Supreme Court Upholds Fair Play in Insolvency Resolution: Ajay Gupta vs. Pramod Kumar Sharma (2022) LEGAL ISSUE: Whether a resolution applicant can amend their resolution plan and whether the Adjudicating Authority can allow other resolution applicants to modify their plans to maintain a level playing field. CASE TYPE: Insolvency and Bankruptcy Law Case Name: Ajay […]
Supreme Court Upholds Commercial Wisdom of CoC in Insolvency Case: Ngaitlang Dhar vs. Panna Pragati Infrastructure (2021) LEGAL ISSUE: Whether the National Company Law Appellate Tribunal (NCLAT) was right in interfering with the decision of the Committee of Creditors (CoC) regarding the approval of a resolution plan. CASE TYPE: Insolvency Law Case Name: Ngaitlang Dhar
Date of the Judgment: 13 September 2021 Citation: (2021) INSC 609 Judges: Dr Dhananjaya Y Chandrachud, J and M. R. Shah, J Can a successful resolution applicant withdraw their resolution plan after it has been approved by the Committee of Creditors (CoC) but before final approval by the National Company Law Tribunal (NCLT)? The Supreme
Supreme Court Restricts Operation of Bank Accounts During Moratorium Under IBC: Sandeep Khaitan vs. JSVM Plywood (2021) LEGAL ISSUE: Whether a High Court can allow the operation of bank accounts, which are frozen due to an FIR, during the moratorium period under the Insolvency and Bankruptcy Code, 2016 (IBC). CASE TYPE: Insolvency Law Case Name:
Supreme Court Upholds Liquidation Order After Failed Resolution Plan Implementation LEGAL ISSUE: Whether a resolution plan can be reversed to liquidation due to the failure of the resolution applicant to implement the plan despite multiple opportunities. CASE TYPE: Insolvency Law Case Name: Kridhan Infrastructure Pvt Ltd (Now known as Krish Steel and Trading Pvt Ltd)
Supreme Court Upholds Resolution Plan, Emphasizes Commercial Wisdom of Creditors: Maharashtra Seamless Ltd. vs. Padmanabhan Venkatesh (2020) LEGAL ISSUE: Whether a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC) must match the liquidation value of the corporate debtor and whether a successful resolution applicant can withdraw from the process after the plan’s approval.
Supreme Court Upholds Resolution Plan, Rejects NCLAT Modification in Corporate Insolvency Case LEGAL ISSUE: Whether the National Company Law Appellate Tribunal (NCLAT) was justified in modifying a resolution plan approved by the National Company Law Tribunal (NCLT) on grounds of discrimination among financial creditors. CASE TYPE: Corporate Insolvency Resolution Process (CIRP) Case Name: Rahul Jain
