Withdrawal of CIRP — Oscillating between Value Maximisation and Plan Approval
by Sidharth Sethi*, Shreya Sircar** and Kunal Saini***
Insolvency Proceedings
Proviso to S. 31(4) IBC mandatory in nature; Breakdown of SC’s 2:1 verdict holding AGI Greenpac’s Resolution Plan for HNGIL unsustainable
“Legislative intent behind inserting the proviso to Section 31(4) of the IBC would suggest that prior approval of the CCI was specifically mandated and it should not be seen as a flexible provision to be ignored in certain exigencies.”
NCLT allows liquidation of Go First Airways
“Decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.”
Supreme Court overturns NCLAT judgment that closed insolvency process against Byju’s, following settlement with BCCI
The present appeal raises substantial questions about the legal framework governing the withdrawal of a CIRP; the settlement of claims after the admission of an application instituted by a debtor; and the scope of the inherent powers vested in the NCLAT under Rule 11 of the NCLAT Rules.
‘Arbitrary, illegal and in colourable exercise of power’; P&H HC directs Union Bank of India to refund forfeited amount deposited by auction purchaser
The bank has acted in an arbitrary and illegal manner by claiming that the entire bid amount shall be deposited by the petitioner, while on the other hand, avoiding the question of the supervening legal impossibility, which debarred them from issuing Sale Certificate or handing over the physical possession of the property to petitioner.
Insolvency proceeding under Section 95 IBC can’t be continued against legal heirs after personal guarantor’s death: NCLT
“The term “personal guarantor” is defined under Section 5(22) of the IBC as “personal guarantor” means an individual who is the surety in a contract of guarantee to a corporate debtor.”
Recovering Foreign Award Debts in Insolvency Proceedings
by Kartikey Mahajan, Siddhant Sharma and Jatan Rodrigues
Cite as: 2022 SCC OnLine Blog Exp 87
Delhi High Court | PMLA seeks to subserve a larger public policy imperative; Moratorium under S.14 IBC does not affect ED’s attachment power under PMLA
An order of attachment when made under the PMLA does not result in the corporate debtor or the Resolution Professional facing a fait accompli.
IBC| CIRP proceedings can be initiated against two Corporate Debtors but same amount cannot be realised from both: Supreme Court
Supreme Court: The bench of Indira Banerjee* and JK Maheshwari, JJ has held that if there are two borrowers or if two
IBC-Limitation| Pendency of proceedings in a parallel forum not sufficient cause for delay in filing Section 9 IBC application: Supreme Court
“A claim may not be barred by limitation. It is the remedy for realisation of the claim, which gets barred by limitation.”
IBC – Section 7(5)(a) | NCLT “may” reject Financial Creditor’s CIRP application even in case of Corporate Debtor’s default in payment of debt
Supreme Court: The bench of Indira Banerjee* and JK Maheshwari, JJ has rejected the view of NCLT and NCLAT that once it
NCLT| Auction purchaser responsible for claims/ liabilities/ obligations of Corporate Debtor
National Company Law Tribunal, Mumbai: The coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member, declared that the
IBC| Once CIRP is initiated and moratorium is ordered, proceedings under SARFAESI Act cannot continue: Supreme Court
Supreme Court: The bench of L. Nageswara Rao and BR Gavai*, JJ has held that the proceedings under the Securitisation and Reconstruction
Once insolvency proceedings are put on Stay, Can resolution professionals still be entitled to fees during Stay? NCLAT answers
National Company Law Appellate Tribunal (NCLAT), New Delhi: In a matter with regard to fees of resolution professional, the Coram of Justice
‘IBC’s object is not to kill the company’; Builder’s Insolvency Proceedings closed as 82 out of 128 home buyers choose possession over refund/compensation: SC
“If the original applicants and the majority of the home buyers are not permitted to close the CIRP proceedings, it would have a drastic consequence on the home buyers of real estate project.”
NCLAT | An Arroyo for OYO | While allowing it to work independently, closed insolvency proceedings; Disallowed external parties to impinge
National Company Law Appellate Tribunal (NCLAT): The Coram of Anant Bijay Singh, J. (Judicial Member) and Shreesha Merla (Technical Member) while allowing
Del HC | Is the liability of Principal Borrower and Guarantor co-extensive? Court reiterates SC’s position on continuation of SARFAESI proceedings against Guarantor by banks
Delhi High Court: A Division Bench of Hima Kohli and Subramonium Prasad, JJ., considered the following question: Whether a bank/financial institution can institute
Centre specifies Rs 1 crore as the amount under S. 4 of IBC for initiation of Insolvency Proceedings
S.O. 1205(E).—In exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of