Moratorium
[Clean Slate Basis] Delhi HC sets aside assessment order pertaining to previous liability against corporate debtor issued after NCLT Chennai concluded the CIRP
The Court stated that once the resolution plan was approved by the COC, it should be binding on all the stakeholders. Thus, the successful resolution applicant starts running the business of the corporate debtor on a fresh slate.
Delhi High Court dismisses petition under S. 11 Arbitration Act in view of moratorium imposed on parent company
Delhi High Court granted liberty to the petitioner to file a fresh legal action for the same relief once the moratorium is lifted or varied.
Top 14 Rulings from Tribunals, Commissions, Regulatory Authorities: Shiv Sena Party Symbol Dispute, Income Tax Act, Medical Negligence and more| February 2023 Roundup
This roundup contains many interesting rulings including the Shiv Sena Party Name and Symbol Dispute, Negligence committed by doctors and Compensation therein, Amendment to Section 178(6) of the Income Tax Act, Initiation of the Corporate Insolvency Resolution Process and more.
In view of moratorium declared by NCLT, all the proceedings in Court, Tribunal cannot continue on account of Amendment to S. 178(6) IT Act: ITAT
ITAT reiterated that IBC has overriding effect on all the acts including Income Tax Act (‘IT Act’) which has been specifically provided under Section 178(6) of the IT Act as amended w.e.f. 01-11-2016.
National Company Law Appellate Tribunal | Adjudicating Authority cannot direct Resolution Professional to pay lease amount during CIRP
National Company Law Appellate Tribunal held that Adjudicating Authority cannot direct Resolution Professional to pay lease amount under Section 14(1)(d) of Insolvency and Bankruptcy Code, 2016, during CIRP
Clauses in Information Brochure based on statutory Master Circular is enforceable; Bombay High Court sets aside Administrator decision to write down AT-1 bonds once Yes Bank stood reconstituted
The clauses in the Information Memorandum are based on the Master Circular which is issued by the Reserve Bank under its statutory powers. Information Memorandum and its clauses refer to Master Circular. The said Information Brochure has a statutory flavour. In that event, the agreement would have a statutory base and such an agreement can certainly be enforceable.
Approval of a Resolution Plan does not ipso facto discharge a Personal Guarantor of a Corporate Debtor of his liabilities under Contract of Guarantee; Allahabad High Court reiterates
Allahabad High Court said that challenge to demand notice for electricity dues, issued jointly in name of Directors of the insolvent company cannot be sustained on the ground that liabilities of guarantor stood automatically discharged on acceptance of Resolution Plan.
Order of stay/moratorium under the Companies Act, 2013 prohibits the initiation of any proceedings; Parties cannot be referred to Arbitration: Delhi High Court
The Delhi High Court ruled that the moratorium granted by the NCLAT, staying the institution of suits and proceedings against the Corporate Debtor, after the resolution process was initiated against it under Sections 241 and 242 of the Companies Act, 2013, was akin to an order of moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016.
Delhi High Court | Review is permissible against an order dismissing a petition under S. 11 of the Arbitration and Conciliation Act
While exercising the power conferred by Section 11 of the Act, the Court ceases to be a Court of Record and the review or reopening of proceedings which is sought is not with respect to any power exercised by the Court under Section 11 on merits but on account of the evident factual mistake in that order.
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.
Interim moratorium under S. 96 IBC in respect of one of the guarantors would not ipso facto apply against a co-guarantor; Delhi HC stays suit in view of bar under S.96 IBC
Delhi High Court: In two separate suits filed seeking recovery of amount from the defendants, being ex- promoters and personal guarantors of
‘Right to establish an educational institution is a fundamental right’; Pharmacy Council of India can only impose moratorium by way of a law and not by execution instruction: SC
Supreme Court: The bench of BR Gavai* and PS Narasimha, JJ has held that the right to establish an educational institution is
IBC prevails over Customs Act once moratorium is imposed; CBIC has limited jurisdiction, cannot initiate recovery of dues: Supreme Court
Supreme Court: The 3-judge bench of NV Ramana*, CJ and JK Maheshwari and Hima Kohli, JJ has held that the Insolvency and
Entertainment City Ltd an ‘affiliate’ of United Group; NCLAT grants Moratorium Benefits
National Company Law Appellate Tribunal, New Delhi: The Bench of Ashok Kumar Bhushan, J., Chairperson, M. Satyanarayana Murthy, J., Judicial
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
NCLT| Ongoing or fresh debt related legal proceedings against personal guarantor should remain stayed during interim moratorium period
National Company Law Tribunal, Kolkata Bench I: The Bench of Rajasekhar V.K., judicial member and Balraj Joshi, technical member has held that
Chh HC | Whenever substantive obligation/rights/ interests are impaired/adversely affected through any piece of subordinate legislation, then its source must be traced within express provisions in four corners of parent enactment
Chhattisgarh High Court: Sam Koshy P, J., allowed the petition and quashed the impugned orders imposing a moratorium on the establishment of
National Company Law Tribunal orders insolvency proceedings against Supertech: Indebted and defaulted repayment of loan
National Company Law Tribunal, New Delhi: The Coram of P.N. Prasad, Judicial Member and Rahul Bhatnagar, Technical Member, declared insolvency proceedings against