Category: I B C

I B C, 2016 – S 12A – application under section 12A for withdrawal cannot be said to be kept pending for constitution of CoC, even where such application was filed before constitution of CoC HELD substituted Regulation 30A of IBC as it stands clearly provided for withdrawal applications being entertained before constitution of CoC – It does not in any way conflicts or is in violation of section 12A of IBC.

SUPREME COURT OF INDIA DIVISION BENCH ABHISHEK SINGH — Appellant Vs. HUHTAMAKI PPL LIMITED AND ANOTHER — Respondent ( Before : B.R. Gavai and Vikram Nath, JJ. ) Civil Appeal…

Dishonour of cheque – Liability – the criminal proceedings under Section 138 of the NI Act will stand terminated only in relation to the corporate debtor if the same is taken over by a new management – Section 138 proceedings in relation to the signatories/directors who are liable/covered by the two provisos to Section 32A(1) will continue in accordance with law.

SUPREME COURT OF INDIA DIVISION BENCH AJAY KUMAR RADHEYSHYAM GOENKA — Appellant Vs. TOURISM FINANCE CORPORATION OF INDIA LIMITED — Respondent ( Before : Sanjay Kishan Kaul and Abhay S.…

Insolvency and Bankruptcy Code, 2016- Sections 18 and 25 – Exclusion of assets owned by a third-party, but in the possession of the Corporate Debtor held under contractual arrangements, from the definition of the expression “assets”, is limited to Section 18 – In other words, the Explanation under Section 18 does not extend to Section 25.

SUPREME COURT OF INDIA DIVISION BENCH VICTORY IRON WORKS LIMITED — Appellant Vs. JITENDRA LOHIA AND ANOTHER — Respondent ( Before : V. Ramasubramanian and Pankaj Mithal, JJ. ) Civil…

HELD allow the Resolution Plan (RP) preferred by Authum Investment and Infrastructure Limited (AIIL) qua the debenture holders, except the dissenting debenture holders – Direction that the dissenting debenture holders should be provided an option to accept the terms of the RP. Alternatively, the dissenting debenture holders will have a right to stand outside the proposed RP framed

SUPREME COURT OF INDIA DIVISION BENCH AUTHUM INVESTMENT AND INFRASTRUCTURE LIMITED — Appellant Vs. R.K. MOHATTA FAMILY TRUST AND OTHERS — Respondent ( Before : B.R. Gavai and Aravind Kumar,…

Limitation Act, 1963 – Section 5 – Insolvency and Bankruptcy Code, 2016 – Section 9 – Sick Industrial Companies (Special Provisions) Act, 1985 – Sections 22(1) and 22(5) – Application under Section 9 of IBC – – in accordance with the factual position obtained in any particular case viz., the period of delay and the period covered by suspension of right under Section 22 (1), SICA etc., the question of condonation of delay has to be considered lest it will result in injustice as the party was statutorily prevented from initiating action against the industrial company concerned.

SUPREME COURT OF INDIA DIVISION BENCH SABARMATI GAS LIMITED — Appellant Vs. SHAH ALLOYS LIMITED — Respondent ( Before : Ajay Rastogi and C.T. Ravikumar, JJ. ) Civil Appeal No.…

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.

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. )…

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

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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