Supreme Court Judgments on IBC

Select Case Law
Search Case
Select Appeal No.
Select Date of Order

Recent SC Judgments

Case Reference Case Name : Jaiprakash Associates Ltd & Anr. Vs. IDBI Bank Ltd. & Anr. Appeal : Civil Appeal No. 6486 Of 2019 (D. No.27229/2019) Appellant(s) : Jaiprakash Associates Ltd & Anr. Respondent(s) : IDBI Bank Ltd. & Anr. Date of Judgment : 06-Nov-19 Tribunal/Court : Supreme Court of India Full text of the judgment O R D E R 1. Permission to file the appeal is granted in Diary No.27229/2019. 2. These appeals emanate from the Corporate Insolvency Resolution Process (‘CIRP’ for short) concerning Jaypee Infratech Ltd. (‘JIL’ for short) wherein the National Company Law Appellate Tribunal, New Delhi (‘NCLAT’ for short) disposed of Company No.708 of 2019 and applications therein by a common judgment and order dated 30th July, 2019. By this judgment, the NCLAT granted relief as sought for by the IDBI Bank to continue reading
Case Reference Case Name : Jignesh Shah & Anr Vs Union of India & Anr Appeal : Civil Appeal No. 455 Of 2019 Appellant : Jignesh Shah & Anr Respondent  : Union of India & Anr Judgement Date : 25-Sep-19 Court/Bench : Supreme Court Brief about the decision: On 20th August, 2009, a share purchase agreement was executed between  MCX and IL&FS , whereby IL&FS agreed to purchase of 442 lakh equity shares of MCX-SX from MCX. La-Fin as a group company of MCX issued a letter of undertaking to IL&FS on 20th August, 2009 to repurchase the shares of MCX-SX after a period of one year but before the a period of 3 years from the date of investment. continue reading
Case Reference Case Name : Duncans Industries Ltd Vs. A. J. Agrochem Appeal : Civil Appeal No. 5120 Of 2019 Appellant : Duncans Industries Ltd Respondent  : A. J. Agrochem Order Date : 4-Oct-19 Court/Bench : Supreme Court Facts: The respondent is an operational creditor of the appellant. It used to supply pesticides, insecticides, herbicides etc. to the appellant. According to the respondent operational creditor, a sum of Rs.41,55,500/ was due and payable by the appellant corporate debtor to the respondent operational creditor. That the respondent initiated the proceedings against the appellant corporate debtor before the NCLT u/s 9 of the IBC. Initiation of the proceedings under the IBC by the respondent operation creditor was opposed by the appellant corporate continue reading
Case Reference Case Name : Sagar Sharma & Anr Vs.Phoenix Arc Pvt. Ltd. & Anr Appeal : Civil Appeal No. 7673 Of 2019 Appellant : Sagar Sharma & Anr Respondent  : Phoenix Arc Pvt. Ltd. & Anr Order Date : 30-Sep-19 Court/Bench : Supreme Court Brief about the decision: The Apex court held that Article 141 of the Constitution of India mandates that our judgments are followed in letter and spirit. The date of coming into force of the IBC Code does not and cannot form a trigger point of limitation for applications filed under the Code. Equally, since “applications” are petitions which are filed under the Code, it is Article 137 of the Limitation Act which will apply to continue reading
Case Reference Case Name : Gaurav Hargovindbhai Dave Vs. Asset Reconstruction Company (India) Ltd & Anr Appeal : Civil Appeal No. 4952 Of 2019 Appellant : Gaurav Hargovindbhai Dave Respondent   : Asset Reconstruction Company (India)Ltd & Anr Order Date : 18-Sep-19 Court/Bench : Supreme Court of India Full text of the judgement J U D G M E N T R.F. Nariman, J. 1) In the present case, the Respondent No.2 was declared NPA on 21.07.2011. At that point of time, the State Bank of India filed two O.As in the Debt Recovery Tribunal in 2012 in order to recover a total debt of 50 Crores of rupees. In the meanwhile, by an assignment dated 28.03.2014, the State Bank of India assigned continue reading
Case Reference Case Name : Vashdeo R Bhojwani Abhyudaya Co-Operative Bank Ltd & Anr Appeal : Civil Appeal No. 11020 Of 2018 Appellant : Vashdeo R Bhojwani Respondent  : Abhyudaya Co-Operative Bank Ltd & Anr Order Date : 2-Sep-19 Court/Bench : Supreme Court Full text of the judgement J U D G M E N T R.F. Nariman, J. 1) In the facts of the present case, at the relevant time, a default of Rs. 6.7 Crores was found as against the respondent No.2. The respondent No.2 had been declared a NPA by Abhyudaya Cooperative Bank Limited on 23.12.1999. Ultimately, a Recovery Certificate dated 24.12.2001 was issued for this amount. A Section 7 petition was filed by the Respondent No.1 on 21.07.2017 continue reading
WhatsApp Bulletin-XIV