Adjudicating Authority by adopting a process of taking two bids cannot conclude the sale of a Corporate Debtor without giving an opportunity to Liquidator to take steps for private sale – State Bank of India Vs. Bhuvee Stenovate Pvt. Ltd. & Ors. – NCLAT New Delhi

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NCLT directs Successful Resolution Applicant to make necessary payments under the provisions of EPF and MP Act, 1952 after the approval of Resolution Plan – Employees Provident Fund Organisation Vs. Sh. Darshan Singh Anand The IRP – NCLT Chandigarh Bench

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RBI releases Discussion Paper on Securitisation of Stressed Assets Framework (SSAF) through the Special Purpose Entity (SPE) route

Currently there is no corresponding mechanism for securitisation of non-performing assets (NPAs) through the SPE route. The SARFAESI Act, 2002 does provide for securitisation of NPAs but such securitisations have to be undertaken by Asset Reconstruction Companies (ARCs) licensed under the Act, in terms of the specifically laid down statutory/regulatory norms. Based on market feedback and stakeholder consultations, it was decided to enable securitisation of NPAs through the SPE route, on the lines of securitisation of standard assets. Read here about new mechanism for securitisation of non-performing assets (NPAs) through the SPE route

Vishwanatha Sridhar Prabhu Vs. Union of India Case Summary – By Akhila Bolla

High Court in this case has granted Interim relief for Pending the hearing and final disposal of the present Writ Petition, stay the operation and effect of the Order passed on February 28, 2022 passed by the IBBI for suspending the registration of Mr. Vishwanath Shridhara Prabhu as a registered valuer till he is acquitted of the charges.

Benefit under Section 10A of IBC can be claimed by a Corporate Debtor only when there is clear default during the prohibited period – Vishal Agarwal Erstwhile Director of Gagan I-Land Township Pvt. Ltd. Vs. ICICI Prudential Real Estate AIF-I & Anr. – NCLAT New Delhi

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Legal Representatives (LRs) including widow of deceased Promoter/Director of Corporate Debtor should be impleaded as a party in application under Section 43, 45, 50 & 66 of the IBC for avoidance of transactions – Arvind Garg Liquidator of Carnation Auto India Pvt. Ltd. Vs. Jagdish Khattar & Ors. – NCLAT New Delhi

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