IBC
IBC S. 7 – For dues payable by a separate corporate entity, its sister concern/group company cannot be driven into CIRP.
Insolvency and Bankruptcy Code, 2016, S. 7 - For dues payable by a separate corporate entity, its sister concern/group company...
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IBC S. 7- Revival of the petition on failure to abide by the consent terms
IBC S. 7- Revival of the petition on failure to abide by the consent terms - The Consent Terms clearly...
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IBC S. 7, 9 – Unlike Section 9, there is no scope of raising a ‘dispute’ as far as Section 7 petition is concerned – As soon as a ‘debt’ and ‘default’ is proved, the adjudicating authority is bound to admit the petition.
Insolvency and Bankruptcy Code, 2016, S. 7 , 9 - Unlike Section 9, there is no scope of raising a...
Read moreIDBI Trusteeship Services Limited v. Radius and Deserve Builders LLP, 2022 PLRonline 0298 (NCLT -Mumbai)
NCLT (Mumbai) Before: Justice P. N. Deshmukh (Retd.), Mr. Shyam Babu Gautam IDBI Trusteeship Services Limited v. Radius and Deserve...
Read moreIBC – Objectives
1. Swiss Ribbons Pvt. Ltd. & Anr. V. Union of India & Ors. [WP (Civil) Nos.99, 100, 115, 459, 598,...
Read moreIBC S. 3(8) – Who is a Corporate Debtor
The CD cannot use the provisions of section 3, as a blanket cover to claim exclusion from proceedings under the...
Read moreIBC S. 2(e) – Applies only for limited purpose contained in sub-sections (2) and (3) of section 60
State Bank of India v. V. Ramakrishnan & Anr. SC...
Read moreIBC S. 3(11), S. 3(12) – Debt & Default
Debt & Default 1. Brand Realty Services Ltd. V. Sir John Bakeries India Pvt. Ltd. NCLT order...
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Filing – Date of submission is the date of filing – Even if there is any defect in the Application, which is subsequently cured, the date of presentation of the Application shall remain the same and shall not be dependent on the date when defects are cured
Insolvency and Bankruptcy Code, 2016, Section 95, 96 - Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process...
Read moreKrishan Kumar Basia v. State Bank of India , 2022 SCeJ 844 (NCLAT)
Insolvency and Bankruptcy Code, 2016, Section 95, 96 - Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process...
Read moreIBC – After the CIRP is initiated, all actions including any action under the SARFAESI Act to foreclose, recover or enforce any security interest are prohibited – Moratorium
IBC - Sarfaesi Act Section 13 - After the CIRP is initiated, there is moratorium for any action to foreclose,...
Read moreIBC S. 14(1)(c) – Sarfaesi S. 13 – Sale could not be confirmed after initiaton of the CIRP/Moratorium
IBC S. 14(1)(c) - Sarfaesi S. 13 - Security Interest (Enforcement) Rules, 2002, R. 8, 9 - Sale under sarfaesi...
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IBC Sec 10A – As per Sec 10A, no IBC proceedings can be initiated against the Corporate Debtor for the default which has occurred between the period from 25/03/2020 till 24/03/2021, keeping in view of the extended period of Sec 10A
IBC Sec 10A - As per Sec 10A, no IBC proceedings can be initiated against the Corporate Debtor for the...
Read moreIBC. S. 7 – Written contract cannot be treated as an essential element or pre-requisite to prove the existence of Financial Debt
IBC. S. 7 - Written contract cannot be treated as an essential element or pre-requisite to prove the existence...
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IBC S. 238A – Limitation – We see no reason why Section 14 or 18 of the Limitation Act, 1963 should not apply to proceeding under Section 7 or Section 9 of the IBC – Section 238A of the IBC makes the Limitation Act applicable to proceedings in NCLT/NCLAT ‘as far as may be’ and/or in other words, to the extent they may be applied
Insolvency and Banking Code, 2016 (31 of 2016), Section 238A - Another civil proceeding whether in a Court of first...
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