Bringing you the Best Analytical Legal News
The NCLAT upheld the grant of reliefs and concessions regarding shared utilities and services in Resolution Plan to facilitate the smooth and successful implementation of the Resolution Plan.
The NCLAT warned against manipulating the IBC for debt recovery purposes, as it would defeat the code’s purpose of rehabilitating Corporate Debtors.
NCLAT held that CoCs’ resolution not to consider Resolution Plans from additional new entrants rendered the NCLAT’s orders unsustainable.
NCLAT upheld appellant’s classification as a Financial Institution and it’s liability to pay Liquidation Costs.
NCLAT stated that since the IBC overrides the SARFAESI Act, the Liquidator ought not to prefer a petition, based on the SARFAESI Act, and therefore Liquidator’s decision to classify the appellant as an unsecured financial creditor was illegal and invalid.
M.P. Municipal Corporation Act, 1956 (23 of 1956) — S. 132(6)(l) — Tax on advertisement: Law clarified on requisites for levy of
In the instant matter, the NCLT rejected the application, noting the approval of the resolution by the Committee of Creditors and the absence of filing through an authorized representative.
By Aditya Vikram Singh† and Vedant Singh††
The dues shown payable to the appellant was Rs. 13,47,40,819 while the appellant claimed it to be Rs. 43,40,31,951.
The NCLAT held that the commercial wisdom of the CoC was considered paramount, and no interference was justified.
The NCLAT held that the CoC had the jurisdiction to decide on liquidation as per Section 33(2) and its explanation, even before completing all steps for resolution.
Section 12A was introduced in the Insolvency and Bankruptcy Code, 2016, allowing the withdrawal of CIRP with the approval of 90% voting share of the CoC.
by Zorawar Singh† and Hitesh Mankar††
A quick legal roundup to cover important stories from Tribunals, Regulatory Bodies, Commissions for the month of October and November 2023.
The NCLAT directed the Adjudicating Authority to hear and decide the application under Section 7 of the IBC expeditiously, treating it as not covered by Section 10A of the IBC.
“Debt acknowledgment in balance sheets and OTS proposal demonstrated Corporate Debtor’s awareness of assignment, rendering technical challenges unfounded.”
The NCLAT reiterated the importance of adhering to timelines in the Insolvency resolution process and the unacceptability of claims filed after the approval of the Resolution Plan by the CoC.
NCLAT upheld the Adjudicating Authority’s order on finding no error in rejecting the appellant’s objections to the Resolution Plan.
While affirming the impugned order, the NCLAT granted the appellant option to pursue proceedings as per the agreement between the parties before an appropriate forum in accordance with the law.
After applying the rule that all the contemporaneous documents are to be read together, to discern the true purport of the contract, Supreme Court said that the parties intended assignment of the debt, i.e., the rents payable.