Supreme Court Upholds Admission of Insolvency Application: M. Suresh Kumar Reddy vs. Canara Bank (2023) Date of the Judgment: May 11, 2023 Citation: 2023 INSC 521 Judges: Abhay S. Oka, J., Rajesh Bindal, J. Can a corporate debtor avoid insolvency proceedings by claiming the creditor should have extended bank guarantees? The Supreme Court of India […]
Supreme Court Clarifies Valuation and Eligibility in Corporate Insolvency: M.K. Rajagopalan vs. Dr. Periasamy Palani Gounder (2023) Date of the Judgment: 03 May 2023 Citation: 2023 INSC 486 Judges: Justice Dinesh Maheshwari, Justice Vikram Nath. Can a resolution applicant be disqualified for a conflict of interest arising from their role in a charitable trust? The
Supreme Court Upholds Rejection of Resolution Plan Due to Ineligibility and Procedural Lapses: M.K. Rajagopalan vs. Dr. Periasamy Palani Gounder (2023) LEGAL ISSUE: Whether a resolution plan can be approved despite the resolution applicant’s ineligibility and procedural irregularities in the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency Law Case Name: M.K. Rajagopalan vs. Dr.
Supreme Court Clarifies Liability of Directors in Cheque Dishonor Cases Post IBC Resolution Date of the Judgment: March 15, 2023 Citation: 2023 INSC 232 Judges: Sanjay Kishan Kaul, J. and Abhay S. Oka, J. (authored by Sanjay Kishan Kaul, J.) and J.B. Pardiwala, J. (Concurring Opinion) Can a director of a company be held liable
Supreme Court Allows Settlement Under Sabka Vishwas Scheme Despite IBC Moratorium Date of the Judgment: 5 January 2023 Citation: (2023) INSC 15 Judges: M.R. Shah, J. and B.V. Nagarathna, J. Can a company be denied the benefits of the “Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019” if it could not make payments due to a
Supreme Court Allows Benefit of Sabka Vishwas Scheme Despite Moratorium: Shekhar Resorts vs. Union of India (2023) LEGAL ISSUE: Whether a company facing a moratorium under the Insolvency and Bankruptcy Code (IBC) can be denied the benefits of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, if it could not make payments within the scheme’s
Supreme Court clarifies Limitation for IBC Applications: Tech Sharp Engineers vs. Sanghvi Movers (2022) LEGAL ISSUE: The key legal issue is determining the limitation period for filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) and whether the pendency of winding-up proceedings before a High Court can extend this limitation. CASE
Supreme Court Clarifies Status of State Tax Dues under IBC: State Tax Officer vs. Rainbow Papers Limited (2022) LEGAL ISSUE: Whether the State Tax Department can claim first charge over the property of a Corporate Debtor under the Gujarat Value Added Tax Act, 2003, despite the provisions of the Insolvency and Bankruptcy Code, 2016. CASE
Supreme Court Clarifies Acknowledgment of Debt in Balance Sheets under IBC: Asset Reconstruction Company vs. Tulip Star Hotels (2022) LEGAL ISSUE: Whether a balance sheet of a company can be considered an acknowledgment of debt for the purpose of extending the limitation period under the Insolvency and Bankruptcy Code (IBC). CASE TYPE: Insolvency Law Case
Supreme Court clarifies discretionary powers of NCLT under Section 7(5)(a) of IBC: Vidarbha Industries vs. Axis Bank (2022) LEGAL ISSUE: Whether the National Company Law Tribunal (NCLT) is obligated to admit an application for Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) if a debt and default exist,
Supreme Court Upholds Commercial Wisdom of CoC in IBC Withdrawal: Vallal RCK vs. Siva Industries (2022) LEGAL ISSUE: Whether the Adjudicating Authority (NCLT) or the Appellate Authority (NCLAT) can overrule the commercial wisdom of the Committee of Creditors (CoC) regarding the withdrawal of the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency and Bankruptcy Law
Supreme Court Clarifies CIRP Costs and Workmen’s Dues in Insolvency: Sunil Kumar Jain vs. Sundaresh Bhatt (2022) LEGAL ISSUE: Determination of what constitutes “Insolvency Resolution Process Costs” (CIRP costs) and the priority of workmen’s dues during the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency Law Case Name: Sunil Kumar Jain and others vs. Sundaresh
