Operational Creditor
Operational Creditors must be paid equivalent amount as per Section 53 of the IBC in case of liquidation of Corporate Debtor: SC
The Court said that Vistra ITCL (India) Ltd. would be treated as a secured creditor in terms of Section 52 and 53 of the IBC, and would be entitled to retain the security interest in the pledged shares.
Whether Corporate Debtor can raise pre-existing dispute in reply to the petition filed under Section 9 IBC in case demand notice issued under Section 8 of IBC is not replied? NCLAT answers
In the instant matter, the petitioner preferred an appeal challenging the order of Adjudicating Authority dismissing application in view of the “pre-existing dispute”. NCLAT held that when the reply to Demand Notice was not filed within 10 days, the Corporate Debtor is not precluded from raising the question of dispute or pleading that there is no amount due and payable.
Order of stay/moratorium under the Companies Act, 2013 prohibits the initiation of any proceedings; Parties cannot be referred to Arbitration: Delhi High Court
The Delhi High Court ruled that the moratorium granted by the NCLAT, staying the institution of suits and proceedings against the Corporate Debtor, after the resolution process was initiated against it under Sections 241 and 242 of the Companies Act, 2013, was akin to an order of moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016.
Date of default and acknowledgement are two different events; NCLAT imposes penalty of Rs. 25 lakhs for attempting to stop implementation of a RERA order
National Company Law Appellate Tribunal | While dealing with an appeal challenging the impugned order passed by NCLT, Ashok Bhushan*, J., Dr.
Non-payment of full provident fund and gratuity violative of S. 30(2)(e) IBC; NCLAT directs Jet Airways to make payments
National Company Law Appellate Tribunal, Delhi: In a batch of appeals filed challenging order dated 22-06-2021 passed by the National
NCLAT Mumbai |Interest on Delayed Payments is a part of Operational Debt under S. 3(11) of IBC
National Company Appellate Tribunal, Mumbai: The Bench of Ashok Bhushan, J., Chairperson, M. Satyanarayana Murthy, Judicial Member, and Naresh Salecha, Technical member
NCLT| Sahara Hospitality to go through Corporate Insolvency Process
National Company Law Tribunal, Mumbai: The Bench of P.N. Deshmukh, J., Judicial Member, and Shyam Babu Gautam, Technical Member admitted
Can Lease Rental come under the purview of ‘Operational Debt’? NCLAT elucidates
National Company Law Tribunal, New Delhi: The Bench of Ashok Bhushan J., Chairperson, Rakesh Kumar Jain and Rakesh Kumar, JJ,
Whether salary during notice period falls within definition of Operational Debt under IBC : Read NCLT’s decision
National Company Law Tribunal, Mumbai Bench (NCLT): The Coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member deliberated
Lease and Rent as an Operational Debt
by Akaant Kumar Mittal†
Cite as: 2022 SCC OnLine Blog Exp 38
“Debt arising out of advance payment for supply of goods or services is an operational debt”; SC allows operational creditor to initiate CIRP
Supreme Court: While dealing with a case involving two controversial terms; “operational debt” and “operational creditor” of IBC, the 3-judge Bench of
Operational Creditor is under obligation to recover money from its client and not agent: NCLT decides while dismissing a petition filed under S. 9 IBC
National Company Law Tribunal, Mumbai Bench: The Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) dismissed a
NCLT | Deducing from the acts and the tactics of the corporate debtor failing the test of legality, initiates CIRP
National Company Law Tribunal, Mumbai Bench, Mumbai- The Coram of Ashok Kumar Borah, Judicial Member, and Shyam Babu Gautam, Technical Member while
NCLT rejects withdrawal application under S. 12-A IBC where corporate debtor entered into settlement only with a fraction of creditors: CIRP against Rolta India Ltd. will continue
National Company Law Tribunal, NCLT Mumbai: Coram of Suchitra Kanuparthi, Judicial Member and Chandra Bhan Singh, Technical Member, observed that, “…a Judicial
Claim for Refund of Advance: Whether an Operational Debt
by Rahul Poddar*
NCLAT | Insolvency process proceeded without ‘Demand Notice’ being served under S. 8 IBC due to change in ‘registered address’. Does Insolvency and Bankruptcy Code allow to proceed in such circumstances? Read on
National Company Law Appellate Tribunal (NCLAT): The Division Bench of Venugopal M (Judicial Member) and Alok Srivastava (Technical Member) held that a
NCLAT rejects Corporate Creditor’s demand of payment of outstanding operational debt worth Rs 58 crores, after finding ‘plausible contention’ in debtor’s arguments
National Company Law Appellate Tribunal, New Delhi: The 3-Member Bench of Justice Bansi Lal Bhat (Acting Chairperson), V.P. Singh, Member (Technical) and
NCLAT | Rejection of application under S. 9 IBC upheld where CIRP initiated with ‘fraudulent and malicious’ intent
National Company Law Appellate Tribunal (NCLAT): A Bench of S.J. Mukhopadhaya, Chairperson and Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member