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 Pre-Existing Dispute Under IBC: M/S S.S. Engineers vs. Hindustan Petroleum Corporation Ltd. (2022) LEGAL ISSUE: Whether a pre-existing dispute between an operational creditor and a corporate debtor bars the initiation of the Corporate Insolvency Resolution Process (CIRP). CASE TYPE: Insolvency and Bankruptcy Law Case Name: M/S S.S. Engineers vs. Hindustan Petroleum Corporation
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 Moratorium Under IBC: Indian Overseas Bank vs. RCM Infrastructure Ltd. (2022) LEGAL ISSUE: The core legal issue is whether a sale of assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is complete upon confirmation of sale or upon full payment and issuance
NOIDA Not a Financial Creditor Under IBC: Supreme Court Judgment Analysis LEGAL ISSUE: Whether a development authority, specifically NOIDA, qualifies as a financial creditor under the Insolvency and Bankruptcy Code (IBC) based on lease dues. CASE TYPE: Insolvency and Bankruptcy Law Case Name: New Okhla Industrial Development Authority vs. Anand Sonbhadra & Ors. Judgment Date:
Supreme Court Dismisses Review Petition in Insolvency Case: Vishal Vijay Kalantri vs. Shailen Shah (2022) INSC 429 Date of the Judgment: May 04, 2022 Citation: (2022) INSC 429 Judges: Uday Umesh Lalit, J. and Ajay Rastogi, J. Can a review petition be entertained if it does not present any new grounds for reconsideration? The Supreme
Supreme Court Clarifies Moratorium Impact on Corporate Debtor’s Arbitration Claims: New Delhi Municipal Council vs. Minosha India Limited (2022) INSC 423 LEGAL ISSUE: Whether a moratorium under the Insolvency and Bankruptcy Code (IBC) extends the limitation period for a corporate debtor to initiate arbitration proceedings. CASE TYPE: Arbitration, Insolvency Case Name: New Delhi Municipal Council
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
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
