Supreme Court: When 90% and more of the creditors, in their wisdom after due deliberations, find tha...t it will be in the interest of all the stakeholders to permit settlement plan and withdraw CIRP,  the adjudicating authority or the appellate authority cannot sit in an appeal over the commercial wisdom of CoC  and the interference would be warranted only when the adjudicating authority or the appellate authority finds the decision of the CoC to be wholly capricious, arbitrary, irrational and de hors the provisions of the statute or the Rules show more

Supreme Court - A liability in respect of a claim arising out of a Recovery Certificate would be a &...ldquo;financial debt” within the meaning of clause (8) of Section 5 of the IBC. Consequently, the holder of the Recovery Certificate would be a financial creditor within the meaning of clause (7) of Section 5 of the IBC. As such, the holder of such certificate would be entitled to initiate CIRP, if initiated within a period of three years from the date of issuance of the Recovery Certificate show more

Supreme Court : An appeal against the order of NCLT shall be preferred within a period of 30 days fr...om the date on which the order was passed by the NCLT with power to further extend it by another 15 days. Appellate Tribunal committed an error in issuing notice in an appeal which was filed with delay of 388 days show more

Just 10 days ago, the Embassy of Afghanistan in Delhi moved the Indian Supreme Court over a long-run...ning arbitration dispute with a contractor. The case relate to a dispute with a Delhi-based firm initially contracted for the renovation of the mission in Delhi. The embassy engaged a different firm after 40% of the contracted work was completed on the grounds that the first firm had been unable to meet the laid-down quality standards and missed the 240 day deadline agreed.show more

The Pandurang Judgment clears the hurdles which were created by earlier conflicting judgments on thi...s subject, to pave the way for co-operative banks to expeditiously recover their dues from defaulting borrowers without the intervention of courts. This can be counter productive too due to the overlap between the state and central legislation’s involvement.show more

The SC has held that the prohibition contained in section 29A should also attach itself to a scheme ...of compromise or arrangement under section 230 of the Companies Act, when the company is undergoing liquidation under the auspices of IBC.show more

The Hon’ble Supreme Court has reiterated this judgement in the above case as well as other cas...es making it a settled principal that NCLT and NCLAT cannot interfere in the collective wisdom of the CoC except within the limited scope provided under sections 30 and 31 of the Code.show more

The Hon’ble Supreme Court has reiterated this judgement in the above case as well as other cas...es making it a settled principal that there shall be minimum interference in cases where arbitrator has already provided an order/award. This paves a way to strengthen the arbitration wing of our country.show more

The Supreme Court has put to rest a debate as to whether proceedings under section 138 and section 1...41 of the Negotiable Instruments Act, 1881 (“NI Act”) would be stayed in accordance with the moratorium provisions under section 14 of the Insolvency and Bankruptcy Code, 2016.show more

Section 10A of the Code is ambiguous and while it endeavors to lend a helping hand to the businesses... devasted by the pandemic, it also protects the businesses that have defaulted deliberately, thereby obfuscating the process and affecting the interests of the creditors at large. Here the default was for a reason other than the pandemic, but the Company still enjoyed the arbitrary umbrella of Section 10Ashow more

There are certain sections that safeguard the builders such as a default for malafide proceedings ag...ainst them, etc the new amendments that were made to protect the builders were ultra vires to the fundamental rights and absolutely not necessary. However, the Supreme Court states that that there is nothing like a perfect law and as with all human institutions, there are bound to be imperfections and hence upholds the amendments.show more

Three-year period of limitation for an application u/s 7 of IBC is only extendable if an appropriate... case for condonation of delay is filed. Intention of Section 18 is not to give new life to the time barred debt but to be justifiable in case of recovery. Section 18 is relevant only for Recovery suits and not for initiation for CIRP. The Code is a beneficial legislation and not merely a money recovery legislation. Hence, the law cannot be interpretated just to recover the money but to back the Company and make it run again by protecting the interest of the Corporate Debtor.show more