Category: I B C

IBC – Adjudicating Authority cannot interfere on merits with the commercial decision taken by the Committee of Creditors – Limited jurisdiction in matter of approval of resolution plan – Jurisdiction of the Appellate Authority is also circumscribed by the limited grounds of appeal provided in Section 61 of the Code

SUPREME COURT OF INDIA FULL BENCH JAYPEE KENSINGTON BOULEVARD APARTMENTS WELFARE ASSOCIATION AND OTHERS — Appellant Vs. NBCC (INDIA) LIMITED AND OTHERS — Respondent ( Before : A.M. Khanwilkar, Dinesh…

Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 – Regulation 2B – Companies Act, 2013 – Section 230 – Compromise or arrangement – A person who is not eligible under the IBC to submit a resolution plan for insolvency resolution of the corporate debtor shall not be a party in any manner to such compromise or arrangement.

SUPREME COURT OF INDIA DIVISION BENCH ARUN KUMAR JAGATRAMKA — Appellant Vs. JINDAL STEEL AND POWER LIMITED AND ANOTHER — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud and M.R.…

Termination of Power Purchase Agreement stayed by NCLT – Residuary jurisdiction of NCLT under Section 60(5)(c) of the IBC provides it a wide discretion to adjudicate questions of law or fact arising from or in relation to the insolvency resolution proceedings – If the jurisdiction of the NCLT were to be confined to actions prohibited by Section 14 of the IBC, there would have been no requirement for the legislature to enact Section 60(5)(c) of the IBC.

SUPREME COURT OF INDIA DIVISION BENCH GUJARAT URJA VIKAS NIGAM LIMITED — Appellant Vs. MR. AMIT GUPTA AND OTHERS — Respondent ( Before : Dr. Dhananjaya Y Chandrachud and M.…

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