Supreme Court Rules on Commercial Wisdom of Creditors to Allow Withdrawal of Insolvency Proceedings – Adimesh Lochan, Arjun Gupta, Sahil Kanuga, Nishith Desai Associates

SUPREME COURT RULES ON COMMERCIAL WISDOM OF CREDITORS TO ALLOW WITHDRAWAL OF INSOLVENCY PROCEEDINGS Authored by: Adimesh Lochan, Arjun Gupta, Sahil Kanuga, Nishith Desai AssociatesThe authors would like to thank Aryan Sharma (Student, Institute of Law, Nirma University) for his…

If the petitioners are having effective and statutory remedy before the NCLAT, they cannot come to High Court invoking Article 226 of the Constitution of India – Mrs. Sunku Vasundhara Vs. State Bank of India – Madras High Court

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Validity of NIL Payment Clause to Operational Creditors Under a Resolution Plan – Ayush Raj

The observation there as well rests upon the commercial wisdom of the CoC and the mechanism vested in the code and regulations made thereunder. The apex court stressed on the contention that financial and operational creditors cannot be treated on an equal footing owing to the fact that both represent different classes of creditors. The apex court in Essar Steel’s judgment has devised a point of difference between the financial creditors and operational creditors by stating that “financial creditors” are in the business of lending and it is by way of the interest that they make money. Further, they finance the capital requirements of businesses to enable them to set up and sustain their establishments. The Operational creditors on the other hand are beneficiaries of such lending inasmuch as they receive payments for providing the services to the corporate debtor which forms the working capital of the latter. Therefore, upon drawing such reasoning in cases of conflict, the payment to lenders would always be prioritized.

Khoday India Ltd. Vs. S. Rajendran RP of M/s. Empee Distilleries Ltd. – NCLT Chennai Bench

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Silverback Security Services Pvt. Ltd. Vs. KNK Constructions Pvt. Ltd. – Karnataka High Court

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Navneet Jain Vs. Manoj Sehgal, RP of Sarbat Cotfab Pvt. Ltd. & Ors. – NCLAT New Delhi

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List of Defunct Companies Resolution Plan approved till Mar’2022

List of Defunct Companies Resolution Plan approved till Mar’2022 (Amount in Rs. crore) S. No.  Corporate Debtor Name Insolvency Commenc. Date Resolution Plan approval Date(NCLT) Total Admitted Claims  Liquidation Value Realisable Amount by FCs Realisable Amount by OCs 1 Synergies-Dooray…

Waiver & Acquiescence vis-à-vis Kalpraj Dharamshi v. Kotak Investment Advisors – By Reema Jain

Waiver & Acquiescence vis-à-vis Kalpraj Dharamshi v. Kotak Investment Advisors By Reema Jain, Law student at Symbiosis Law School, Hyderabad I. INTRODUCTION The Insolvency and Bankruptcy Code 2016 (Code) restructured India’s failing Insolvency Resolution regime. The Bankruptcy Law Reform Committee…

Summary of Supreme Court case in New Okhla Industrial Development Authority Vs. Anand Sonbhadra dated 17.05.2022

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Resolution of Stressed Assets and IBC – Address delivered by Shri M. Rajeshwar Rao, Deputy Governor, RBI on 30.04.2022 in the International Research Conference on IBC held at IIM Ahmedabad

Resolution of Stressed Assets and IBC((Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – April 30, 2022 - in theInternational Research Conference on Insolvency and Bankruptcy held at IIM, Ahmedabad. The inputs providedby Vaibhav Chaturvedi,…