The Insolvency and Bankruptcy Board of India (IBBI) has amended rules pertaining to redressal of grievances filed against insolvency professionals. IBBI has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. The mechanism of complaint or grievance redressal and subsequent enforcement
The National Company Law Tribunal (NCLT) New Delhi, on March 25, 2022 admitted Union Bank of India’s application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate insolvency proceedings against real estate firm Supertech. “We are satisfied that the present application is complete in all respects and the applicant financial creditor (Union Bank) is entitled to claim
In the case of Vijay Kumar Jain vs. Standard Chartered Bank & Ors., the Apex Court held that the members of the suspended Board of Directors of a corporate debtor are vested with right to receive insolvency resolution plans submitted before the resolution professional so that they could effectively participate in the meetings of Committee of Creditors (CoC). The Supreme Court
JSW Steel Ltd. Vs. Mahender Kumar Khandelwal & Ors.-NCLAT In the CIRP of Bhushan Power & Steel Limited- (Corporate Debtor), the Resolution Plan submitted by JSW Steel Limited (Resolution Applicant) has been approved by the Adjudicating Authority by impugned Judgment dated 5th September, 2019 with certain conditions. After the approval of plan when Monitoring Committee was monitoring the change of
This article will deal with two noteworthy judgments wherein the question perishable and non perishable goods with respect to private auction had been raised further the Court also went on to reiterate the fact that the System always takes note of payments to be done by the Committee of Creditors along with a plethora of cases with respect to the
The National Company Law Tribunal in the month of November initiated Corporate Insolvency Resolution Process against leading Delhi based construction group “Today Homes and Infrastructure” under Section 7 of the Insolvency and Bankruptcy Code, 2016 wherein a Financial Debtor can go against the Corporate Debtor. Facts of the case The Construction group has been constructing Project site called Royal Elegancia
This initiative taken by the government aims at introducing a shorter, time bound, online financial bidding process in corporate insolvency process under the Code of 2016- this in turn will ensure the timeline as proscribed under the Code to be followed at all times, will improve transparency and also will reduce unnecessary litigation. Current scenario The bidding process which is
Introduction The article will deal with the ingredients of order 37 of Civil Procedure Code. Further, cases and explanation will be given as to what will constitute a summary suit and what does not fall under the ambit. It is to be noted that, a summary suit cannot be constituted by any court without the official notification given by the
In the matter of Nupower Renewables Private Ltd. vs. Cape Infrastructure Private Ltd. (07.07.2017 – NCLT – Chennai) : MANU/NC/0983/2017: The Application has been filed by the Applicant u/s. 9 of the Insolvency and Bankruptcy Code, 2016 claiming the advance amount paid by the Applicant to the Respondent along with interest. Two main issues were discussed as follows: Whether the
Before the introduction to the two major sections of the IBC Code it is pertinent to understand and interpret the meaning of default. Under the Code default means nonpayment of debt when whole or any part or installment of the amount of the debt has become due and payable and is not repaid by the debtor or the Corporate Debtor,
