Supreme Court Upholds CIRP Admission Based on Debt Acknowledgment: Vidyasagar Prasad vs. UCO Bank (2024) LEGAL ISSUE: Whether acknowledgment of debt in balance sheets and One Time Settlement (OTS) proposals can extend the limitation period for initiating Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency Law Case Name: Vidyasagar Prasad vs. UCO Bank & Anr. […]
Supreme Court clarifies limitation for IBC application based on recovery certificates: Totempudi Salalith vs. State Bank of India (2023) LEGAL ISSUE: Whether a financial creditor can initiate Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) based on a recovery certificate issued by the Debt Recovery Tribunal (DRT), and what is
Supreme Court Upholds IBC Application: Axis Bank vs. Naren Sheth (2023) LEGAL ISSUE: Whether a financial creditor’s application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) is barred by limitation, despite acknowledgments of debt by the corporate debtor within the limitation period. CASE TYPE: Insolvency Law Case Name: Axis Bank Limited vs.
Supreme Court Upholds IBC Application: Axis Bank vs. Naren Sheth (2023) Read Post »
Supreme Court Stays Project-Wise Insolvency, Allows CIRP to Continue with Modifications: Indiabulls vs. Ram Kishore Arora (2023) LEGAL ISSUE: Whether the National Company Law Appellate Tribunal (NCLAT) can order a project-wise Corporate Insolvency Resolution Process (CIRP) instead of a company-wide CIRP under the Insolvency and Bankruptcy Code, 2016. CASE TYPE: Insolvency Law Case Name: Indiabulls
Supreme Court Upholds Admission of Insolvency Application: M. Suresh Kumar Reddy vs. Canara Bank (2023) LEGAL ISSUE: Whether the National Company Law Tribunal (NCLT) has discretion to reject an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IB Code) once a financial debt
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 Stays Project-Wise Insolvency Resolution: Indiabulls vs. Ram Kishore (2023) LEGAL ISSUE: Whether the National Company Law Appellate Tribunal (NCLAT) can order a project-wise insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). CASE TYPE: Insolvency Law Case Name: Indiabulls Asset Reconstruction Company Limited vs. Ram Kishore Arora & Ors. [Judgment Date]:
Supreme Court Allows Withdrawal of CIRP Application Before CoC Formation LEGAL ISSUE: Whether an application for Corporate Insolvency Resolution Process (CIRP) can be withdrawn before the constitution of the Committee of Creditors (CoC). CASE TYPE: Insolvency Law Case Name: Ashok G. Rajani vs. Beacon Trusteeship Ltd. & Ors. Judgment Date: 22 September 2022 Introduction Date
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 permits Promoter to complete housing project, setting aside NCLAT order: Anand Murti vs Soni Infratech (2022) LEGAL ISSUE: Whether a promoter can be permitted to complete a housing project under the Insolvency and Bankruptcy Code (IBC) instead of continuing the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency Law Case Name: Anand Murti
