Insolvency and Bankruptcy code 2016

Application under S. 9 by an employee against employer company is admissible when there is non-payment of salary by the employer/corporate debtor. It was clear that there is an acknowledgement of liability, which therefore shows that there is no “dispute” as to amounts owed to the appellant. Held, NCLT was correct in admitting the S […]

Principal borrower is not required to be “corporate person” as in the present case, proprietorship concern, for the lender to initiate such proceedings against guarantor who is a corporate person. A right or cause of action enures to the lender (financial creditor) to proceed against the principal borrower, as well as the guarantor in equal

Appellant (KIAL) preferred a writ petition before the High Court of Judicature at Bombay soon after pronouncement of judgment by NCLT, which was withdrawn with the liberty to file an appeal. Thereafter, an appeal was filed before the National Company Law Appellate Tribunal beyond 45 days (including 15 days of extension) under Section 61 of IBC,

Party ineligible under S. 29-A IBC to submit a resolution plan under IBC is not eligible to file an application for compromise and arrangement in terms of Ss. 230 to 232 of the Companies Act, 2013. The validity of Regulation 2-B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, imposing such

Art. 137 of the Limitation Act gets attracted to applications filed under Ss. 7 and 9 IBC. The right to sue accrues when a default occurs, and if that default has occurred over three years prior to the date of filing of an application under S. 7 IBC, the application would be barred under Art.

Held, is applicable to applications preferred under S. 7 IBC once it is shown that all conditions for application of S. 14 of the Limitation Act are satisfied in the facts of the case. The conditions for exclusion of time under S.14 of the Limitation Act are that the earlier proceedings should have been for

Held, Considering the text of S. 60(5)(c) and the interpretation of similar provisions in other insolvency related statutes, NCLT has jurisdiction to adjudicate disputes, which arise solely from or which relate to the insolvency of the corporate debtor. However, in doing do, NCLT and NCLAT have to ensure that they do not usurp the legitimate

It was brought to the notice that there are 39 members at present for a sanctioned strength of 63 and the depletion of the strength of the members will adversely affect the smooth functioning of the Tribunals. Held, we direct the Government to complete the process at the earliest and not later than two months.

Held, Subclause (7) of Regulation 36-B inserted with effect from 4-7-2018, dealing with the request for resolution plans unambiguously postulates that the resolution professional may, with the approval of the Committee, reissue the request for resolution plans, if the resolution plans received in response to an earlier request are not satisfactory, subject to the condition