The interest or claim of a partner against another partner or firm is not protected under IBC: NCLT Mumbai
The NCLT, Mumbai Bench on June 27, 2022 in the matter of Parul A Vora v. Kavya Buildcon Private Limited, while deciding a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) held that the IBC does not protect the interest or claim of a partner against another partner or the partnership firm. […]
Market value does not become decisive of valuation merely because litigation involves immovable property: Supreme Court
The Supreme Court on June 16, 2022 in the matter of Bharat Bhushan Gupta v. Pratap Narain Verma And Anr., held that the nature of relief claimed in a plaint is decisive of the valuation of the suit. Market value does not become decisive of suit valuation merely because immovable property is the subject-matter of litigation. […]
NCLT/NCLAT should not sit in appeal over commercial wisdom of CoC to allow withdrawal of CIRP: Opines Supreme Court
The Supreme Court on June 03, 2022 in the matter of Vallal Rck v. M/s. Siva Industries And Holdings Limited And Ors. held that when 90% or more of the creditors decide that it will be in the interest of all the stake¬holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw […]
Temporary unavailability of a member to sign the order not a ground for fresh hearing, if order was passed with consent of such member: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”) principal bench on May 31, 2022 while adjudicating an appeal in Ashish Chandravandan Patel v. Axis Bank Ltd. & Anr, has held that an order passed with the consent of both members of an NCLT Bench but signed by only one of them due to temporary unavailability of the […]
SARFAESI proceedings cannot be continued against corporate debtor once CIRP is admitted and moratorium is ordered: Observes Supreme Court
The Supreme Court on May 18, 2022 in the case of Indian Overseas Bank v. RCM Infrastructure Ltd observed that the proceedings under the SARFAESI Act cannot be continued once the Corporate Insolvency Resolution Process (“CIRP”) is initiated and the moratorium is ordered. In this case, the Indian Overseas Bank (“the Bank”) had extended certain credit facilities […]
Section 18 Limitation Act Is Applicable To IBC Proceedings: Reiterates Supreme Court
The Supreme Court on May 18, 2022 in the case of State Bank of India v. Krishidhan Seeds Private Limited observed that the provisions of Section 18 of the Limitation Act are applicable to proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”). In the instant case, the NCLT rejected the application filed by the State Bank […]
Appeal to NCLAT shall be filed within a period of 30 days: Reiterates Supreme Court
The Supreme Court on May 12, 2022 in the case of Safire Technologies Pvt Ltd v. Regional Provident Fund Commissioner reiterates that an appeal against the order of NCLT shall be filed before the NCLAT within a period of 30 days and the appellate tribunal can only condone delay for a period of 15 days. In the […]
Contract Act does not recognize sale of pledged goods by Pawnee to self: Opines Supreme Court
The Supreme Court on May 12, 2022 in the matter of PTC India Financial Services Ltd v. Venkateswarlu Kari and another held that the Indian Contract Act 1872 does not recognize the sale of the pledged goods by a pawnee to himself in the event of default of payment by the pawnor. In the instant matter, one […]
Moratorium period can be excluded in computing limitation period in a Suit/Application by Corporate Debtor- Holds Supreme Court
The Supreme Court on May 11, 2022 in the matter of New Delhi Municipal Council v. Minosha India Limited held that the entire period during which the moratorium was in force in respect of corporate debtor can be excluded while computing the period of limitation for a suit or proceeding by the corporate debtor. In this case, […]
Committee of Creditors is competent to revise the approved fees of Resolution Professional– Observes NCLAT
National Company Law Appellate Tribunal (“NCLAT”) on May 08, 2022 in the matter of Kushwinder Singhal v. Reena Tiwari held that the Committee of Creditors (“CoC”) is fully competent to revise its earlier approved fees of the Resolution Professional (“RP”). In the instant case, after the initiation of the Corporate Insolvency Resolution Process (“CIRP”) of Bestways Transport India Pvt Ltd. (“Bestways”), COC decided the fees […]