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

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

/ 116 minutes of reading

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

/ 3 minutes of reading

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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

/ 30 minutes of reading

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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 »

Mere clause of arbitration in an agreement cannot be termed to be an “existence of dispute” pending before the Arbitral Tribunal for the purpose of refusal of an application preferred under Section 9 of Code – Achenbach Buschhutten CMBH & Co. VS Arcotech Ltd. – NCLAT

/ 10 minutes of reading

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Mere clause of arbitration in an agreement cannot be termed to be an “existence of dispute” pending before the Arbitral Tribunal for the purpose of refusal of an application preferred under Section 9 of Code – Achenbach Buschhutten CMBH & Co. VS Arcotech Ltd. – NCLAT Read Post »

RBI is authorised to direct any banking company to initiate insolvency resolution process- Essar Steel India Ltd. Vs. RBI- Gujarat High Court

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Filing of application under section 7 of the IBC itself cannot be questioned or that action cannot be quashed, but it goes without saying that such filing would not amount to admitting or allowing the petition for insolvency without offering reasonable opportunity to the debtor company – RBI is authorised to direct any banking company to initiate insolvency resolution process – Adjudicating authority (NCLT) cannot be considered as mere rubber stamp authority at the hands of RBI or any other institution – Banking Company is entitled to initiate insolvency proceedings without the directions of the RBI u/s 35AA of Banking Regulation Act.

RBI is authorised to direct any banking company to initiate insolvency resolution process- Essar Steel India Ltd. Vs. RBI- Gujarat High Court Read Post »

Corporate Debtor much prior to issuance of notice u/s 8 of code, raised a dispute relating to quality of service/ maintenance pursuant to notice u/s 433(e) & 434 (1)(a) of the Companies Act 2013 to the notice of the Operational Creditor – Philips India Limited VS Goodwill Hospital & Research Centre Ltd. – NCLAT

/ 17 minutes of reading

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Corporate Debtor much prior to issuance of notice u/s 8 of code, raised a dispute relating to quality of service/ maintenance pursuant to notice u/s 433(e) & 434 (1)(a) of the Companies Act 2013 to the notice of the Operational Creditor – Philips India Limited VS Goodwill Hospital & Research Centre Ltd. – NCLAT Read Post »

Notice is required to be given to Corporate Debtor for initiation of CIRP- Innoventive Industries Ltd. Vs. ICICI Bank & Anr.- NCLAT New Delhi

/ 53 minutes of reading

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

Notice is required to be given to Corporate Debtor for initiation of CIRP- Innoventive Industries Ltd. Vs. ICICI Bank & Anr.- NCLAT New Delhi Read Post »

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