Insolvency and Bankruptcy Code 2016

18th Oct, 2018

Territorial jurisdiction for instituting proceeding before NCLT will be as per the registered office of the corporate debtor.

The Ld. National Company Law Appellant Tribunal while interpreting Sub-section (1) of Section 60 of the Insolvency and Bankruptcy Code, 2016 (I&B Code 2016), held that NCLT where the registered office of the corporate debtor […]
11th Oct, 2018

An application by Operational Creditor can be made either in individual capacity or joint capacity.

The Ld. National Company Law Appellant Tribunal further observed that where workmen/employees are ‘Operational Creditors’, the application may be made either by an ‘Operational Creditor’ in an individual capacity or as a joint capacity by […]
20th Sep, 2018

No decision of Committee of Creditors can be made effective without getting minimum 75% of voting share.

As per Section 21 (8) of the Insolvency and Bankruptcy Code 2016, all decisions of the ‘committee of creditors’ are required to be taken by a vote of not less than 75% of the voting […]
19th Sep, 2018

Petition filed under Section 7 of I&B Code 2016 cannot be defeated upon the ground of appointment of arbitrator.

The ground for appointment of arbitrator cannot be taken as a ground in defeating an application under Section 7 of the Insolvency and Bankruptcy Code 2016 though it is permissible to take such a ground […]
14th Sep, 2018

Section 7 (5) and 7 (6) of the Insolvency and Bankruptcy Code 2016 make it clear that for the purpose of admitting an application under Section 7 of the Code, ‘default’ has to be ascertained as on the date of the decision of the adjudicating authority and not at the time of filing of the application.

  The said ratio was delivered by the National Company Law Appellate Tribunal in the matter of Core Hotels Ventures Private Limited and Anr. Vs. Bank of Baroda and Anr., Company Appeal (AT) (Insolvency) No. […]
22nd Jan, 2018

Interpretation of the definition of “Dispute” and “existence of disputes” under the Insolvency and Bankruptcy Code, 2016

The definition of the term “dispute” has been expanded and is not restricted to pending suits and arbitration. It includes correspondences exchanged between parties showing a dispute relating to payment of debt as well. The […]
18th Jan, 2018

Interpretation of the definition of “Dispute” and “existence of disputes” under the Insolvency and Bankruptcy Code, 2016

The definition of the term “dispute” has been expanded and is not restricted to pending suits and arbitration. It includes correspondences exchanged between parties showing a dispute relating to payment of debt as well. The […]
11th May, 2017

Provisions of Insolvency and Bankruptcy Code regarding time are not mandatory

NCLT in the matter of J K Jute Mills Company Limited Vs Surendera Trading Company; Company Appeal (AT) No. 9 of 2017 compared the prescription of time limit prescribed under Section 7, 9 and 10 […]
23rd Jan, 2017

Proceedings endangering, diminishing, dissipating or adversely impacting the assets of corporate debtor are not prohibited under section 14(1)(a) of the IBC

In a matter titled as Power Grid Corporation of India Vs. Jyoti Structures Limited, being OMP (COMM) 397/2016, decided on 11th December, 2017, Delhi High Court held that extending the moratorium to such proceedings would […]