Interpretation of Statutes – When the law prescribes that a certain act has to be done in a particular manner for a party to acquire a right, then it ought to be treated as mandatory in character more so, when the Statute prescribes a consequence for failure to comply with the requirements laid down. (Para …
VS Palanivel vs P Sriram 2024 INSC 659 – IBBI Regulations Read More »
Insolvency and Bankruptcy Code,2016– A holding company and its subsidiary are always distinct legal entities. The holding company would own shares of the subsidiary company. That does not make the holding company the owner of the subsidiary’s assets.- Therefore, the assets of the subsidiaries cannot be included in the resolution plan of the holding company. …
Insolvency and Bankruptcy Code, 2016; Section 5 (8) – a. There cannot be a debt within the meaning of subsection (11) of section 5 of the IB Code unless there is a claim within the meaning of sub-section (6) of section 5 of thereof; b. The test to determine whether a debt is a financial …
Insolvency and Bankruptcy Code, 2016 – Resolution Plans – Resolution plans are not prepared and submitted by lay persons. They are submitted after the financial statements and data are examined by domain and financial experts, who scan, appraise evaluate the material as available for its usefulness, with caution and scepticism. Inadequacies and paltriness of data …
Insolvency and Bankruptcy Code, 2016; Section 236(1)- Companies Act, 2013; Section 435 -Under Section 236(1) of the Code, reference is “offences under this Code shall be tried by the Special Court established under Chapter XXVIII of the Companies Act, 2013”- Whether the Special Court under the Code would be as provided under Section 435 of …
Insolvency And Bankruptcy Board Of India vs Satyanarayan Bankatlal Malu 2024 INSC 319 Read More »
Clarification – The word “unsecured creditor” referred to in paragraph 20 of the judgment (Axis Bank Limited vs Naren Sheth 2023 INSC 820) be now read as “secured creditor”.
Practice and Procedure – A Tribunal or a Court is invested with such ancillary or incidental powers as may be necessary to discharge its functions effectively for the purpose of doing justice between the parties and, in absence of a statutory prohibition, in an appropriate case, it can recall its order in exercise of such …
Insolvency and Bankruptcy Code, 2016; Section 14 – The protection of the moratorium will not be available to the directors/officers of the company – Referred to Anjali Rathi vs. Today Homes and Infrastructure Pvt. Ltd. (2021) SCC OnLine SC 729 and P. Mohanraj vs. Shah Bros. Ispat (P) Ltd. (2021) 6 SCC 258.
Insolvency and Bankruptcy Code, 2016 – The timely resolution of insolvency cases is vital for sustaining the effectiveness and credibility of the insolvency framework. Therefore, concerted efforts and decisive actions are imperative to break the deadlock and ensure the expeditious implementation of the resolution plan. (Para 24)
Insolvency and Bankruptcy Code, 2016 ; Section 25(2)(a)– Rght to claim set-off in the Corporate Insolvency Resolution Process, when the Resolution Professional proceeds in terms of Section 25(2)(a) to take custody and control of all the assets of the corporate debtor.Provisions of statutory set-off in terms of Order VIII Rule 6 of CPC or insolvency …