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Residuary Jurisdiction of the National Company Law Tribunal: A Study of Recent Developments – By N. Bharat Sudarshan and Reema Jain

It must be considered that the legislative intent envisages that all state of affairs should be such that the Corporate Debtor can be revived. This idea percolates through Section 60(5)(a) of The Code as it unequivocally declares that NCLT shall have jurisdiction to entertain “Any application” against the Corporate Debtor without any specification regarding the dispute or application arising from the insolvency of the Corporate Debtor.

Residuary Jurisdiction of the National Company Law Tribunal: A Study of Recent Developments – By N. Bharat Sudarshan and Reema Jain Read Post »

From Piramal Enterprises Case to State Bank of India case: Finality still required – By Arundathi K and Deepak Thakur

Ever since its enactment, the Insolvency and Bankruptcy Code, 2016 is no stranger to the need for judicial intervention to settle issues that are instrumental in achieving the objectives of the Code and providing an effective legal remedy to those who invoke it. In one such circumstance, The NCLAT was called upon to settle some of the highly crucial issues in the cases of Vishnu Kumar Agarwal v. Piramal Enterprises Ltd. [2019] ibclaw.in 16 NCLAT and State bank of India v. Athena Energy Ventures Pvt. Ltd. (2020) ibclaw.in 344 NCLAT.

From Piramal Enterprises Case to State Bank of India case: Finality still required – By Arundathi K and Deepak Thakur Read Post »

The Quandary of Retrospective Effect of Section 29A of IBC through the Lens of Wig Associates Judgment – By Hiteshi Wadhwani

This article will highlight on the judgment of Martin S.K. Golla v. Wig Associates Pvt. Ltd. dated 4-6-2021, reported at (2021) ibclaw.in 257 NCLAT, which extensively discusses the nature of Section 29A of the code and has held that the ineligibility which has been mentioned in Section 29A shall be attached when the resolution plan is submitted by the applicant.

The Quandary of Retrospective Effect of Section 29A of IBC through the Lens of Wig Associates Judgment – By Hiteshi Wadhwani Read Post »

Analysis of Deluge Forex Reserved – By Mr. Abhijeet Kashyap

There is no one-size-fits-all definition of forex trade save anywhere on the planet. Most focal banks differ in terms of what they include, who they are responsible for, and how they view liquidity. The International Monetary Fund’s definition has been accepted by national banks all over the world (Balance of Payments Manual, and Guidelines on Foreign Exchange Reserve Management, 2001).

Analysis of Deluge Forex Reserved – By Mr. Abhijeet Kashyap Read Post »

Critique of the NCLT Judgment on Corporate Debtor not being eligible to be treated as an MSME in view of the notification issued on 01.06.2020 – Mr. Sai Sumed Yasaswi Kondapalli

This article critiques the judgment in the case of POSCO India Pune Processing Center Pvt Ltd vs. Dhaval Jitendrakumar Mistry RP for Poggenamp Nagarsheth Powertronics Pvt Ltd (2021) ibclaw.in 01 NCLT, where the Hon’ble NCLT Ahmedabad Bench ruled that a Corporate Debtor which was not an MSME on the date of initiation of CIRP, cannot assume itself to be one later due to change in MSME classification norms vide notification dated 01.06.2020.

Critique of the NCLT Judgment on Corporate Debtor not being eligible to be treated as an MSME in view of the notification issued on 01.06.2020 – Mr. Sai Sumed Yasaswi Kondapalli Read Post »

Contempt Conundrum: Conflicting Opinions of NCLT on Applicability of Contempt Provisions in IBC – By Mr. Sai Sumed Yasaswi Kondapalli and CA. Roustam Sanyal

Section 425 of the Companies Act, 2013 confers to the NCLT and the National Company Law Appellate Tribunal (‘NCLAT’), the power to punish for contempt.

In light of this, there have been conflicting rulings by various benches of NCLT regarding the applicability of contempt provisions of Companies Act, 2013 to the proceedings under IBC.

Those against the applicability of the power of contempt to the Adjudicating Authority while adjudicating matters relating to IBC, argue that there exists no particular provision in IBC that extends the power of contempt under section 425 of the Companies Act, 2013 to proceedings under IBC.

Those for the applicability of the power, argue that by virtue of IBC appointing the NCLT as the Adjudicating Authority for matters under IBC, the NCLT naturally draws the powers conferred upon it by the Companies Act, 2013.

This article goes on to examine the power of the NCLT to punish for contempt, through the lens of judicial pronouncements, and concludes that the NCLT does in fact have such a power and no new amendment or provision is required to extend the power given to the NCLT by the Companies Act, 2013.

Contempt Conundrum: Conflicting Opinions of NCLT on Applicability of Contempt Provisions in IBC – By Mr. Sai Sumed Yasaswi Kondapalli and CA. Roustam Sanyal Read Post »

Background of Insolvency and Bankruptcy Code, 2016 – By Adv. Sonam Malik

he bankruptcy code is a one stop solution for resolving insolvencies, which previously was a long process that did not offer an economically viable arrangement. The code aims to protect the interests of small investors and make the process of doing business less cumbersome. The Code also consolidates provisions of the current legislative framework to form a common forum for debtors and creditors of all classes to resolve Insolvency. The IBC has 255 sections and 11 Schedules.

Background of Insolvency and Bankruptcy Code, 2016 – By Adv. Sonam Malik Read Post »

Public Policy – The Unruly Horse – By Dharmvir Brahmbhatt

Considering that the outbreak of novel Corona virus has pushed the world economy into a situation worse than the 2008 global financial crisis and many firms such as Avianca Airlines and Diamond offshore drilling have gone under there is a very high probability that what happened in 2008 to Lehman Brothers may happen again. Dealing with complicated cross border insolvencies might become a real challenge for different courts across the globe. However, UNCITRAL’s Model Law on cross border insolvency which has already been adopted by 48 states can be a solution to this looming problem. While it is true that in the Jet Airway’s case the courts in India and Netherlands were able to come to an agreement and were able to coordinate without adoption of Model Law, the adoption the model law has its own set of benefits. Adopting the Model Law will lead to reduced time in exchanging necessary information between countries and increase in credit recovery efficiency.

Public Policy – The Unruly Horse – By Dharmvir Brahmbhatt Read Post »

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