Supreme Court Upholds Resolution Plan, Prioritizing IBC Over SEZ Act: Noida SEZ vs. Manish Agarwal (2024) LEGAL ISSUE: Whether the Insolvency and Bankruptcy Code, 2016 (IBC) overrides the Special Economic Zone Act, 2005 (SEZ Act) in the context of a resolution plan. CASE TYPE: Insolvency Law Case Name: Noida Special Economic Zone Authority vs. Manish […]
Supreme Court Clarifies Procedure for CIRP Withdrawal: GLAS Trust Company LLC vs. BYJU Raveendran & Ors. (2024) LEGAL ISSUE: Clarification on the procedure for withdrawal of Corporate Insolvency Resolution Process (CIRP) applications after admission but before the constitution of the Committee of Creditors (CoC). CASE TYPE: Insolvency Law Case Name: GLAS Trust Company LLC vs.
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 Financial Creditor Status in IBC: Global Credit Capital vs. Sach Marketing (2024) LEGAL ISSUE: Whether a security deposit paid under a service agreement constitutes a financial debt under the Insolvency and Bankruptcy Code, 2016. CASE TYPE: Insolvency Law Case Name: Global Credit Capital Limited & Anr. vs. Sach Marketing Pvt. Ltd. &
Supreme Court Clarifies Jurisdiction for Offences under the Insolvency and Bankruptcy Code Date of the Judgment: 19 April 2024 Citation: (2024) INSC 319 Judges: B.R. Gavai, J. and Sandeep Mehta, J. Can the amendments to the Companies Act, 2013, impact the jurisdiction of courts trying offences under the Insolvency and Bankruptcy Code, 2016? The Supreme
Supreme Court Sets Aside Resolution Plan Due to Procedural Lapses: Greater Noida Industrial Development Authority vs. Prabhjit Singh Soni (2024) LEGAL ISSUE: Whether a resolution plan can be set aside for procedural lapses and non-compliance with statutory requirements under the Insolvency and Bankruptcy Code, 2016. CASE TYPE: Insolvency Law Case Name: Greater Noida Industrial Development
Supreme Court Clarifies Moratorium Under IBC Does Not Bar Proceedings Against Company Directors Date of the Judgment: 17 January 2024 Citation: 2024 INSC 54 Judges: Abhay S. Oka, J., Ujjal Bhuyan, J. Can the directors of a company be held liable for a consumer court order when the company is undergoing insolvency proceedings? The Supreme
Supreme Court Clarifies Set-Off Rights in Corporate Insolvency: Bharti Airtel vs. Vijaykumar Iyer (2024) LEGAL ISSUE: Whether a creditor can claim a set-off against a corporate debtor during the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Corporate Insolvency Case Name: Bharti Airtel Limited and Another vs. Vijaykumar V. Iyer and Others [Judgment Date]: January 3,
Supreme Court Clarifies Limitation for NCLT Appeals: Sanjay Pandurang Kalate vs. Vistra ITCL (India) Limited (2023) INSC 1063 (4 December 2023) LEGAL ISSUE: Determining the commencement date for the limitation period for filing appeals against orders of the National Company Law Tribunal (NCLT) before the National Company Law Appellate Tribunal (NCLAT). CASE TYPE: Insolvency Law
Supreme Court Clarifies Eligibility for Resolution Applicants in MSME Insolvency Cases Date of the Judgment: 29 November 2023 Citation: 2023 INSC 1056 Judges: Justice Sanjay Kishan Kaul and Justice Sudhanshu Dhulia Can a promoter of a company, facing insolvency, submit a resolution plan if the company is classified as a Micro, Small, and Medium Enterprise
Supreme Court overturns NCLT order on revaluation of assets in insolvency case: Ramkrishna Forgings Limited vs. Ravindra Loonkar (2023) LEGAL ISSUE: Whether the National Company Law Tribunal (NCLT) can order a revaluation of a corporate debtor’s assets after the Committee of Creditors (CoC) has approved a resolution plan. CASE TYPE: Insolvency and Bankruptcy Law Case
Supreme Court Clarifies Status of Compulsorily Convertible Debentures Under IBC: IFCI Limited vs. Sutanu Sinha & Ors. (2023) LEGAL ISSUE: Whether Compulsorily Convertible Debentures (CCDs) should be treated as debt or equity under the Insolvency and Bankruptcy Code, 2016 (IBC). CASE TYPE: Insolvency Law Case Name: M/s. IFCI Limited vs. Sutanu Sinha & Ors. [Judgment
