Supreme Court Judgments on IBC

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      Case Reference Case Name : Punjab National Bank & Anr. Vs. Ajmer Singh Bhullar & Ors. Appeal : M.A. No. 873 of 2019 in Civil Appeal No. 9973 of 2018 Appellant(s) : Punjab National Bank & Anr. Respondent(s) : Ajmer Singh Bhullar & Ors. Date of Judgment : 09-Aug-19 Tribunal/Court : Supreme Court of India   O R D E R This Court, by its order dated 25.09.2018, recorded that a logical culmination must take place in a winding up of the corporate debtor, and also recorded that the promoter directors may not be evicted till such time that it is necessary to evict them once the winding up process actually commences. We had also recorded that such directors will cooperate continue reading
      Case Reference Case Name : S3 Electricals And Electronics Private Limited Vs. Brian Lau & Anr. Appeal : Civil Appeal No. 103 Of 2018 / Civil Appeal No. 835 Of 2018 Appellant(s) : S3 Electricals And Electronics Private Limited Respondent(s) : Brian Lau & Anr. Date of Judgment : 05-Aug-19 Tribunal/Court : Supreme Court of India Brief about the decision A bare reading of Regulation 33(3) indicates that the applicant is to bear expenses incurred by the RP, which shall then be reimbursed by the Committee of Creditors to the extent such expenses are ratified. We are informed that, in this case, no Committee of Creditors was ever appointed as the interim resolution process did not reach that stage. In continue reading
      Case Reference Case Name : Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. Appeal : Civil Original/Appellate Jurisdiction Writ Petition (Civil) No. 43 Of 2019 Appellant  : Pioneer Urban Land and Infrastructure Limited & Anr. Respondent : Union of India & Ors. Order Date : 9-Aug-19 Court/Bench : Supreme Court of India Brief about the decision: i. The Amendment Act to the Code does not infringe Articles 14, 19(1)(g) read with Article 19(6), or 300-A of the Constitution of India. ii. The RERA is to be read harmoniously with the Code, as amended by the Amendment Act. It is only in the event of conflict that the Code will prevail over the RERA. Remedies that continue reading
      Case Reference Case Name : State Bank Of India Vs. M/S Manibhadra Polycot & Ors. Appeal : Civil Appeal Nos.4392-4393 Of 2019 Appellant(s) : State Bank Of India Respondent(s) : M/S Manibhadra Polycot & Ors. Date of Judgment : 09-Aug-19 Tribunal/Court : Supreme Court of India   O R D E R C.A.Nos. 4656-4657/20191. The National Company Law Appellate Tribunal in the impugned order dated 01.05.2019 has excluded a further 21 days from being counted as part of the 270 days period which is otherwise over in the facts of this case. These 21 days are divided into 3 groups. A cluster of 7 days from 17.11.2017 to 23.11.2017; another cluster of 11 days between 06.03.2018 and 17.03.2018; and a third continue reading
      Case Reference Case Name : JK Jute Mill Mazdoor Morcha Vs. Juggilal Kamlapat Jute Mills Company Ltd. Through Its Director & Ors. Appeal : Civil Appeal No.20978 Of 2017 Appellant(s) : JK Jute Mill Mazdoor Morcha Respondent(s) : Juggilal Kamlapat Jute Mills Company Ltd. Through Its Director & Ors. Date of Judgment : 30-Apr-19 Tribunal/Court : Supreme Court of India   Ground of the Appeal Whether a trade union could be said to be an operational creditor for the purpose of the Insolvency and Bankruptcy Code, 2016. NCLAT decision NCLAT dismissed the appeal filed by the appellant stating that a trade union not being covered as an operational creditor and each worker may file an individual application before the NCLT. Supreme Court decision The NCLAT, continue reading
      Case Reference Case Name : Dharani Sugars and Chemicals Ltd. Vs. Union Of India & Ors. Appeal : Transferred Case (Civil) No.66 of 2018 In Transfer Petition (Civil) No.1399 of 2018 Appellant(s) : Dharani Sugars And Chemicals Ltd. Respondent(s) : Union of India & Ors. Date of Judgment : 02-Apr-19 Tribunal/Court : Supreme Court of India   Section : Banking Regulation (Amendment) Act, 2017 RBI Circular: RBI/2017-18/131.DBR.No.BP.BC.101/21.04.048/2017-18 dt. February 12, 2018 High Court verdict: Allahabad High Court in Independent Power Producers Association of India v. Union of India and Ors.   Grounds of the Appeal This case raise the constitutional validity of Sections 35AA and 35AB of the Banking Regulation Act, 1949 ["Banking Regulation Act”] introduced by way of amendment w.e.f. 04.05.2017. The real bone continue reading
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