Category: I B C

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

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…

Insolvency and Bankruptcy Code, 2016 – Sections 7 and 12A – Real estate project – the Promoter has filed a specific undertaking specifying therein that the cost of the flat would not be escalated and that he would honour the BBA signed by the previous management – Promoter is permitted to complete the project as per the deliberations.

SUPREME COURT OF INDIA DIVISION BENCH ANAND MURTI — Appellant Vs. SONI INFRATECH PRIVATE LIMITED AND ANOTHER — Respondent ( Before : L. Nageswara Rao and B.R. Gavai, JJ. )…

IBC, 2016 – Applicability of Section 18 of the Limitation Act, 1963 – While applying Section 18 of the Limitation Act, even went to the extent of holding that an entry in the balance sheet of the company could also be treated as an acknowledgment in writing, subject however to any caveat found in the accompanying reports – Appeal allowed.

SUPREME COURT OF INDIA DIVISION BENCH SVG FASHIONS PRIVATE LIMTED (EARLIER KNOWN AS SVG FASHIONS LIMTED — Appellant Vs. RITU MURLI MANOHAR GOYAL AND ANOTHER — Respondent ( Before :…

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