Webinar on 17.09.2022: Panel Discussion on “Analysing the effects of the judgement of Hon’ble Supreme Court in Vidarbha Industries and Rainbow Paper on Resolutions under IBC”

Webinar on 17.09.2022: Panel Discussion on “Analysing the effects of the judgement of Hon’ble Supreme Court in Vidarbha Industries and Rainbow Paper on Resolutions under IBC”

 

Organizers M/s. JMVD Legal
Media Partner IBC Laws
Date & Time 17/09/2022 (Saturday) at 11:30 AM
Registration Link Click here
Panelists Shri Sudip Kumar Gupta: Accountant Member at Madhya Pradesh Commercial Tax Appellate Board. 
Shri Sanjeev Pandey: IBC Consultant, former DGM (NCLT) at State Bank of India.
Shri V N Dubey: Advocate, Insolvency Professional, FCS, former senior standing counsel Income Tax Department and CBIC.
Brief Note The recent judgment in Vidarbha Industries Power Ltd. vs. Axis Bank Ltd. reported at (2022) ibclaw.in 91 SC, caused a major stir and has invited mixed reactions by holding that the admission of an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) is discretionary and not mandatory. This ruling has made a stark departure from the long-settled practice followed by the Adjudicating Authority (NCLT) that if there is existence of debt and that default has occurred on such debt, the application has to be mandatorily admitted and no other factors are required to be considered. Therefore, the effects of this judgement on resolutions under IBC needs to be examined and discussed under the guidance of industry experts.
In another recent judgement in State Tax Officer v. Rainbow Papers Limited (2022) ibclaw.in 107 SC, the Supreme Court held that a Resolution Plan which ignores the statutory demands payable to any State Government or a legal authority, altogether, is liable to be rejected. The court also held that the Section 48 of the Gujarat Value Added Tax Act is not contrary to or inconsistent with Section 53 or  any other provisions of the IBC.  Therefore, the effects of this judgement on resolutions under IBC needs to be examined and discussed under the guidance of industry experts.

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