Supreme Court’s Ruling in China Development Bank Creates Further Confusion on Third-Party Securities
by Prachi Johri* and Rishi Thakur**
NCLT
Delhi High Court sets aside PMLA proceedings by ED against Bhushan Power & Steel Ltd. in view of Section 32A of IBC
A plain reading of Section 32A IBC reveals that once a resolution plan is approved under Section 31, the Corporate Debtor shall not be prosecuted for an offence committed prior to the commencement of the CIRP. However, this immunity does not extend to the erstwhile officers and persons responsible for the conduct of its business prior to CIRP.
Call for Submissions | NLS Business Law Review [Volume 11(2)]
Editorial Board to the NLS Business Law Review is calling for submissions for Volume 11(2) of the Journal
NCLT dismisses Akshay Kumar’s insolvency plea against Math tutoring platform, Cue Learn
“The essence of the IBC lies in resolving insolvency matters through a process driven approach, and any deviation from its prescribed scope would undermine the legislative intent of the Code.”
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.”
2024 SCC Vol. 10 Part 2
Bombay Stamp Act, 1958 (60 of 1958) — Ss. 33, 34, 37, 4(2), 4(1) and Sch. I Art. 25 Expln. I — Stamp duty on agreement to sell — Liability to pay under the 1958 Act
IBBI and INSOL India 2nd International Conclave on ‘Insolvency Resolution: Evolution and Global Perspectives’
The Insolvency Bankruptcy Board of India (‘IBBI’) and INSOL India held the 2nd International Conclave in Delhi on 7th December to engage in the path-breaking discourse surrounding the ever-evolving space of insolvency and bankruptcy.
‘Delays arising from statutory compliance not force majeure’; NCLT admits insolvency proceeding against Raheja Developers
The NCLT held that non-delivery of possession despite payments and continued acknowledgment of liability through emails and communications proved default under Section 7 IBC.
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.
‘Absence of NOC not automatically invalidates Security Documents’; NCLT upholds Axis Bank & NKGSB Bank’s claims as Secured Debt
The NCLT held that the Resolution Professional does not have adjudicatory powers to invalidate or challenge the charges based on an absence of NOC.
Section 245 — The Road Less Travelled
by Urvashi Misra* and Anant Narayan Misra**
Condonation of delay by NCLAT | Free & paid certified copy of final orders are on the same footing as per Rule 50 of NCLT Rules: SC
Entry 31 of Schedule of Fees prescribed by the NCLT Rules stipulates that the fee for obtaining true certified copies of final orders passed to parties other than the concerned parties under Rule 50 shall be Rs 5 per page. The stipulation of Rupees five per page in Entry 31 excludes “the concerned parties under Rule 50”.
Calcutta High Court rejects stay on NCLT Kolkata relocation to Rajarhat: Advocates’ inconvenience not sufficient to halt policy decision
The petition was filed by NCLT Advocates Bar Association, Kolkata challenging the Ministry of Corporate Affairs’ decision to shift the National Company Law Tribunal (NCLT), Kolkata, from its current location at Esplanade Row (East) to a new facility in Rajarhat.
Delhi High Court refuses to exercise power of judicial review and usurp powers of NCLT in petition filed against Reserve Bank of India
‘The Adjudicating Authority alone has the jurisdiction to regulate the conduct of CoC and finally adjudicate upon the resolution plan through powers of judicial review while ensuring that CoC functions as per the role and responsibilities delineated under IBC.’
Cyril Amarchand Mangaldas acts as legal counsel for IDFC Limited and IDFC Financial Holding Company Limited
Cyril Amarchand Mangaldas (CAM) advised IDFC Limited (“IDFC”) and IDFC Financial Holding Company Limited (“IDFC FHC”)
Buy-Out of one Group by other a preferred remedy to resolve deadlock in equal shareholding companies: NCLT
The instant matter revolved around a deadlock in management caused by alleged financial mismanagement and oppressive actions by the respondents.
Suspension of CIRP for defaults during Pandemic under Section 10-A IBC does not apply to personal guarantors: NCLT
NCLT held that the Resolution Professional followed the principles of Natural Justice and considered relevant documents, therefore, the Personal Insolvency Resolution Process should be initiated.
Money advanced for clearing land title is an investment, not financial debt under Section 5(8) of the IBC: NCLAT
The NCLAT reinforced that not all financial transactions qualify as financial debts under the IBC.
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.”