Insolvency and Bankruptcy Code 2016

20th May, 2022

Mere pendency of the insolvency petition u/s 9 of the IBC is no bar for appointment of arbitrator in terms of section 11 of the Arbitration Act.

In the matter of Millennium Education Foundation Vs. Educomp Infrastructure and School Management Limited, Arb. P. 326/2022, decided by the Hon’ble Delhi High Court on 13.05.2022 Facts of the case- A demand notice was issued […]

4th Oct, 2021

Material placed on record by the Corporate Debtor may be examined to determine if an application under Section 7 of IBC is time barred

Factual matrix: The Hon’ble Supreme Court in its judgment dated 30.09.2021 in the matter of “Rajendra Narottamdas Sheth & Anr. vs. Chandra Prakash Jain & Anr. (Civil Appeal No. 4222 of 2020)” had the […]

5th Jun, 2021

Approval of a resolution plan falls exclusively in the domain of the commercial wisdom of CoC with limited scope of judicial review under Section 31, 32 read with Section 61 of the IBC

In the matter of India Resurgence Arc Private Limited v. M/s Amit Metaliks Limited & Anr. in Civil Appeal no. 1700 of 2021 decided on 13.05.2021 decided by the Supreme Court. Facts: The appellant challenged […]

28th May, 2021

Corporate insolvency can be initiated against a guarantor who is a corporate debtor when the principal borrower, regardless of him not being a corporate person, has committed default in payment.

In the matter of Laxmi Pat Surana Vs. Union Bank of India & Anr. in Civil Appeal No. 2734 of 2020, decided by the Hon’ble Supreme Court on 26.03.2021 Facts of the case- Respondent No.1 […]

26th May, 2021

Resolution plan does not ipso facto discharge a personal guarantor (of a corporate debtor) of her or his liabilities under the contract of guarantee

In the matter of Lalit Kumar Jain. Vs. Union of India & Ors. in Transferred Case (Civil) No. 245/ 2020 decided on 21.05.2021 by the Supreme Court. Facts: The vires of the following notification dated […]

18th May, 2021

An application under Section 8 of the Arbitration and Conciliation Act, 1996 is not maintainable after admission of Section 7 IBC petition as the dispute becomes non-arbitrable

In the matter of Indus Biotech Private Limited vs. Kotak India Venture (Offshore) Fund & Ors. in Civil Appeal No. 1070/ 2021 and Arbitration petition (Civil) No. 48/2019 decided on 26.03.2021 by the Supreme Court. […]

9th Nov, 2020

Neither Section 14 nor Section 31 of the IB Code place any fetters on Banks/Financial Institutions from initiation and continuation of the proceedings against the guarantor for recovering their dues

A Division Bench of the Delhi High Court on 02.11.2020 in the matter of Kiran Gupta Vs. State Bank of India & Anr., referred to the judgment of Hon’ble Apex Court in the matter of […]

25th Aug, 2020

NCLAT upholds the order of NCLT rejecting the application u/s 9 of IBC against TATA Chemicals Ltd.

National Company Law Appellate Tribunal on 11.08.2020 upheld the decision of NCLT, Mumbai bench dated 15.11.2019 of dismissing the application filed u/s 9 of IBC 2016 against Tata Chemicals in the matter of M/s Allied […]

17th Mar, 2020

SARFAESI & DRT proceedings will not extend Limitation period under Insolvency and Bankruptcy Code

The National Company Law Appellate Tribunal in the matter of Bimalkumar Manubhai Savalia vs. Bank of India [Company Appeal(AT) (Insolvency) No. 1166 of 2019] decided on 10.02.2020 held that the limitation period in view of […]

19th Feb, 2020

Corporate Insolvency Resolution Process against a real estate company is limited to project concerned and will not affect other projects

The National Company Law Appellate Tribunal in the matter of Flat Buyers Association Winter Hills vs M/s Umang Realtech Pvt. Ltd. through IRP (CA AT (Insolvency) No. 926 of 2019) decided on 11.02.2020 has held […]

6th Jan, 2020

THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2019- A SET BACK TO HOME BUYERS

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was promulgated on December 28, 2019. The Ordinance amends the Insolvency and Bankruptcy Code, 2016. Insolvency is a situation where individuals or companies are unable to repay […]

15th Dec, 2019

Time spend in SARFAESI proceeding can be excluded for computing limitation for proceedings under Insolvency and Bankruptcy Code 2016

Time spent in proceedings pursued under SARFESI, is entitled to be excluded in later proceedings filed under Section 7 of Insolvency and Bankruptcy Code, in terms of Section 14(2) of Limitation Act, 1963. The only […]

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