Thanos’ Infinite Gauntlet Given an Endgame Treatment – Jurisdiction of the NCLT under Section 60(5) as interpreted by the Apex Court
by Akaant Kumar Mittal†
Cite as: 2023 SCC OnLine Blog Exp 23
Committee of Creditors
NCLAT| After closure of Challenge Process and consequent receipt of resolution plan, Adjudicating Authority cannot direct consideration of the revised plan submitted thereafter
National Company Law Appellate Tribunal observed that once the CoC has decided to vote on the resolution plans after closure of challenge process, the Adjudicating Authority cannot direct the CoC to consider any revised plan submitted thereafter.
NCLAT | Once the resolution plan is submitted for approval, it is binding between the Committee of Creditors and successful resolution applicant
NCLAT while deciding the appeal held that the CoC after approving the resolution plan cannot seek direction from Adjudicating Authority to consider the new resolution plan of a third party who was not a part of the CIRP as it would fall outside the timeline and defeat the very scope and objective of the Code.
2022 SCC Vol. 10 Part 4
Civil Procedure Code, 1908 — Or. 12 R. 6 — Grant of relief on the basis of admission — When
NCLAT | No provision for making any modification in the resolution plan; Adjudicating Authority can either approve or reject it
National Company Law Appellate Tribunal held that there is no provision in Insolvency Bankruptcy Code, 2016 for alteration or modification in the resolution plan by the Adjudicating Authority
Recovering Foreign Award Debts in Insolvency Proceedings
by Kartikey Mahajan, Siddhant Sharma and Jatan Rodrigues
Cite as: 2022 SCC OnLine Blog Exp 87
Claims of various stakeholders to be considered by Resolution Professional in accordance with law; NCLT, Chandigarh emphasizes
That various stakeholders are to be considered by the Resolution Professional under the relevant provisions of IBC andin accordance with law, and the same should be placed before the CoC for approval. Thus, the resolution plan was sent back for approval by the Committee of Creditors.
Non-payment of full provident fund and gratuity violative of S. 30(2)(e) IBC; NCLAT directs Jet Airways to make payments
National Company Law Appellate Tribunal, Delhi: In a batch of appeals filed challenging order dated 22-06-2021 passed by the National
IBC’s Section 53 does not over-ride Section 48 of GVAT Act; Adjudicating Authority may reject Resolution Plan if it ignores statutory dues payable to State/Legal authority: SC
Supreme Court: The bench of Indira Banerjee* and AS Bopanna, JJ has reversed the NCLAT order wherein it was held that the
Should Resolution Professional include delayed claims of homebuyers under memorandum of information? NCLAT decides
National Company Appellate Tribunal, New Delhi: The Coram of Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member)
NCLAT | Intention of Legislature, deliberation of the Adjudicating Authority | Only permits Suspended Management of the CD to submit viable RP-Affirms
National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Jarat Kumar Jain, Judicial Member and Ashok Kumar Mishra, Technical Member, dismissed
Adjudicating authority under IBC may disapprove the resolution plan approved by the Committee of Creditors but cannot modify it: Supreme Court
Supreme Court: In an important ruling relating to the corporate insolvency resolution process concerning the corporate debtor, Jaypee Infratech Limited, the 3-judge
‘Commercial wisdom of Committee of Creditors is not to be interfered with’; Supreme Court sheds light on the limited scope of interference by NLAT/NCLAT
“The limited judicial review, which is available, can in no circumstance trespass upon a business decision arrived at by the majority of CoC.”
NCLT approves NHPC’s Resolution Plan for Jalpower Corporation Limited
National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC’s Resolution Plan for taking over Jalpower Corporation Limited (JPCL) as going concern vide its
Whether an ‘Unsuccessful Resolution Applicant’ whose Resolution Plan gets rejected by CoC has locus to question implementation of approved Resolution Plan? NCLAT thoroughly determines
National Company Law Appellate Tribunal (NCLAT): The Bench of Justice Bansi Lal Bhat (Acting Chairperson) and Justice Anant Bijay Singh (Judicial Member), Dr
NCLAT | Will I&B Code permit a successful Resolution Applicant to stage a “U-turn” frustrating Corporate Insolvency Resolution Process? Tribunal decodes
National Company Law Appellate Tribunal (NCLAT): Full Bench of Justice Bansi Lal Bhat (ACJ) and Justice Anant Bijay Singh (Judicial Member) and Dr
IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020.
NCLAT’s order set aside in Essar Steel Insolvency case; Key issues on Corporate Insolvency Resolution Process answered
Supreme Court: The 3-judge bench of RF Nariman, Surya Kant and V. Ramasubramanian, JJ has set aside the NCLAT order dated 04.07.2019
NCLAT | Appellate Tribunal exercises inherent powers under R. 11 of NCLAT Rules, quashes CIRP where settlement reached between parties before constitution of CoC
National Company Law Appellate Tribunal (NCLAT): A Bench of Justice S.J. Mukhopadhaya, Chairperson and Kanthi Narahari, Member (Technical), allowed an appeal seeking to
NCLAT | Appeal under S. 61 IBC not maintainable in absence of decision by Adjudicating Authority
National Company Appellate Tribunal (NCLAT): The Bench comprising of S.J. Mukhopadhaya, J. (Chairperson) and A.I.S Cheema, J. and Kanthi Narahari, Members, Judicial and