indira Banerjee and A.S. Bopanna, JJ. ) Civil Appeal…

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Insolvency and Bankruptcy Code,, 2016 – Section 7 – CIRP can be initiated against the Corporate Guarantor without proceeding against the principal borrower – Liability of the guarantor is co-extensive with that of the Principal Borrower

Sep 11, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH K. PARAMASIVAM — Appellant Vs. THE KARUR VYSYA BANK LTD. AND ANOTHER — Respondent ( Before : Indira Banerjee and J.K. Maheshwari, JJ. )…

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Insolvency process – Limitation – Burden of prima facie proving occurrence of the default and that the application filed under Section 7 of the Code is within the period of limitation, is entirely on the financial creditor

Aug 21, 2022 sclaw

SUPREME COURT OF INDIA FULL BENCH RAJENDRA NAROTTAMDAS SHETH AND ANOTHER — Appellant Vs. CHANDRA PRAKASH JAIN AND ANOTHER — Respondent ( Before : L. Nageswara Rao, B.R. Gavai and…

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IBC – Application under Section 7 not barred if there were an acknowledgement of the debt by the Corporate Debtor before expiry of the period of limitation of three years, in which case the period of limitation would get extended by a further period of three years.

Aug 14, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED — Appellant Vs. TULIP STAR HOTELS LIMITED AND OTHERS — Respondent ( Before : Indira Banerjee and J.K. Maheshwari,…

I B C

Insolvency and Bankruptcy Code, 2016 – Sections 7 and 7(5)(b) – An appeal being the continuation of original proceedings, the provision of Section 7(5)(b) of the IBC, of notifying the Financial Creditor before rejection of a claim, would be attracted

Aug 8, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH KOTAK MAHINDRA BANK LIMITED — Appellant Vs. KEW PRECISION PARTS PRIVATE LIMITED AND OTHERS — Respondent ( Before : Indira Banerjee and J.K. Maheshwari,…

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IBC – when admission is opposed on the ground of existence of an award or a decree in favour of the Corporate Debtor, and the Awarded/decretal amount exceeds the amount of the debt, the Adjudicating Authority would have to exercise its discretion under Section 7(5)(a) of the IBC to keep the admission of the application of the Financial Creditor in abeyance

Jul 14, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH VIDARBHA INDUSTRIES POWER LIMITED — Appellant Vs. AXIS BANK LIMITED — Respondent ( Before : Indira Banerjee and J.K. Maheshwari, JJ. ) Civil Appeal…

I B C

CIRP – Recovery Certificate Holder – Limitation period – the holder of such certificate would be entitled to initiate Corporate Insolvency Resolution Process (CIRP), if initiated within a period of three years from the date of issuance of the Recovery Certificate.

Jun 19, 2022 sclaw

SUPREME COURT OF INDIA FULL BENCH KOTAK MAHINDRA BANK LIMITED — Appellant Vs. A. BALAKRISHNAN AND ANOTHER — Respondent ( Before : L. Nageswara Rao, B.R. Gavai and A.S. Bopanna,…

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IBC, 2016 – HELD in the interest of all the stakeholders to permit settlement and withdraw CIRP, the adjudicating authority or the appellate authority cannot sit in an appeal over the commercial wisdom of CoC

Jun 19, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH VALLAL RCK — Appellant Vs. M/S SIVA INDUSTRIES AND HOLDINGS LIMITED AND OTHERS — Respondent ( Before : B.R. Gavai and Hima Kohli, JJ.…

I B C

Recovery Certificate – would be a “financial debt” – the holder of such certificate would be entitled to initiate Corporate Insolvency Resolution Process (CIRP), if initiated within a period of three years from the date of issuance of the Recovery Certificate.

Jun 4, 2022 sclaw

SUPREME COURT OF INDIA FULL BENCH KOTAK MAHINDRA BANK LIMITED — Appellant Vs. A. BALAKRISHNAN AND ANOTHER — Respondent ( Before : L. Nageswara Rao, B.R. Gavai and A.S. Bopanna,…

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