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** This blog was co-published as a news item on https://legaldesire.com/insolvency-process-can-continue-despite-assets-of-corporate-debtor-being-attached-by-ed/ The case for the Applicant Resolution Professional was argued by one of our members – Counsel Krishna Grandhi of GLC & Partners. The National Company Law Tribunal (NCLT), Hyderabad Bench, has delivered an important ruling impacting several ongoing tussles between the Prevention of Money...

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

The legislature has brought in eight new amendments to the Insolvency and Bankruptcy Code, 2016 to eliminate certain interpretive ambiguities and to ensure that the Code remains effectual. The amendment was essential so as to oversee that the Code is on par with dynamic state of affairs. Extension of Deadline for The Completion Of CIRP...

The Hon’ble Supreme Court, in the case of JK Jute Mill Mazdoor Morcha vs. Juggilal Kamlapal Jute Mills Co. Ltd. [ Civil Appeal No. 20978 of 2017] answered whether a trade union can be said to be an ‘Operational Creditor’ for the purpose of the Insolvency and Bankruptcy Code, 2016 (“Code”). The case came up in...

In the case of M/S Innoventive Industries Pvt. Ltd vs. ICICI Bank & Anr { CIVIL APPEAL No. 8337-8338 of 2017], the Hon’ble Supreme Court for the first time explained the paradigm shift in the law by virtue of the newly enacted Insolvency and Bankruptcy Code, 2016 (“Code”) which consolidates and amends all the insolvency...

In the case of IndiaBulls Housing Finance Ltd. vs. Rudra Buildwell Projects Pvt. Ltd [Company Appeal (T) (insolvency) No. 172 of 2019] the question before NCLT is whether the appellant can claim to be a ‘Financial Creditor’ under the Insolvency and Bankruptcy Code, 2016 (“Code”) or not? In the above case, a tripartite agreement was...

In the case of Arcelormittal India Pvt. Ltd vs. Satish Kuamr Gupta & Ors.[ CIVIL APPEAL No. 94029405 of 2018] the question before the Hon’ble Supreme Court revolves around the ineligibility of resolution applicants to submit resolution plans after the introduction of Section 29A into the Insolvency and Bankruptcy Code, 2016 (“Code”). The main objective...

In the case of Uttara Foods and Feeds Private Limited v. Mona Pharmachem (CIVIL APPEAL NO. 18520 OF 2017 (Arising out of SLP(C) No. 26824 of 2017)) the Hon’ble Supreme Court recommended that competent authorities amend the relevant rules to include inherent powers of the tribunals. The facts of the case were that Mona Pharmachem...