Other Laws/Overriding Effect-Code relation with other Laws/Act [Main]

Dispute raised in reply of Notice under section 138 of the Negotiable Instrument Act, 1881 will be considered as “existence of dispute” under IBC – NCLAT in case of A.D. Electro Steel Co. Pvt. Ltd. & Anr. Vs. Anil Steels (Operational Creditor)

NCLAT held that from the record it is found that the Respondent-Operational Creditor through Advocate issued notice dated 15th June, 2016 under section 138 of the Negotiable Instrument Act, 1881 and made certain claims. In reply to the same, learned counsel for the Appellants- Corporate Debtor by reply dated 28th June, 2016 raised the dispute about the supply of certain quantities of Buffer Plunger (Wagon) Casting and Buffer Casing (Wagon) Casting. It was also alleged that the terms and conditions of the agreement have been violated. In the present case, it is found that there was an “existence of dispute” between the parties. Learned Counsel for the Respondent-Operational Creditor while did not dispute the aforesaid fact and submits that the amount due to the Operational Creditor have already been paid.

Dispute raised in reply of Notice under section 138 of the Negotiable Instrument Act, 1881 will be considered as “existence of dispute” under IBC – NCLAT in case of A.D. Electro Steel Co. Pvt. Ltd. & Anr. Vs. Anil Steels (Operational Creditor) Read Post »

Moratorium will not affect any suit or case pending before the Hon’ble Supreme Court under Article 32 or where an order is passed under Article 136 or the power of the High Court under Article 226- Canara Bank Vs. Deccan Chronicle Holdings Limited-NCLAT

Moratorium will not affect any suit or case pending before the Hon’ble Supreme Court under Article 32 of the Constitution of India or where an order is passed under Article 136 of Constitution of India. ‘Moratorium’ will also not affect the power of the High Court under Article 226 of Constitution of India. However, so far as suit, if filed before any High Court under original jurisdiction which is a money suit or suit for recovery, against the ‘corporate debtor’ such suit cannot proceed after declaration of ‘moratorium, under Section 14 of the I&B Code.

Moratorium will not affect any suit or case pending before the Hon’ble Supreme Court under Article 32 or where an order is passed under Article 136 or the power of the High Court under Article 226- Canara Bank Vs. Deccan Chronicle Holdings Limited-NCLAT Read Post »

Proceeding under Section 138 of the Negotiable Instruments Act was initiated due to dishonor of cheque and the same cannot be a ground to reject the application under Section 7 of the Code, there being debt and default – M/s. R.G. Shaw & Sons Private Limited & Anr. Vs. M/s. Naviplast Trader Private Limited & Ors. – NCLAT New Delhi

Login with GoogleOR Username Password Remember Me     Forgot Password In case you’ve already logged in, click here to

Proceeding under Section 138 of the Negotiable Instruments Act was initiated due to dishonor of cheque and the same cannot be a ground to reject the application under Section 7 of the Code, there being debt and default – M/s. R.G. Shaw & Sons Private Limited & Anr. Vs. M/s. Naviplast Trader Private Limited & Ors. – NCLAT New Delhi Read Post »

Can Asset Reconstruction Company to which debt is assigned make Application as a financial creditor under section 7 – Edelweiss Asset Reconstruction Co. Ltd Vs. Kalptaru Alloys Private Limited – NCLT Ahmedabad Bench

NCLT held that debt was assigned with knowledge of Debtor (Assignment Deed), Certificate Under Banker’s Book Evidence Act show default, Balance Confirmation falls within Limitation Period. As per original Loan agreement the CD had agreed to pay to the Bank or assignee (In this case ARC). Initiation of proceedings under SARFAESI Act by the Bank is no bar for initiation of insolvency proceedings under the Code in view of overriding effect given to Section 238. Form 2 was signed by proposed Interim Resolution Professional.  Hence the Application accepted.

Can Asset Reconstruction Company to which debt is assigned make Application as a financial creditor under section 7 – Edelweiss Asset Reconstruction Co. Ltd Vs. Kalptaru Alloys Private Limited – NCLT Ahmedabad Bench Read Post »

Moratorium covers appeal by the Income Tax Department against the order of the Income Tax Appellate Tribunal in respect of the tax liability of the Assessee – In the matter of Pr. Commissioner of Income Tax-6 Newdelhi Vs. Monnet Ispat & Energy Ltd.-Delhi High Court

Login with GoogleOR Username Password Remember Me     Forgot Password In case you’ve already logged in, click here to

Moratorium covers appeal by the Income Tax Department against the order of the Income Tax Appellate Tribunal in respect of the tax liability of the Assessee – In the matter of Pr. Commissioner of Income Tax-6 Newdelhi Vs. Monnet Ispat & Energy Ltd.-Delhi High Court 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.

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 Read Post »

Liberty is also granted to the Directorate of Income Tax (Recovery) to approach NCLT, Calcutta for seeking transfer of such a petition, as and when filed by the petitioner, which shall then be decided in accordance with law- Kusum Products Limited (KPL) Vs. Union of India and Anr.- Delhi High Court

Login with GoogleOR Username Password Remember Me     Forgot Password In case you’ve already logged in, click here to

Liberty is also granted to the Directorate of Income Tax (Recovery) to approach NCLT, Calcutta for seeking transfer of such a petition, as and when filed by the petitioner, which shall then be decided in accordance with law- Kusum Products Limited (KPL) Vs. Union of India and Anr.- Delhi High Court Read Post »

Whether there is an existence of dispute between the parties, the award passed by Arbitral Tribunal having affirmed by the Court under Sec. 34 of Arbitration Act?- Annapurna Infrastructure Pvt. Ltd. and anr. Vs. Ms. SORIL Infra Resources Ltd. -NCLAT

Login with GoogleOR Username Password Remember Me     Forgot Password In case you’ve already logged in, click here to

Whether there is an existence of dispute between the parties, the award passed by Arbitral Tribunal having affirmed by the Court under Sec. 34 of Arbitration Act?- Annapurna Infrastructure Pvt. Ltd. and anr. Vs. Ms. SORIL Infra Resources Ltd. -NCLAT Read Post »

Scroll to Top