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From 03 to 04-04-2025, the International Bar Association corporate and M&A Law Committee at Taj Mahal Palace, Mumbai.
Interviewed by Sidhanth Singh
‘On the complete extinguishment of all tax liabilities of the Corporate Debtor upon the approval of the Resolution Plan, there could be no occasion whatsoever for the IT Commissioner to issue the impugned notice under Section 263 of the Act, seeking to revise the assessment order for the Assessment Year 2020-21.’
Permitting a stay on regulatory penalties under the guise of insolvency proceedings would undermine the very purpose of the CP Act and embolden errant developers to escape liability through insolvency proceedings.
Noting that hypothecation means the process of using an asset as collateral for a loan. It acts as a protection to the lender when the borrower does not repay the loan, the Supreme Court highlighted that the name of the document is not a decisive factor. Only because the title of the document contains the word hypothecation, it cannot be concluded that guarantee is not a part of this document.
About the Organisation: The Centre for Advanced Research on Corporate and Insolvency Laws (CARCIL) is a Centre of Excellence to facilitate the
by Anuja Pethia* and Rishabh Govila**
A mandatory effect operates to recognise a foreign proceeding once the requirements in Article 17 of the Third Schedule are satisfied.
Insolvency Law Academy is conducting its 2nd annual conference, the 2nd meeting of ILA’s Insolvency Scholars Forum and 1st meeting of ILA’s Emerging Scholar’s Group from 9th to 11th February, 2024 in Goa.
“Regulations and Byelaws framed under Section 204 IBC clearly provide checks and balances. Therefore, it cannot be said to be confirmation of excessive or unbridled power”
“IBC does not suffer from any manifest arbitrariness to violate Article 14 of the Constitution”
Supreme Court said that the mere expectation of the Liquidator that a still higher price may be obtained can be no good ground to cancel an otherwise valid auction and go for another round of auction.
NCLAT directed the new Resolution Professional to protect the assets of the Corporate Debtor as required under S. 25(1) of the IBC
The Supreme Court said that it cannot adopt a doctrinaire approach. Some sacrifices have to be always made for the greater good, and unless such sacrifices are prima facie apparent and ex facie harsh and unequitable as to classify as manifestly arbitrary, these would not be interfered with by the court. Thus, no priority can be given to workers’ dues after liquidation of the company under the IBC.
The Court said that if Committee of Creditors would be constituted for all projects of Supertech, it will cause immense hardships to the home buyers and will throw ever project into uncertainty.
About Rajiv Gandhi National University of Law, Punjab Rajiv Gandhi National University of Law (RGNUL), Punjab, was established by the State Legislature
Jharkhand High Court clarified that Section 233 of Insolvency and Bankruptcy Code (‘IBC Code’) gives protection to a resolution professional from criminal prosecution for acts in good faith, and not where he has been apprehended red-handed with the bribe amount.
The Court opined that the present case would fall under the Office Memorandum which stated that “where there is no cognizable offence under IPC and other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country.”
Supreme Court held that the period of suspension of legal proceedings is excludable in computing the period of limitation for the enforcement of such right in terms of Section 22(5), SICA. Further, the dismissal of the application under Section 9, IBC on the ground of ‘pre-existing dispute’ cannot be held to be patently illegal or perverse.
In the instant case, the Directorate of Revenue Intelligence neither submitted proof of claim nor responded to a specific communication via an e-mail addressed to Senior Intelligence Officer. This is a case where despite knowledge, the statutory authorities chose not to submit their proof of claim.