0 comments on “The right of the appellant to be heard, audi alteram partem- Jai Balaji Industries Limited Vs. SBI & Ors.-Supreme Court”

The right of the appellant to be heard, audi alteram partem- Jai Balaji Industries Limited Vs. SBI & Ors.-Supreme Court

In the facts and circumstances of the case, we are of the considered opinion that the instant appeal can be disposed of by setting aside the order of NCLAT and remanding the matter back to the NCLAT for fresh consideration. Accordingly, we set aside the impugned order dated 08.02.2019 passed by the NCLAT and remand the matter back to NCLAT with a direction to dispose of the matter as expeditiously as possible after affording an opportunity of hearing to the parties.

0 comments on “Sec. 434(1)(b) is attracted only if execution or other process is issued in respect of an order of a Tribunal in favour of a creditor of the company is returned unsatisfied in whole or in part- Swaraj Infrastructure Pvt. Ltd. Vs. Kotak Mahindra Bank Ltd-Supreme Court”

Sec. 434(1)(b) is attracted only if execution or other process is issued in respect of an order of a Tribunal in favour of a creditor of the company is returned unsatisfied in whole or in part- Swaraj Infrastructure Pvt. Ltd. Vs. Kotak Mahindra Bank Ltd-Supreme Court

It is obvious that Section 434(1)(b) is attracted only if execution or other process is issued in respect of an order of a Tribunal in favour of a creditor of the company is returned unsatisfied in whole or in part. This is only one of three instances in which a company shall be deemed to be unable to pay its debts. If the fact situation fits sub-clause (b) of Section 434(1), then a company may be said to be deemed to be unable to pay its debts. However, this does not mean that each one of the sub-clauses of Section 434(1) are mutually exclusive in the sense that once Section 434(1)(b) applies, Section 434(1)(a) ceases to be applicable.

0 comments on “No provision has been envisaged by the legislature to empower the RP, the NCLT or NCLAT, to reverse the commercial decision of the CoC-K. Sashidhar Vs. Indian Overseas Bank & Ors.-Supreme Court”

No provision has been envisaged by the legislature to empower the RP, the NCLT or NCLAT, to reverse the commercial decision of the CoC-K. Sashidhar Vs. Indian Overseas Bank & Ors.-Supreme Court

The scope of enquiry and the grounds on which the decision of “approval” of the resolution plan by the CoC can be interfered with by the adjudicating authority (NCLT), has been set out in Section 31(1) read with Section 30(2) and by the appellate tribunal (NCLAT) under Section 32 read with Section 61(3) of the I&B Code. No corresponding provision has been envisaged by the legislature to empower the resolution professional, the adjudicating authority (NCLT) or for that matter the appellate authority (NCLAT), to reverse the “commercial decision” of the CoC muchless of the dissenting financial creditors for not supporting the proposed resolution plan.

0 comments on “Director in CoC-Vijay Kumar Jain Vs. Standard Chartered Bank & Ors.-Supreme Court”

Director in CoC-Vijay Kumar Jain Vs. Standard Chartered Bank & Ors.-Supreme Court

The proviso to Section 21(2) clarifies that a director who is also a financial creditor who is a related party of the corporate debtor shall not have any right of representation, participation, or voting in a meeting of the committee of creditors. Directors, simplicitor, are not the subject matter of the proviso to Section 21(2), but only directors who are related parties of the corporate debtor

0 comments on “Landmark judgment of Apex Court in the matter of Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors. under IBC”

Landmark judgment of Apex Court in the matter of Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors. under IBC

Case Reference Case Name : Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors. Writ : Writ Petition (Civil) No. 99 Of 2018 Writ Ref.   Writ Petition (Civil) No.  100/2018, 115/2018, 459/2018, 598/2018, 775/2018, 822/2018, 849/2018,…

0 comments on “Supreme Court in the matter of Forech India Ltd. Vs. Edelweiss Assets Reconstruction Co. Ltd.-SC”

Supreme Court in the matter of Forech India Ltd. Vs. Edelweiss Assets Reconstruction Co. Ltd.-SC

Case Reference Case Name : Forech India Ltd. Vs. Edelweiss Assets Reconstruction Co. Ltd. Appeal : Civil Appeal No. 818 Of 2018 Appellant(s) : Forech India Ltd. Respondent(s) : Edelweiss Assets Reconstruction Co. Ltd. Date of Judgment : 22-Jan-19 Tribunal/Court…

0 comments on “Relegate the appellants to remedy before the NCLT under the Companies Act, 2013-Shashi Prakash Khemka (Dead) through LRs. and Another Vs. NEPC Micon (Now called NEPC India Ltd.) and Others-SC”

Relegate the appellants to remedy before the NCLT under the Companies Act, 2013-Shashi Prakash Khemka (Dead) through LRs. and Another Vs. NEPC Micon (Now called NEPC India Ltd.) and Others-SC

Case Reference Case Name : Shashi Prakash Khemka (Dead) through LRs. and Another Vs. NEPC Micon (Now called NEPC India Ltd.) and Others Appeal No. : Civil Appeal Nos.1965-1966 Of 2014 Appellant(s) : Shashi Prakash Khemka (Dead) through LRs. and…