Author: Ramroop

Whether more than one Challenge Mechanism is permissible? and Whether CIRP Regulations 39(1A) and 39(1B) are mandatory or directory? – Torrent Investments Pvt. Ltd. Vs. Y. Nageswara Rao, Administration. – NCLT Mumbai Bench

Posted by Ramroopon February 23, 2023March 9, 2023in IBC-Case Laws-NCLT, Newsletter-IBC Case

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Whether IRP(became IRP after admission of the CIRP) who had served the notice under Section 8 of the Code is a related party in terms of Section 5(24)(h) of the Code? – Nileshbhai Shantilal Patel Vs. Westin Resins and Ploymers Pvt. Ltd. & Anr. – NCLAT New Delhi

Posted by Ramroopon February 7, 2023February 7, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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Whether assets of the subsidiary companies can be dealt with in Corporate Insolvency Resolution Process of holding Company? – Greater Noida Industrial Development Authority (GNIDA) Vs. Roma Unicon Designex Consortium – NCLAT New Delhi

Posted by Ramroopon February 7, 2023February 22, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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IBC Section 7 application cannot be rejected on the ground that certain portion of sanction amount of financial facilities could not be disbursed by the Financial Creditors – State Bank of India Vs. N.S. Engineering Projects Pvt. Ltd. – NCLAT New Delhi

Posted by Ramroopon February 6, 2023February 6, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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The mere fact that instead of reviving company petition, a fresh company petition has been filed under section 7 shall not be reason to reject the company petition – Priyal Kantilal Patel Vs. IREP Credit Capital Pvt. Ltd. & Anr. – NCLAT New Delhi

Posted by Ramroopon February 6, 2023February 5, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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Mere availability of an alternative remedy of appeal or revision, which the party invoking the jurisdiction of the High Court under Article 226 has not pursued, would not oust the jurisdiction of the high court and render a writ petition not maintainable – M/s Godrej Sara Lee Ltd. Vs. The Excise and Taxation Officer-Cum-Assessing Authority & Ors. – Supreme Court

Posted by Ramroopon February 6, 2023February 6, 2023in Case Laws-SARFAESI-Supreme Court, Common Interpretation judgment, IBC-Case Laws-Supreme Court, Newsletter-IBC Case

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Valuation having already been done and auction sale notice have been issued and auction sale conducted identifying the Successful Auction Bidder, there was no occasion for directing any appointment of forensic auditor – Kunwer Sachdev Vs. Su-Kam Power Systems Ltd. Through Sh. Raj Kumar Ralhan(Liquidator) – NCLAT New Delhi

Posted by Ramroopon February 6, 2023February 6, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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Acreage Properties Pvt. Ltd. Vs. Boulevard Projects Pvt. Ltd. & Anr. – NCLAT New Delhi

Posted by Ramroopon February 3, 2023February 5, 2023in IBC-Case Laws-NCLAT

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Dharmesh S. Jain Vs. Sushma Anand Jain – NCLAT New Delhi

Posted by Ramroopon February 3, 2023February 5, 2023in IBC-Case Laws-NCLAT

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Harsh Krishanchander Kalra Suspended Director, Kalra Overseas and Precision Engineering Ltd. Vs. Small Industries Development Bank of India & Anr. – NCLAT New Delhi

Posted by Ramroopon February 3, 2023February 5, 2023in IBC-Case Laws-NCLAT

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Chapter	Topic	Content
CH-2: General & Definitions
		Short Note on Insolvency and Bankruptcy Code, 2016 (IBC, 2016)
		Dispute and Existence of a Dispute
		Operational Debt and Operational Creditor
		Persons who may initiate Corporate Insolvency Resolution Process(CIRP)
		Analysis provisions of Limitation Act, 1963 with respect to Insolvency and Bankruptcy Code, 2016
CH-3: CIRP
	Topic-1 : CIRP Application & Withdrawal
		Analysis of Minimum amount of default under Section 4 of IBC
		Procedure of filing application by Financial Creditor before NCLT under Section 7 of the IBC
		Procedure of filing application by Operational Creditor before NCLT under Section 8 & 9 of the IBC
		Initiation of CIRP by corporate applicant under Section 10 of the IBC
		Analysis of withdrawal of CIRP proceeding pursuant to settlement under Section 12A of Insolvency and Bankruptcy Code, 2016 (IBC)
	Topic-2 : Declaration of moratorium and public announcement
		Declaration of moratorium and public announcement [Section 13, 14 & 15 of the IBC]
		All about the Moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 including judicial pronouncements
	Topic-3 : Appointment and tenure of IRP & RP
		Appointment and tenure of Interim Resolution Professional and Resolution Professional [Section 16, 22 & 27 of the IBC]
		Role of an Interim Resolution Professional and Resolution Professional
	Topic-4 : Management of affairs by IRP
	Topic-5 : Receive and collate all the claims submitted by creditors
	Topic-6 : Committee of creditors and meetings
		Constitution of Committee of Creditors under Section 21 of IBC
		Role of Committee of Creditors & It’s Commercial Wisdom
		Analysis of provisions on Authorised Representative under IBC
		Meetings & Voting of the Committee of Creditors under Section 24 of the IBC
	Topic-7 : RP to conduct the CIRP and manage the operations
		Resolution Professional to conduct the CIRP and manage the operations of the Corporate Debtor
		Insolvency Resolution Process Costs & Essential supplies
		To identify preferential transactions under Sec. 43 of the Code in any CIRP, step to be taken by a Resolution Professional
	Topic-8 : CIRP and Resolution Plan
		Information Memorandum, Expression of Interest, Request for Resolution Plans & Resolution Plans
		Role of the prospective resolution applicant
		Persons not eligible to be Resolution Applicant [Sec. 29A of IBC]
		Submission and approval of the Resolution Plan
		Liability for prior offences under Section 32A of the IBC
CH-4 : Liquidation Process
	Topic-1 : Initiation of Liquidation
	Topic-2 : Appointment & Remuneration of Liquidator
		Appointment & Remuneration of Liquidator under Sec. 34 of IBC
		Powers and duties of Liquidator under Sec. 35, 37 of IBC
	Topic-3: Liquidation Estate
	Topic-4: Public announcement, Preliminary report, Early dissolution and Progress reports under Liquidation
	Topic-5: Claims under Liquidation
	Topic-6: Preferential, undervalued and Extortionate Credit Transactions
		Preferential, Undervalued and Extortionate Credit Transactions under Sec. 43, 44, 45, 46, 47, 48, 49, 50, 51 of IBC
		To identify preferential transactions under Sec. 43 of the Code in any CIRP, step to be taken by a Resolution Professional
	Topic-7: Secured Creditor in Liquidation Proceedings
	Topic-8: Realisation of Assets in Liquidation Proceedings
	Topic-9: Proceeds of Liquidation and Distribution of Proceeds
CH-5 : Personal Guarantor
		Chapter VIII Indemnity and Guarantee of Indian Contract Act, 1872
		All about Personal Guarantor under IBC Part-I
		All about Personal Guarantor under IBC Part-II
		Insolvency Resolution Process Regulation
		Bankruptcy Process for PG Regulation
		IRP Application to AA Rules
		Bankruptcy Process Application to AA Rules