Category: Newsletter-IBC Case

Whether while computing limitation, the period during which the Financial Creditor’s right to proceed against the Corporate Debtor, which remained suspended by virtue of Section 22(1) of the SICA Act, 1985 can be excluded? – D. Srinivasa Rao Vs. Stressed Assets Stabilisation Fund – NCLAT Chennai

Posted by IBC Laws Editoron September 25, 2023September 24, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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CIRP application filed u/s 9 of IBC in respect of claims arising under the Settlement Agreement does not come within the definition of ‘Operational Debt’ – Mr. Maulik Kirtibhai Shah Vs. United Telecoms Ltd. – NCLAT Chennai

Posted by IBC Laws Editoron September 25, 2023September 24, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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NCLT directs Resolution Professional to register Corporate Debtor as an MSME and to obtain the necessary Certificates – Dharamveer Singh Vs. Daulat Ram Jain, RP of Hardrock Attachments Pvt. Ltd. – NCLT Kolkata Bench

Posted by IBC Laws Editoron September 21, 2023September 15, 2023in IBC-Case Laws-NCLT, Newsletter-IBC Case

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If Corporate Guarantee was invoked during CIRP suspension period, CIRP cannot be initiated for default in repayment as the default arises in the period excluded by provisions of Section 10A of IBC, 2016 – Vikram Kumar, Proprietor Vs. Aranca (Mumbai) Pvt. Ltd. – NCLAT New Delhi

Posted by IBC Laws Editoron September 21, 2023September 15, 2023in IBC-Case Laws-NCLAT, Newsletter-IBC Case

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When Resolution Plan is approved by CoC and the same is pending for approval before Adjudicating Authority, no intervention is allowed against the decision taken by the RP in admission of claim amount – Assistant Commissioner CGST and Central Excise Division Vs. Pradeep Kumar Kabra RP of Cengres Tiles Ltd. – NCLT Ahmedabad Bench

Posted by IBC Laws Editoron September 20, 2023September 15, 2023in IBC-Case Laws-NCLT, Newsletter-IBC Case

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What factors are to be considered while compounding the offence is punishable only with the fine – IVRCL Patalganga Truck Terminals Pvt. Ltd. Vs. The Registrar of Companies – NCLT Hyderabad Bench

Posted by IBC Laws Editoron September 20, 2023September 20, 2023in Companies Act-NCLT, Newsletter-IBC Case

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Any individual homebuyer or association cannot maintain any challenge to the Resolution Plan – S. Viswanathan Vs. Mr. Vinay Mruthyunjaya RP Metrik Infraprojects Pvt. Ltd. – NCLT Bengaluru Bench

Posted by IBC Laws Editoron September 20, 2023September 22, 2023in IBC-Case Laws-NCLT, Newsletter-IBC Case

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Mere filing of a suit for recovery or the Decree passed by a Court cannot shift forward the Date of Default and accordingly the Date of Default cannot be shifted to the Date of Decree – Metenere Global Ltd. Vs. MLC Estates LLP – NCLT Bengaluru Bench

Posted by IBC Laws Editoron September 19, 2023September 15, 2023in IBC-Case Laws-NCLT, Newsletter-IBC Case

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Claim against additional cost/interest imposed by Commercial Court during the moratorium period cannot be admitted in CIRP – SourcePro Service Vs. Mr. Vinay Mruthyunjaya RP Metrik Infraprojects Pvt. Ltd. – NCLT Bengaluru Bench

Posted by IBC Laws Editoron September 19, 2023September 15, 2023in IBC-Case Laws-NCLT, Newsletter-IBC Case

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The Tribunal has all the powers to compound all the offences irrespective of any pecuniary limit – SHCIL Services Ltd. Vs. Registrar of Companies, Mumbai – NCLT Mumbai Bench

Posted by IBC Laws Editoron September 18, 2023September 15, 2023in Companies Act-NCLT, Newsletter-IBC Case

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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