Supreme Court Judgments on IBC

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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
Case Reference Case Name : Jai Balaji Industries Limited Vs. State Bank Of India & Ors.  Appeal : Civil Appeal No.1929 Of 2019 Appellant(s) : Jai Balaji Industries Limited Respondent(s) : State Bank Of India & Ors.  Date of Judgment : 08-Mar-19 Tribunal/Court : Supreme Court of India   Full text of the judgment J U D G M E N T N.V. RAMANA J. 1. This appeal is directed against order dated 08.02.2019, passed by the National Company Law Appellate Tribunal, New Delhi [“the NCLAT”], in Company Appeal (AT) (Insolvency) No.788 of 2018, whereby the order of the National Company Law Tribunal, Calcutta [“the NCLT”] dated 10.10.2018 was set aside and the NCLT was directed to admit the application filed by respondent no.1 against the appellant under Section 7, IBC. 2. Aggrieved by the said order, the appellant has preferred the instant appeal. 3. Mr. Kapil Sibal, learned senior counsel appearing continue reading
Case Reference Case Name : Ved Prakash Vadera & Ors. Vs. IREO Five River Private Ltd. Appeal : Civil Appeal No.12204 Of 2018 Appellant(s) : Ved Prakash Vadera & Ors. Respondent(s) : IREO Five River Private Ltd. Date of Judgment : 26-Feb-19 Tribunal/Court : Supreme Court of India   Full text of the judgment O R D E R The present appeal arises out of rejection of prayer by the National Consumer Disputes Redressal Commission made in IA No.12469 of 2018 in Consumer Case No.1474 of 2017, which reads as under: “c) That an independent auditor should be appointed to monitor the usage of funds paid by the allottees of IREO Five River Project and submit its report that where the funds continue reading
Case Reference Case Name : Swaraj Infrastructure Pvt. Ltd. Vs. Kotak Mahindra Bank Ltd. Appeal : Civil Appeal No. 1291, 1292,1293 & 1294 Of 2019 Appeal Ref. : Arising Out Of Slp (Civil) No.6221, 6458, 6571 & 6597 Of 2018 Appellant(s) : Swaraj Infrastructure Pvt. Ltd. Respondent(s) : Kotak Mahindra Bank Ltd. Date of Judgment : 29-Jan-19 Tribunal/Court : Supreme Court of India Apex Court Ruling In answering whether the Recovery of Debts Act overrides the provisions of Sections 442 and 537 and 446 of the Companies Act, 1956, this Court held that the Recovery of Debts Act is a special statute which would necessarily override the aforesaid provisions of the more general statute, namely, the Companies Act, 1956. Even otherwise, if both continue reading
Case Reference Case Name : K. Sashidhar Vs. Indian Overseas Bank & Ors. Appeal : Civil Appeal No.10673 Of 2018 Appeal Ref. : C.A. N O.10719 Of 2018, C.A. No.10971 Of 2018 And Slp (C) No.29181 Of 2018 Appellant(s) : K. Sashidhar Respondent(s) : Indian Overseas Bank & Ors. Date of Judgment : 05-Feb-19 Tribunal/Court : Supreme Court of India Anlaysis  Click here Facts of the Case In the case of the corporate debtor KS&PIPL, the resolution plan, when it was put to vote in the meeting of CoC held on 27th October, 2017, could garner approval of only 55.73% of voting share of the financial creditors and even if the subsequent approval accorded by email (by 10.94%) is taken into account, it did not fulfill the requisite vote of continue reading
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