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Search Results for "insolvency proceeding"

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Supreme Court

Supreme Court Allows Appeals by State Bank of India in Jet Airways Insolvency Case — Holds Performance Bank Guarantee Cannot Be Adjusted Against Resolution Plan Payment and Non-Implementation Leads to Liquidation. The Court ruled that the SRA's failure to pay airport dues and employee dues constituted non-implementation of the Resolution Plan under Section 33(3) IBC, 2016, and the PBG cannot be set off against the first tranche payment.

13 Nov 2024

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Limited, initiated by State Bank of India (SBI) under S...

Supreme Court

Supreme Court Allows Set-Off Claim in Corporate Insolvency Resolution Process Under Insolvency and Bankruptcy Code, 2016. The court held that set-off is permissible during CIRP as it promotes efficiency and equity, and the moratorium under Section 14 does not automatically prohibit such adjustments when claims arise from mutual and connected transactions.

3 Jan 2024

The appeal before the Supreme Court involved a dispute between Bharti Airtel Limited and Bharti Hexacom Limited (Airtel entities) and Aircel Limited a...

High Court

High Court of Bombay Dismisses Insolvency Petition Against Debtor for Non-Compliance with Notice of Motion Requirement Under Presidency Towns Insolvency Act, 1909 — Petition Filed Within Three Months of Act of Insolvency but Notice of Motion Not Disposed of Before Petition Filing.

5 Dec 2023

The Petitioning Creditor, M/s Sanskar Gem Pvt. Ltd., filed an insolvency petition under the Presidency Towns Insolvency Act, 1909, seeking an order of...

Supreme Court

Supreme Court Dismisses Appeal in Dishonour of Cheque Case Under Negotiable Instruments Act, 1881 Despite Insolvency Proceedings. Criminal Liability Under Section 138 Negotiable Instruments Act, 1881 Continues Simultaneously with Insolvency Resolution Under Insolvency and Bankruptcy Code, 2016 as Proceedings are Penal and Not Covered by Moratorium Under Section 14.

15 Mar 2023

The dispute arose from a dishonoured cheque issued by M/s Rainbow Papers Limited, a company, to Tourism Finance Corporation of India Limited, a public...

High Court

High Court of Bombay Upholds Recall of Annulment Order in Insolvency Case Due to Concealment of Creditor. Appellant Insolvent Failed to Disclose Kotak Mahindra Bank as Creditor with DRT Recovery Certificate, Leading to Recall of Annulment Under Section 22(1) of Presidency Towns Insolvency Act, 1909.

31 Mar 2021

The case involves an appeal filed by Akshay D. Thakkar (the Appellant/Insolvent) against an order dated 18th September, 2018 passed by a learned Singl...

High Court

Bombay High Court Allows Resolution Professional to Continue CIRP Under IBC Despite Pending Winding-Up Petition Under Companies Act, 1956. Leave under Section 446 of Companies Act, 1956 granted to proceed with Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016.

2 Nov 2018

The judgment concerns Company Application No. 10 of 2017 filed by the Resolution Professional of Murli Industries Limited (the corporate debtor) under...

High Court

Bombay High Court Allows Appeals in Insolvency Case, Holds Insolvency Court Has Jurisdiction Over Stranger Claims Under Presidency Towns Insolvency Act. The court set aside the Single Judge's order that the insolvency court lacked jurisdiction to entertain proceedings against a stranger claiming tenancy rights, and remanded the matter for fresh consideration.

20 Jun 2013

The case involves two appeals arising from a decision of a Learned Single Judge of the Bombay High Court in insolvency proceedings under the Presidenc...

High Court

Bombay High Court Sets Aside Insolvency Notice Based on Foreign Judgment — Notice Held Without Jurisdiction as Debt Not Payable Under Indian Insolvency Act. Foreign judgment debt not enforceable under Presidency Towns Insolvency Act, 1909 without satisfying conditions of Section 13 CPC.

17 Dec 2012

The case involves a Notice of Motion filed by the Judgment Debtor, Neville Tuli, seeking to set aside an Insolvency Notice No. N/28 of 2011 issued by ...

High Court

Bombay High Court Dismisses Insolvency Petition Against Debtor Due to Non-Compliance with Section 9(3)(c) of Presidency Towns Insolvency Act, 1909 — Petitioning Creditor Failed to Prove Debtor's Act of Insolvency Within Three Months of Petition.

3 Sep 2010

The case concerns an insolvency petition filed by Kaushik Shah Shares & Securities Private Limited (substituted petitioning creditor) seeking to adjud...

High Court

Bombay High Court Dismisses Application to Set Aside Insolvency Notice in Debt Recovery Matter — Debt Recovery Tribunal's Decree Constitutes a Final Judgment Under Section 9(2) of Presidency-Towns Insolvency Act, 1909.

3 Apr 2006

The judgment debtor, Deepak Cochhar and another, filed a notice of motion seeking to set aside Insolvency Notice No. N/72 of 2004 issued by the Insolv...

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