Insolvency

IBC Insolvency & Bankruptcy CodeWhether the suspended Board of Directors have the right to receive confidential documents (IBC)

June 17, 2019by Krishna Grandhi and GLC Team

In the case of Vijay Kumar Jain vs Standard Chartered Bank and others(Civil Appeal No.8430 Of 2018) the main issue before the Hon’ble Supreme Court is whether erstwhile board of directors of the Corporate Debtor should be given confidential documents like resolution plan. Standard Chartered Bank Ltd. and DBS Bank Ltd. who were the financial...

IBC Insolvency & Bankruptcy CodeWhether an application before the adjudicating authority can be withdrawn after admission (IBC)

June 16, 2019by Krishna Grandhi and GLC Team

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...

IBC Insolvency & Bankruptcy CodeWhether the IBC proceedings can be invoked where there is a dispute regarding the existence of the debt (IBC)

June 15, 2019by Krishna Grandhi and GLC Team

In the case of Transmission Corporation of Andhra Pradesh Ltd. v. Equipment Conductors & Cables Ltd.( CIVIL APPEAL NO. 9597 OF 2018) the Hon’ble Supreme Court dismissed the order of the NCLAT since there was no debt payable in law. The facts of the case were that the Appellant i.e. Transmission Corporation of Andhra Pradesh...

IBC Insolvency & Bankruptcy CodeSection 10 of the Insolvency and Bankruptcy Code, 2016 and AGMs

June 14, 2019by Krishna Grandhi and GLC Team

In the case of Mr. Umesh Aggarwal v. RICOH India Ltd. (Company Appeal (AT) (Insolvency) No. 621 of 2018) the NCLAT gave clarifications regarding Section 10 of the Insolvency and Bankruptcy Code, 2016. The facts of the case were that the Respondent, i.e. the Corporate Debtor filed an application under Section 10 of the Insolvency...

IBC Insolvency & Bankruptcy CodeIs Section 238 of IBC applicable to Income Tax Act? (IBC)

June 13, 2019by Krishna Grandhi and GLC Team

In the case of Pr. Commissioner of Income Tax v. Monnet Ispat and Energy Ltd (Petition(s) for Special Leave to Appeal (C) No(s). 6483/2018) the main issue before the Hon’ble Supreme Court was that whether moratorium will be applicable to the proceedings of Income Tax Appellant Tribunal. In this an application under Section 7 of...

IBC Insolvency & Bankruptcy CodeWhether Dispute Was Unwarranted and Spurious Due to Which It Cannot Be Accepted as Existence of Dispute (IBC)

June 12, 2019by Krishna Grandhi and GLC Team

In the case of Karpara Project Engineering Private Limited v BGR Energy Systems Ltd. ( Company Appeal (AT) (Insolvency) No. 622 of 2018) the main issue before the NCLAT was whether dispute was unwarranted and spurious due to which it cannot be accepted as existence of dispute. The facts of the case were that the...

IBC Insolvency & Bankruptcy CodeWhether an Arbitration Award can be enforced through NCLT (IBC)

June 11, 2019by Krishna Grandhi and GLC Team

In the case of Cheran Properties Ltd. Vs. Kasturi and Sons Ltd. and Ors.( Civil Appeal Nos. 10025-10026 of 2017) the issue before the Hon’ble Supreme Court was whether an Arbitration Award can be enforced by the NCLT. Sporting Pastime Limited (SPIL) was a fully owned subsidiary of Kasturi & Sons Limited (KSL). It entered...

IBC Insolvency & Bankruptcy CodeWhether the Financial Creditor Can Claim Voting Rights Against the Total Loan Amount of the Contract or Individual Amount with Respect to the Corporate Debtor, IBC

June 10, 2019by Krishna Grandhi and GLC Team

In the case of Capri Global Capital Limited Vs. Value Infracon India Pvt. Ltd.(Through its Resolution Professional Mr. Sanjay Kumar Singh) & Anr.( Company Appeal (AT) (Insolvency) No. 29 of 2019) the main issue before the NCLAT was whether the financial creditor can claim voting rights against the total loan amount of the contract or...

IBC Insolvency & Bankruptcy CodeWhether any debts related to security interest can be recovered during the Moratorium, IBC

June 9, 2019by Krishna Grandhi and GLC Team

In the case of Canbank Factors Ltd. Vs. Dharmendra Kumar (Company Appeal (AT) (Insolvency) No. 789 of 2018) the NCLAT held any kind of debt cannot be recovered during the moratorium period. On 28th February 2018 Corporate Insolvency Resolution Process (CIRP) was initiated against M/s IAP Company Pvt. Ltd. and moratorium was passed. However, it...

IBCWhether an application under Section 7 & 10 of the IBC can be admitted in case a winding up order has been passed against the Corporate Debtor, IBC

June 8, 2019by Krishna Grandhi and GLC Team

In the case of Indiabulls Housing Finance Ltd. v. Shree Ram Urban Infrastructure Ltd. (Company Appeal (AT) (Insolvency) No. 252 of 2018) the main issue before NCLAT was whether another petition under section 7 or 10 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) can be entertained when winding up order has already been passed...

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