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“Non-admission of the claim of the Appellant in liquidation proceeding shall not preclude it from taking such steps as available in law for realisation of its claim which arose after liquidation commencement date.”
Explore the latest cases reported in SCC’s Company Cases (Comp Cas) Volume on Resolution plan, Moratorium, Winding up and Liquidation, Deposit Insurance, Credit Guarantee and much more.
Recalling the previous judgment dated 2-5-2025, the Court found that this was a fit case warranting exercise of review jurisdiction vested in the Supreme Court.
Explore the latest cases reported in SCC’s Company Cases (Comp Cas) Volume on Resolution plan, Moratorium, Winding up and Liquidation, Wilful defaulters and much more.
Explore the latest cases reported in SCC’s Company Cases (Comp Cas) Volume on Insolvency Resolution, Winding up and Liquidation, Moratorium, Dissolution of Company, and much more.
“Once a Secured Creditor relinquishes its security interest to the liquidation estate, it cannot seek priority among other Secured Creditors on the basis of the charge and is only entitled to receive proceeds from the sale of assets in the manner specified under Section 53 of the IBC.”
“Decision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.”
The applicant must have spent considerable resources fighting the suit for the last 20 years and therefore, it would not be appropriate to deprive him of the opportunity to execute the decree obtained in his favour.
The Court exonerated the charges of contravention of prescribing non-refundable participation fee levied on Liquidator of Corporate Debtor, however, he was found guilty of paying excess fees to BDO Restructuring Advisory LLP.
NCLAT stated that since the IBC overrides the SARFAESI Act, the Liquidator ought not to prefer a petition, based on the SARFAESI Act, and therefore Liquidator’s decision to classify the appellant as an unsecured financial creditor was illegal and invalid.
IBBI notifies Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024.
The NCLAT held that the CoC had the jurisdiction to decide on liquidation as per Section 33(2) and its explanation, even before completing all steps for resolution.
The Liquidator should endeavor to sell the Corporate Debtor as a going concern in the Liquidation Proceeding, and the appellant may participate by submitting its plan.
“…the Act of 1956 is a special Act which govern the law regarding companies only whereas IT Act is a general Act which percolates in just about every sphere of life and is applicable to all the citizen of India when it comes to payment of Income Tax.”
LOCs impinge upon the individual’s right to travel which is recognised as a Fundamental Right. However, the rights and interest of the investing public would also be a relevant consideration which cannot be ignored.
The Central Government has notified Companies (Registration Offices and Fees) Amendment Rules, 2023 to amend the Companies (Registration Offices and Fees) Rules,
In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.
Section 9 of CPC is also symbolised as the gateway to the civil Courts as it envisages not only the inherent powers of the Civil Courts to entertain any suit of a civil nature, but also the inherent rights of the disgruntled yet hopeful litigants to approach the civil Courts with a huge expectation that they will get justice from this forum, which would adjudicate upon their infracted legal rights and will invoke the legal machinery to protect and vindicate such rights.
National Company Law Appellate Tribunal | Dismissing the appeals, a bench comprising of Rakesh Kumar Jain*, J. and Kanthi Narahari
“The CIRP is a time bound process where timeline has been prescribed for each step. The CIRP cannot be allowed to continue for indefinite period.”