NCLT Rules – Rule 8 – IBC – Section 12 -CIRP Regulations – Rule 30A – Procedure for the withdrawal of an application filed by creditors under Sections 7, 9, or 10 of the IBC- Before the application under Sections 7, 9 or 10 is admitted by the NCLT: Such cases are squarely covered by …
GLAS Trust Company LLC vs BYJU Raveendran 2024 INSC 811 – IBC – Withdrawal Of CIRP Read More »
Insolvency and Bankruptcy Code 2016 -Section 238A – Limitation Act 1963- Section 16 –The commencement of a fresh period of limitation from the time of acknowledgement of the debt is part of the statutory scheme. Section 238A of the Code extends the applicability of the provisions of the Limitation Act to the proceedings under the …
Vidyasagar Prasad vs UCO Bank 2024 INSC 810 – IBC – Limitation Read More »
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.