Tag: CIRP

NCLT on Gitanjali Gems Liquidation: Analysing its Role and Authority Under IBC, 2016

7th June, 2024 - 6:39 am Categories: IBC

Introduction The jewellery retailer Gitanjali Gems, which is owned by the wanted man Mehul Choksi, notified the exchanges on Monday that the NCLT Mumbai bench has mandated the company’s liquidation. The decree came into effect on February 7, 2024. A company or corporation may be liquidated by winding up its operations by selling off its … Continue reading NCLT on Gitanjali Gems Liquidation: Analysing its Role and Authority Under IBC, 2016

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Conundrum of Limitation Period under IBC and Inapplicability of the Doctrine of Election

25th January, 2024 - 7:05 am Categories: IBC

Recently the Supreme Court in the case of Tottempudi Salalith v State Bank of India & Ors.[1] (Tottempudi Salaith) held that the doctrine of election cannot be applied to prevent a financial creditor to approach the National company law tribunal (NCLT) for initiating a Corporate Insolvency Resolution Process (CIRP) against the corporate debtor under Section … Continue reading Conundrum of Limitation Period under IBC and Inapplicability of the Doctrine of Election

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Can passing of a Resolution Plan obliterate proceedings under section 138 of NI Act?

30th March, 2023 - 5:59 am Categories: IBC

Introduction The Supreme Court of India vide its order dated 28th March, 2022 in Narinder Garg v. Kotak Mahindra Bank Ltd. (“Narinder Garg”) decided upon the effect of the passing of a resolution plan, under section 30(4) of the Insolvency and Bankruptcy Code, 2016 (“IBC”), on the validity of proceedings under section 138 of the … Continue reading Can passing of a Resolution Plan obliterate proceedings under section 138 of NI Act?

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Settling an incertitude conundrum: Whether the Adjudicating Authority is mandated to admit the application under Section 7 of the IBC without considering the extraneous matters involved?

26th October, 2022 - 5:48 am Categories: Legal Issues

Introduction To start a Corporate Insolvency Resolution (CIRP) against a Corporate Debtor, the Financial Debtor must file an application before the Adjudicating Authority under Section 7 of the Insolvency & Bankruptcy Code (IBC). The highlight of this section is that the Adjudicating Authority, after admitting the application, shall give an order within seven days of … Continue reading Settling an incertitude conundrum: Whether the Adjudicating Authority is mandated to admit the application under Section 7 of the IBC without considering the extraneous matters involved?

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Discretionary power of the Adjudicating Authority to reject CIRP applications under Section 7(5)(a) of the IBC

4th August, 2022 - 11:38 am Categories: Legal Issues

The National Company Law Tribunal and the National Company Law Appellate Tribunal has traditionally held that it is mandatory for the Corporate Insolvency Resolution Process(CIRP) to be initiated once the existence of a debt has been established under Section 7(5) of the Insolvency and Bankruptcy Code, 2016. There was no separate interpretation of Section 7(5) … Continue reading Discretionary power of the Adjudicating Authority to reject CIRP applications under Section 7(5)(a) of the IBC

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Insolvency and Bankruptcy Code 2016 | Arbitral Proceedings- The Contrast

26th March, 2022 - 11:03 am Categories: Legal Issues

In the year 2016, Insolvency and Bankruptcy Code was introduced to consolidate all the laws associated with the Insolvency resolution of the corporate personalities with aim to realise the maximum value of assets for such corporate persons in a time-bound manner and to promote entrepreneurship, available of credit and to protect the interest of the … Continue reading Insolvency and Bankruptcy Code 2016 | Arbitral Proceedings- The Contrast

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Scope Of NCLT & NCLAT’s Powers Under Section 7 Of IBC, 2016

23rd December, 2021 - 5:03 am Categories: Legal Issues

INTRODUCTION The NCLT was established under Section 408 of the Companies Act, 2013 18 of 2013 w.e.f 01st June 2016 to exercise and discharge all duties and functions conferred on it by or under this Act or any other law in force at the time. The IBC’s institutional foundation called for the creation of a … Continue reading Scope Of NCLT & NCLAT’s Powers Under Section 7 Of IBC, 2016

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Winding Up/ Liquidation process under the Companies Act, 2013 vis-à-vis Insolvency And Bankruptcy Code, 2016

1st May, 2020 - 6:14 am Categories: Corporate Law

A firm (for convenience sake called “CD”) regularly supplies certain raw materials to a partnership firm (for convenience sake called “QR”) carrying out its business of manufacturing geysers. After 6 months of regular supply of goods, QR fails to clear the outstanding dues of “CD” amounting to principal amount of Rs.1,25,00/- with interest accrued thereon. … Continue reading Winding Up/ Liquidation process under the Companies Act, 2013 vis-à-vis Insolvency And Bankruptcy Code, 2016

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Mobilox Innovations Private limited vs. Kirusa Software Private Limited

4th January, 2018 - 1:00 pm Categories: Legal Issues

The much debated question with respect to the interpretation of what amounts to “existence of a dispute” has been finally answered by the Supreme Court in the (Mobilox vs. Kirusa) judgment. The interpretation of “existence of dispute” was seen in the context of initiation of CIRP of corporate debtors under the Insolvency and Bankruptcy Code, … Continue reading Mobilox Innovations Private limited vs. Kirusa Software Private Limited

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