Innoventive Ventures Ltd. Vs. Mr. Trupal.J.Patel, Liquidator of Innoventive Industries Ltd. – NCLAT New Delhi
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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
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ICICI Bank Ltd. Vs. Innoventive Industries Ltd. – NCLT Mumbai Bench
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ICICI Bank Ltd. Vs. Innoventive Industries Ltd. – NCLT Mumbai Bench Read Post »
Once an insolvency professional is appointed to manage the company, the erstwhile directors who are no longer in management, obviously cannot maintain an appeal on behalf of the company- Innoventive Industries Ltd. Vs. ICICI Bank & Anr.- Supreme Court
First Landmark judgment of Hon’ble Supreme Court covering all aspects of IBC.
Notice is required to be given to Corporate Debtor for initiation of CIRP- Innoventive Industries Ltd. Vs. ICICI Bank & Anr.- NCLAT New Delhi
The Adjudicating Authority is bound to issue a limited notice to the corporate debtor before admitting a case for ascertainment of existence of default based on material submitted by the corporate debtor and to find out whether the application is complete and or there is any other defect required to be removed. In some of the cases initiation of Insolvency Resolution Process may have adverse consequences on the welfare of the Company. Therefore, it will be imperative for the “adjudicating authority” to adopt a cautious approach in admitting Insolvency Application by ensuring adherence to the principle of natural justice
