Tag: NCLT

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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Subscription And Allotment Of Shares

9th October, 2023 - 4:35 am Categories: News & Updates

INTRODUCTION Raising capital is extremely crucial for every business. Capital can be either owned or borrowed. Owned Capital is known as Equity and Borrowed Capital is known as Debt. Equity is raised by issuing instruments called securities in the form of shares which are purchased by shareholders or members of the company. Shares are a … Continue reading Subscription And Allotment Of Shares

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Proposed Amendments To The Insolvency And Bankruptcy Code

25th May, 2023 - 7:10 am Categories: IBC

Insolvency and Bankruptcy Code, 2016, as amended (“Code”) regulations claim that countless cases of failing real estate businesses, including significant players like Jaypee Infratech, and Supertech, have been stalled at various stages of insolvency procedures over the past few years. It is being estimated that 344 corporate debtors involved in construction and real estate operations … Continue reading Proposed Amendments To The Insolvency And Bankruptcy Code

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Status Of Homebuyers Upon The Anvil Of IBC, 2016

6th February, 2023 - 7:20 am Categories: IBC

Introduction The status of homebuyers upon the anvil of “Insolvency and Bankruptcy Code, 2016” has been watched like a hawk for a while. Burying the lead, the Insolvency and Bankruptcy Code came into picture in 2016. It was put in place to combat a sharp increase in the NPAs. The goal of the code was … Continue reading Status Of Homebuyers Upon The Anvil Of IBC, 2016

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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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Jet Airways: An Insolvency Resolution Journey

4th March, 2022 - 12:51 pm Categories: Legal Issues

Jet Airways, which started off as an air taxi operator in 1993 and became a scheduled carrier in 1995, has been under insolvency for two years after it shut operations in April 2019 under a heavy debt. Jet Airways is the first Indian carrier/airline to undergo insolvency proceedings under the Cross Border Insolvency Protocol along with … Continue reading Jet Airways: An Insolvency Resolution Journey

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TATA Consultancy Services Limitedv.Vishal Ghisulal Jain, Resolution Professional, SkWheels Private Limited

2nd March, 2022 - 12:24 pm Categories: Legal Issues

(Supreme Court of India) Civil Appeal No 3045 of 2020 The appeal stemmed from a ruling given on June 24, 2020 by the National Company Law Appellate Tribunal (“NCLAT”). The NCLAT affirmed an interim order issued by the National Company Law Tribunal (“NCLT” or “Adjudicating Authority”) on December 18, 2019, preventing the appellant from terminating … Continue reading TATA Consultancy Services Limitedv.Vishal Ghisulal Jain, Resolution Professional, SkWheels Private Limited

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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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