Category: I B C

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 :…

HELD instead of relegating the original applicants to approach the NCLT/Adjudicating Authority by moving an application under Section 12A of the IBC – This is a fit case to exercise powers under Article 142 of the Constitution of India as the settlement arrived at between the home buyers and the appellant and corporate debtor –company shall be in the larger interest of the home buyers

SUPREME COURT OF INDIA DIVISION BENCH AMIT KATYAL — Appellant Vs. MEERA AHUJA AND OTHERS — Respondent ( Before : M.R. Shah and B.V. Nagarathna, JJ. ) Civil Appeal No.…

Amazon vs Reliance – Resumption of NCLT Proceedings – Single Judge of the Delhi High Court, to consider all the contentions raised by both the parties in this regard and pass appropriate order as to continuation of the NCLT proceedings beyond the stage mentioned at serial no. 8 and other regulatory approvals expeditiously, uninfluenced by any observations made herein.

SUPREME COURT OF INDIA FULL BENCH FUTURE COUPONS PRIVATE LIMITED AND OTHERS — Appellant Vs. AMAZON.COM NV INVESTMENT HOLDINGS LLC AND OTHERS — Respondent ( Before : N.V. Ramana, CJI,…

IBC – Word “such creditor” in Section 29A(h) has to be interpreted to mean similarly placed creditors after the application for insolvency application is admitted by the adjudicating authority. As a result, what is required to earn a disqualification under the said provision is a mere existence of a personal guarantee that stands invoked by a single creditor, notwithstanding the application being filed by any other creditor seeking initiation of insolvency resolution process.

SUPREME COURT OF INDIA DIVISION BENCH BANK OF BARODA AND ANOTHER — Appellant Vs. MBL INFRASTRUCTURES LIMITED AND OTHERS — Respondent ( Before : Sanjay Kishan Kaul and M.M. Sundresh,…

Insolvency and Bankruptcy Code, 2016 – Sections 30(2) and 61(3) – Dominant purpose of the IBC is revival of the Corporate Debtor and making it an on­going concern – ‘commercial wisdom’ of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the processes within the timelines prescribed by the IBC –

SUPREME COURT OF INDIA DIVISION BENCH NGAITLANG DHAR — Appellant Vs. PANNA PRAGATI INFRASTRUCTURE PRIVATE LIMITED AND OTHERS — Respondent ( Before : L. Nageswara Rao and B.R. Gavai, JJ.…

Dominant purpose of the IBC is revival of the Corporate Debtor and making it an on­going concern – Opinion expressed by the CoC after due deliberations in the meetings through voting, as per voting shares, is the collective business decision and that the decision of the CoC’s ‘commercial wisdom’ is non­ justiciable, except on limited grounds as are available for challenge under Section 30(2) or Section 61(3) of the IBC – Under Section 61(3)(ii) of the IBC, an appeal would be tenable if there has been material irregularity in exercise of the powers by the RP during the corporate insolvency resolution period – Scope of the words ‘material irregularity’, as are found in Section 115 of the Code of Civil Procedure, 1908

SUPREME COURT OF INDIA DIVISION BENCH NGAITLANG DHAR — Appellant Vs. PANNA PRAGATI INFRASTRUCTURE PRIVATE LIMITED AND OTHERS — Respondent ( Before : L. Nageswara Rao and B.R. Gavai, JJ.…

Insolvency and Bankruptcy Code, 2016 – Sections 7 – Insolvency Resolution – A requirement only needs to be assessed at the threshold while admitting the petition. Hence, if subsequent to the admission, withdrawal applications are preferred and the 10 per cent threshold is reduced, it shall not affect the maintainability of the original petition.

SUPREME COURT OF INDIA DIVISION BENCH E S KRISHNAMURTHY AND OTHERS — Appellant Vs. M/S BHARATH HI TECH BUILDERS PRIVATE LIMITED — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud…

Insolvency and Bankruptcy Code, 2016 – Section 12 – the insolvency resolution process shall mandatorily be completed within a period of 330 days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under Section 12 of the IBC and the time taken in legal proceedings in relation to such resolution process of the Corporate Debtor. has not been completed within a period stated hereinabove, i.e., within a period of 330 days, such resolution process shall be completed within a period of 90 days from the date of commencement of the IBC amendment Act, 2019, i.e., 16.08.2019.

SUPREME COURT OF INDIA DIVISION BENCH COMMITTEE OF CREDITORS OF AMTEK AUTO LIMITED THROUGH CORPORATION BANK — Appellant Vs. DINKAR T. VENKATSUBRAMANIAN AND OTHERS — Respondent ( Before : M.R.…

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