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 Validity of Possession without Completion Certificate in Consumer Cases Date of the Judgment: 06 September 2024 Citation: (2024) INSC 667 Judges: Justice Vikram Nath and Justice Prasanna Bhalachandra Varale Can a builder offer possession of a flat without obtaining a completion certificate and firefighting clearance? The Supreme Court of India recently addressed
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 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 the applicability of Section 18 of the Limitation Act to IBC proceedings: State Bank of India vs. Krishidhan Seeds Private Limited (2022) INSC 189 Date of the Judgment: April 18, 2022 Citation: (2022) INSC 189 Judges: Dr Dhananjaya Y Chandrachud, J. and Surya Kant, J. Can a one-time settlement (OTS) offer or
Supreme Court on Limitation under IBC: SVG Fashions vs. Ritu Goyal (2022) Date of the Judgment: 29 March 2022 Citation: (2022) INSC 234 Judges: Hemant Gupta, J., V. Ramasubramanian, J. (authored the judgment) Can a letter acknowledging a debt, along with dishonored cheques, revive a time-barred claim under the Insolvency and Bankruptcy Code (IBC)? The
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 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 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 Dismisses Insolvency Plea Citing Limitation: Reliance Asset Reconstruction vs. Hotel Poonja International (2021) LEGAL ISSUE: Whether an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is barred by limitation when the default occurred more than three years before the application was filed. CASE TYPE: Insolvency Law Case Name: M/s. Reliance
