Debt

Case BriefsSupreme Court

Explained| Section 138 NI Act: Is the ‘debt incurred after the drawing of the cheque but before its encashment’ excluded from ‘debt or any other liability’?

Supreme Court: Explaining the scope of the term ‘debt or any other liability’ under Section 138 of the NI Act, the bench

Case BriefsSupreme Court

Section 138 of NI Act| No hard and fast rule that a cheque issued as security can never be presented by drawee: Supreme Court 

“A cheque issued as security pursuant to a financial transaction cannot be considered as a worthless piece of paper under every circumstance.”

Case BriefsDistrict Court

Presumption and Rebuttal under NI Act: Read Court’s verdict discussing onus of proof and nature of defence where “payment stopped by drawer”

Additional Chief Metropolitan Magistrate, Mayo Hall Unit, Bengaluru: Vani A. Shetty, XVII Additional Judge, Court of Small Causes & ACMM, addressed a

Case BriefsTribunals/Commissions/Regulatory Bodies

NCLT | Debt acknowledged in emails, CIRP initiated resultantly-Appoints IRPM and declares moratorium

National Company Law Tribunal, New Delhi Bench, New Delhi –The Coram of P.S.N Prasad, Judicial Member and Narender Kumar Bhola,  Technical Member

Case BriefsHigh Courts

Del HC | Can ‘Pawnor’ under Ss. 172/176 of Contract Act be made liable for repayment of entire debt, in absence of any guarantee being furnished? Succinct Report 

Delhi High Court: The Division Bench of Rajiv Sahai Endlaw and Asha Menon, JJ., held that the pawnor, merely by his act

Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT| Issuance of the cheque is indicative of acknowledgement of debt, even if returned dishonored

National Company Law Appellate Tribunal- A Coram of Anant Bijay Singh, J. (Judicial Member) and Shreesha Merla (Technical Member) dismissed an appeal

Case BriefsHigh Courts

Del HC | Onus to prove that there is non-existence of debt is on whom under NI Act? Read the purpose of S. 118 NI Act

Delhi High Court: Subramonium Prasad, J., addressed a matter wherein it was reiterated that the initial burden of proving the burden of

Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT | Whether Corporate Insolvency Resolution Process can be initiated against Principal Borrower and Corporate Guarantor simultaneously for same set of debt and default? Tribunal decides

National Company Appellate Tribunal (NCLAT): The Division Bench of Justice A.I.S Cheena (Judicial Member) and V.P. Singh (Technical Member) reinforced that in the

Legislation UpdatesRules & Regulations

Insolvency and Bankruptcy Board of India amends Regulations relating to corporate insolvency proceedings

The Insolvency and Bankruptcy Board of India (IBBI) notified the following Amendment Regulations, 2020: (a) the Insolvency and Bankruptcy Board of India

Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT | Can lease rentals arising out of use and occupation of a cold storage unit be categorised as ‘Operational Debt’ under S. 5(21) I&B Code? Find out Tribunal’s ruling

National Company Law Appellate Tribunal (NCLAT): A Coram of Venugopal M. (Judicial Member) and Shreesha Merla (Technical Member), while addressing the present company

Case BriefsTribunals/Commissions/Regulatory Bodies

NCLT | TATA Chemicals’ petition under IBC Code dismissed with heavy cost of Rs 10 lakhs, for being filed with ulterior motive

National Company Law Tribunal, Mumbai Bench: This Bench comprising Mr V.P. Singh and Mr Ravikumar Duraisamy as members dismissed a petition filed

Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT | “I&B Code provides specific time frame to complete the process and NCLT should take it seriously”

National Company Law Appellate Tribunal (NCLAT): The Bench of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) directed the National

Case BriefsHigh Courts

Presumption under Section 118 of NI Act may legally be inferred where signature on cheque admitted by accused

Bombay High Court: A Single Judge bench comprising of M.G. Giratkar, J. dismissed a revision petition filed against the judgment of Judicial

Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT | Pendency of case under S. 138 and 141 NI Act amounts to admission debt, not existence of dispute under I&B Code

National Company Law Appellate Tribunal (NCLAT): A Two-Member Bench comprising of S.J. Mukhopadhaya (Chairperson) and Bansi Lal Bhat (Member-Judicial), JJ. dismissed an appeal

Case BriefsHigh Courts

Acknowledgement of debt in balance sheet, held, extends period of limitation under Section 18 of Limitation Act: Delhi HC

Delhi High Court: A Single Judge Bench comprising of Jayant Nath, J. allowed an application filed by the plaintiff seeking a decree on

Case BriefsHigh Courts

Writ petition filed by liquor baron Vijay Mallya dismissed holding requirement of pre-deposit under Section 21 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 to be retrospective in operation

Karnataka High Court: A Division bench comprising of Dinesh Maheshwari and Krishna N. Dixit, JJ. dismissed a writ petition filed by fugitive

Case BriefsTribunals/Commissions/Regulatory Bodies

Application under Sections 7, 9 or 10 I&B Code not adversarial litigation; NCLT not required to record detailed decision thereunder: NCLAT

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) 

Case BriefsTribunals/Commissions/Regulatory Bodies

If ‘debt’ has been ‘disputed’, question of default doesn’t arise; orders under Section 9 I&B Code quashed: NCLAT

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice A.I.S. Cheema, Member (Judicial), allowed

Case BriefsTribunals/Commissions/Regulatory Bodies

Every ‘interest’ on principal amount is not included in ‘debt’; application under Section 9 I&B Code rejected: NCLAT

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial),