With the amendments came a surge of landmark decision that was laid down by various levels of the Judiciary system with respect to the evolution of Insolvency and Bankruptcy Code. Right from the inclusion of a construed time period for Corporate Insolvency Resolution Process to a timeline provided for e bidding processes. This article will majorly deal with cases which were provided post the amendment of August 2019.
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Electricals and Electronics Private Limited vs. Brian Lau and Anr.
In this case wherein the Corporate Insolvency Resolution Process did not reach no Committee of Creditors was formed, the Court laid down that in that case the Interim Resolution Professional cost will be borne by the Corporate Debtor and the same will be decided by the Adjudicating Authority.
NCLT initiates insolvency proceedings against AVIVA life insurance
The much acclaimed group was hit by insolvency proceedings wherein it was held liable for various due under the various schemes introduced by this Company. The petition filed by an Operational Creditor stated to the Bench that the last due was paid on October 2017 and subsequently no other payment was done on behalf. The Respondent sided with the argument that the petitioner were hit by bar of limitation, to which the petitioners stated that under Section 3(16) of the Code the same will not be applicable as bar was only operative for institutions mentioned under financial services as defined under the provided section. The NCLT had ordered a moratorium and passed an order to appoint an Interim Resolution Professional in the said matter.
Committee of Creditors of Amtek Auto Limited through Corporation Bank vs. Dinakaran T. Venkatasubramaniam & Ors.
The Resolution Plan, which had consumed time available under section 12 of the Code, has failed owing to non fulfillment of the commitment by Liberty House. However the Supreme Court noted the recent amendment permits resolution process to be completed within 90 days from the date of commencement of the Amendment Act. It is also noted that expression of interest had been indicated by eight other parties. It permitted the Resolution Professional to invite fresh offers within a period of 21 days.
