2018

Summary of landmark judgment of Supreme Court in Arcelormittal India Pvt. Ltd. Vs. Satish Kumar Gupta & Ors., in Insolvency and Bankruptcy Code, 2016

Acceding to request of Committee of Creditors, in order to do complete justice under Article 142 of the Constitution of India, and also for the reason that the law on Section 29A has been laid down for the first time by this judgment, we give one more opportunity to both resolution applicants to pay off the NPAs of their related corporate debtors within a period of two weeks from the date of receipt of this judgment, in accordance with the proviso to Section 29A(c).

Summary of landmark judgment of Supreme Court in Arcelormittal India Pvt. Ltd. Vs. Satish Kumar Gupta & Ors., in Insolvency and Bankruptcy Code, 2016 Read Post »

Resolution Professional or Committee of Creditors cannot reclassify the status of a creditor from Financial to Operational Creditor – Mr Rajnish Jain The promoter, Stakeholder and Managing Director of Suspended Board of Directors Vs. Manoj Kumar Singh – IRP – NCLAT New Delhi

The issues that arise for Consideration are as under:

i) Whether the Committee of Creditors constituted under Section21 of the Code, 2016, could determine that M/s BVN Traders’ is a Financial or Operational Creditor?

ii) Whether the Resolution Professional could reclassify the status of a creditor from Financial to Operational Creditor based on the expert opinion despite that the Adjudicating Authority had taken a contrary view?

iii) Whether the Order of the Adjudicating Authority in upholding that BVN Traders is a Financial Creditor based on the majority decision of Committee of Creditors is valid?

Resolution Professional or Committee of Creditors cannot reclassify the status of a creditor from Financial to Operational Creditor – Mr Rajnish Jain The promoter, Stakeholder and Managing Director of Suspended Board of Directors Vs. Manoj Kumar Singh – IRP – NCLAT New Delhi Read Post »

While sanctioning a scheme of arrangement the right of Tax Authorities remains intact to initiate appropriate proceedings regarding recovery of any tax – Ad2Pro Global Creative Solutions Pvt. Ltd. Vs. Regional Director, (SER), Ministry of Corporate Affairs- NCLAT New Delhi

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While sanctioning a scheme of arrangement the right of Tax Authorities remains intact to initiate appropriate proceedings regarding recovery of any tax – Ad2Pro Global Creative Solutions Pvt. Ltd. Vs. Regional Director, (SER), Ministry of Corporate Affairs- NCLAT New Delhi Read Post »

Whether or not a creditor can initiate CIRP against the corporate guarantor when the guarantee is given for the loans granted to non-companies – M/s The Karur Vysya Bank Limited Vs. M/s Maharaja Theme Parks and Resorts Private Limited  – NCLT Chennai Bench

The issue for consideration before the NCLT was whether or not a creditor can initiate CIRP against the corporate guarantor when the guarantee is given for the loans granted to non-companies. NCLT held that the definition in section 5(5A) of the Code does not exclude the corporate guarantee given by a company to an individual. It makes no difference as to whether the Corporate Person stood as guarantor to an individual or a Corporate Person, and as so long as the obligation in respect of a claim is due from a Corporate Person falling within the definition of Financial Debt, then it is obvious that the Creditor can proceed under section 7 of the code against such Corporate Person.

Whether or not a creditor can initiate CIRP against the corporate guarantor when the guarantee is given for the loans granted to non-companies – M/s The Karur Vysya Bank Limited Vs. M/s Maharaja Theme Parks and Resorts Private Limited  – NCLT Chennai Bench Read Post »

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