Whether a Decree or an Arbitral Award or a Settlement Deed can Form the Basis of a Financial or Operational Debt under IB Code [Part III]
by Akaant Kumar Mittal±
Cite as: 2022 SCC OnLine Blog Exp 14
IBC
NCLT | Mumbai International Airport Limited temporarily restrained from removing Jet Airways assets from its premises including MIAL’s hangar: Airline’s representatives, workmen, etc. allowed access for maintenance of assets
National Company Law Tribunal (NCLT): The Coram of Kapal Kumar Vohra, Technical Member and Justice P.N. Deshmukh, Judicial Member, while addressing a
In case of an application being filed under S.7 of IBC, will insufficiency of stamp duty be looked into? NCLT decides
National Company Law Tribunal, Mumbai: The Coram of H.V. Subba Rao, Judicial Member addressed the relevancy of insufficiency of stamp duty under
“Debt arising out of advance payment for supply of goods or services is an operational debt”; SC allows operational creditor to initiate CIRP
Supreme Court: While dealing with a case involving two controversial terms; “operational debt” and “operational creditor” of IBC, the 3-judge Bench of
IBC Amendment, 2018; Supreme Court elaborates conditions for disqualification of Resolution Professional under S. 29A(h) of IBC
Supreme Court: In a case were the Division Bench of Sanjay Kishan Kaul and M.M. Sundresh*, JJ., was sought to provide judicial
Whether proceedings under Ss. 138 and 141 of NI Act can be initiated against corporate debtor during moratorium period? Madras HC answers
Madras High Court: N. Sathish Kumar, J., while addressing a matter with regard to the dishonour of cheques under Section 138 of
EPC Construction Resolution: NCLAT allows distribution of Rs 223 crores from available cash balance among creditors and lenders
National Company Law Appellate Tribunal (NCLAT): The Bench of Justice Ashok Bhushan (Chairperson) and Dr. Alok Srivastava (Technical Member) allowed distribution of
Operational Creditor is under obligation to recover money from its client and not agent: NCLT decides while dismissing a petition filed under S. 9 IBC
National Company Law Tribunal, Mumbai Bench: The Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) dismissed a
Once Adjudicating Authority approves Resolution Plan, does it still remains a confidential document? Read what NCLAT says
National Company Law Appellate Tribunal (NCLAT): Justice Ashok Bhushan (Chairperson) and Dr Ashok Kumar Mishra (Technical Member) expressed that, once Resolution Plain
Corporate Insolvency, Claims against Corporate Debtor and Period of Limitation; SC assesses impact of COVID-19 pandemic
Supreme Court: In a case relating to Corporate Insolvency, the Division Bench comprising of Indira Banerjee* and J.K. Maheshwari, JJ., quashed the
Payment of Stamp Duty vis-à-vis Resolution Plan under Insolvency and Bankruptcy Code, 2016
by Swarnendu Chatterjee† and Simran Bais††
Is approval with 90% vote of CoC required before allowing withdrawal of CIRP application even where CoC was not yet constituted? NCLAT clarifies law on S. 12-A IBC
National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Jarat Kumar Jain (Judicial Member) and
Whether a Decree or an Arbitral Award or a Settlement Deed can form the Basis of a Financial or Operational Debt under IB Code
by Akaant Kumar Mittal†
Cite as: 2022 SCC OnLine Blog Exp 1
“NCLT can encourage settlements, it cannot direct it by acting as courts of equity” SC holds NCLT has limited powers to either admit or reject an application u/s 7(5) of IBC
Supreme Court: The Division Bench comprising of Dr Dhananjaya Y Chandrachud* and A S Bopanna, JJ., held that the powers of NCLT
“Any deviation would defeat the object and purpose of providing such time limit under IBC”; Supreme Court directs to speed up insolvency process of Amtek Auto
Supreme Court: The Division Bench of M.R. Shah* and Sanjiv Khanna, JJ., directed to speed up the insolvency resolution process of Amtek
Can NCLT entertain an arbitrable dispute? SC sets the yardsticks of residuary powers of NCLT under IBC
“The residuary jurisdiction of the NCLT cannot be invoked if the termination of a contract is based on grounds unrelated to the insolvency of the Corporate Debtor.”
Decoding the Conundrum around the Retrospective Effect of Section 29-A IBC through the Evolution of the Famous Wig Associates Judgment
by Shuchi Sejwar† and Sanjana Sachdeva[*]
Kar HC | Interplay between IBC and Companies Act regarding winding up petitions; Court decides in matter of transfer of company petition to NCLT
Karnataka High Court: S. Sunil Dutt Yadav, J., decided in the matter of a petition which was filed praying to transfer a
IBC and Limitation| Words “order is made available to the aggrieved party” consciously omitted from Section 61(1)&(2): SC. Read why
“The IBC, as a prescriptive mechanism, affecting rights of stakeholders who are not necessarily parties to the proceedings, mandates diligence on the part of applicants who are aggrieved by the outcome of their litigation.”
Does Unsecured Loan with No Returns have the Effect of Time Value of Money and be Covered under the Commercial Borrowing under the IBC Code?
by Love Kumar Gupta† and Angad Sandhu††