Supreme Court Orders Implementation of Resolution Plan in Amtek Auto Insolvency Case LEGAL ISSUE: The core legal issue revolves around the implementation of a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC), specifically when a successful resolution applicant fails to adhere to the approved plan. CASE TYPE: Insolvency Law Case Name: Committee of […]
Supreme Court Allows Delayed Claim in Insolvency Case: GPR Power Solutions vs. Supriyo Chaudhuri (2021) LEGAL ISSUE: Whether the delay in filing a claim by a creditor in the Corporate Insolvency Resolution Process (CIRP) can be condoned, considering the Supreme Court’s orders on extending limitation periods during the COVID-19 pandemic. CASE TYPE: Insolvency Law Case
Supreme Court Clarifies NCLT’s Jurisdiction in Contract Termination During CIRP: Tata Consultancy Services vs. SK Wheels (2021) LEGAL ISSUE: Scope of the National Company Law Tribunal’s (NCLT) residuary jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC) to adjudicate contractual disputes during the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency Law, Contract
Supreme Court Upholds Admission of Insolvency Application Based on Acknowledgment of Debt: Rajendra Narottamdas Sheth vs. Chandra Prakash Jain (2021) LEGAL ISSUE: Whether an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is maintainable when filed by a power of attorney holder and whether such application is barred by limitation. CASE TYPE:
Supreme Court Upholds Withdrawal of CIRP, Prioritizing Corporate Revival: K.N. Rajakumar vs. V. Nagarajan (2021) LEGAL ISSUE: Whether the Committee of Creditors (CoC) should be reconstituted based on updated claims before allowing the withdrawal of the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency Law Case Name: K.N. Rajakumar vs. V. Nagarajan & Ors. Judgment
Supreme Court Clarifies Moratorium Under IBC: Anjali Rathi & Ors. vs. Today Homes & Infrastructure Pvt. Ltd. (2021) LEGAL ISSUE: Whether the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC) extends to the personal properties of the promoters of a corporate debtor. CASE TYPE: Insolvency Law, Consumer Law Case Name: Anjali
Supreme Court Clarifies Limitation for IBC Applications: Dena Bank vs. C. Shivakumar Reddy (2021) LEGAL ISSUE: Applicability of limitation period under the Insolvency and Bankruptcy Code, 2016 (IBC) and the effect of acknowledgment of debt. CASE TYPE: Insolvency Law Case Name: Dena Bank (now Bank of Baroda) vs. C. Shivakumar Reddy and Anr. Judgment Date:
Supreme Court Clarifies Definition of Financial Debt Under IBC for Interest-Free Loans: Orator Marketing vs. Samtex Desinz (2021) LEGAL ISSUE: Whether an interest-free term loan for working capital qualifies as a “financial debt” under the Insolvency and Bankruptcy Code (IBC). CASE TYPE: Insolvency Law Case Name: M/s Orator Marketing Pvt. Ltd. vs. M/s Samtex Desinz
Supreme Court Clarifies the Role of Balance Sheets in Acknowledging Debt under IBC Date of the Judgment: April 15, 2021 Citation: (2021) INSC 218 Judges: R.F. Nariman, J., B.R. Gavai, J., Hrishikesh Roy, J. Can a company’s balance sheet serve as valid proof of debt acknowledgment, thereby extending the limitation period for initiating insolvency proceedings?
Supreme Court Clarifies Powers of Adjudicating Authority in Jaypee Infratech Resolution Plan (24 March 2021) LEGAL ISSUE: Scope of powers and jurisdiction of the Adjudicating Authority while dealing with the resolution plan approved by the Committee of Creditors. CASE TYPE: Corporate Insolvency Resolution Process (CIRP) Case Name: Jaypee Kensington Boulevard Apartments Welfare Association & Ors.
Supreme Court Clarifies Limitation for IBC Applications: Sesh Nath Singh vs. Baidyabati Sheoraphuli Co-operative Bank Ltd. (2021) LEGAL ISSUE: Whether Section 14 of the Limitation Act, 1963 applies to applications under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and whether delays in filing such applications can be condoned. CASE TYPE: Insolvency Law
Supreme Court Upholds NCLT Jurisdiction in Contractual Disputes Arising from Insolvency: Gujarat Urja Vikas Nigam Limited vs. Amit Gupta & Ors. (2021) INSC 123 LEGAL ISSUE: Whether the National Company Law Tribunal (NCLT) has jurisdiction over contractual disputes arising from insolvency proceedings and the validity of ipso facto clauses in Power Purchase Agreements (PPAs). CASE
