Guarantors: The Unspoken Exception to the Clean Slate Theory
by Amir Bavani* and Rhea Jayakumar**
IBC
Supreme Court on Jurisdiction of NCLAT & NCLT || Does jurisdiction of NCLAT/NCLT extend into entering upon merits of a business decision made by a requisite majority of CoC?
Supreme Court: The Division Bench of Dr Dhananjaya Y Chandrachud and M R Shah, JJ., observed that, Jurisdiction of the Adjudicating Authority
NCLT rejects withdrawal application under S. 12-A IBC where corporate debtor entered into settlement only with a fraction of creditors: CIRP against Rolta India Ltd. will continue
National Company Law Tribunal, NCLT Mumbai: Coram of Suchitra Kanuparthi, Judicial Member and Chandra Bhan Singh, Technical Member, observed that, “…a Judicial
NCLT | Malice Intention to start something ‘other than insolvency’ nipped- Releases the Corporate Debtor from ‘rigors of CIRP and moratorium’
National Company Law Tribunal (NCLT): The Coram of Justice Abni Ranjan Kumar Sinha,(Judicial Member), and L.N. Gupta, (Technical Member) while exercising their
NCLT | Personal Guarantor not liable to be prosecuted under S. 95 IBC where corporate debtor concerned is not under corporate insolvency resolution process
National Company Law Tribunal, Mumbai: Coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member dismissed an interlocutory application filed
Claim for Refund of Advance: Whether an Operational Debt
by Rahul Poddar*
Deconstructing the threshold requirements for homebuyers under IBC
by Mitali Ingawale† & Sumit Kulkarni††
Transitional Provisions in Commercial Legislations: An Analysis
by Priyal Parikh*
Insolvency and Bankruptcy Code| Nothing wrong with IBC Notification treating personal guarantors differently from other categories of individuals: Supreme Court
Supreme Court: Adding to the series of verdicts on the Insolvency and Bankruptcy Code, 2016, the bench of L. Negaswara Rao and
NCLAT | ‘Balance and Security Confirmation Letter’ is sufficient ‘acknowledgement of debt’ so as to extend limitation period for initiating insolvency proceedings under S. 7 IBC
National Company Law Appellate Tribunal (NCLAT): A Division Bench of Justice Venugopal M. (Judicial Member) and V.P. Singh (Technical Member) dismissed an
India’s tryst with cross-border insolvency law: How series of judicial pronouncements pave the way?
by Manisha Arora* and Raushan Kumar**
Any creditor including Central/State Government or any local authority bound by Resolution Plan approved by adjudicating authority under Section 31(1) IBC: Supreme Court
“On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished. “
Application under S. 7 or S. 9 IBC is an independent proceeding unaffected by winding up proceedings that may be filed qua the same company; Supreme Court
Supreme Court: The Division Bench of Rohinton Fali Nariman* and B.R. Gavai, JJ., addressed the instant appeal involving the question that whether
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
Ineligible promoters under Section 29A IBC can’t propose compromise or arrangement schemes under Section 230 of the Companies Act, 2013: Supreme Court
“The purpose of the ineligibility under Section 29A is to achieve a sustainable revival and to ensure that a person who is the cause of the problem either by a design or a default cannot be a part of the process of solution.”
‘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.”
Under IBC, NCLT has jurisdiction to adjudicate disputes arising solely on ground of insolvency: Supreme Court
“In all future cases, NCLT would have to be wary of setting aside valid contractual terminations which would merely dilute the value of the corporate debtor, and not push it to its corporate death by virtue of it being the corporate debtor‘s sole contract.”