Author: IBC Laws Editor

Award rendered in the a settlement of disputes or differences through a two-tier arbitration procedure being a “foreign award” is liable to be enforced under the provisions of Section 48 of the Arbitration and Conciliation Act, 1996 – M/s. Centrotrade Minerals and Metals Inc. Vs. Hindustan Copper Ltd. – Supreme Court

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The Code does not provide that the value given by the Resolution Applicant should match the fair value or the liquidation value, the law in this regard has been settled in Maharashtra Seamless Limited – Naresh Kumar Sharma Ex-Management of the Shekhar Resorts Ltd. Vs. Shekhar Resorts Ltd through Mr. Vikram Kumar IRP – NCLAT New Delhi

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Requirement for sending a reasonable notice to the Pledgor under Section 176 of the Contract Act, prior to the actual sale is not required in case of sale of dematerialised securities because the provisions of the Contract Act, will not be applicable for enforcing a share pledge – India Power Corporation Ltd. Vs. Meenakshi Energy Ltd. – NCLAT New Delhi

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Even after recommending a Resolution Plan for approval of the Adjudicating Authority, the Committee of Creditors can retract it and withdraw the decision in regard to approval of such Resolution Plan by the Committee of Creditors – Siva Rama Krishna Prasad Vs. S Rajendran, Official Liquidator of  M/S Krishna Industrial Corporation Ltd. & Ors. – NCLAT New Delhi

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If there be any irregularity in appointment/confirmation of Liquidator for not having a valid authorisation for assignment on the date of such acceptance or commencement of such assignment within the purview of Regulation 7A of the IP Regulations, 2016, that does not adversely affect and render the order of liquidation passed by the Adjudicating Authority illegal or invalid – Committee of Creditors, Represented by IDBI Bank Ltd. Vs. V Venkata Sivakumar & Anr. – NCLAT New Delhi

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Liquidation order after approval of Resolution Plan – Kridhan Infrastructure Pvt. Ltd. & Anr. Vs. Venkatesan Sankaranarayan & Anr. – NCLAT

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No one can take recourse that they have not been communicated the Judgment. It should be the duty of the counsel to keep a track after the matter is reserved for pronouncement. This is not a valid ground for requesting the condonation of delay – M/s Kuntal Construction Pvt. Ltd. Vs. M/s Bharat Hotels Ltd. – NCLAT New Delhi

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