Search Results for "Corporate Insolvency Resolution Process"

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Search Results for "Corporate Insolvency Resolution Process"

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High Court

High Court of Karnataka Allows Appeal Against Injunction Restraining Bank from Enforcing Corporate Guarantee. The court set aside the injunction as the guarantee deed was unconditional and the bank had a prima facie case under Order 39 Rules 1 and 2 of CPC, enabling it to proceed under SARFAESI Act and IBC.

17 Feb 2026

The appeal arose from an order dated 25.07.2024 passed by the LXXXV Additional City Civil and Sessions Judge, Bengaluru (Commercial Court) in I.A. No....

Tribunals

NCLAT Allows Secured Creditor's Appeal Against Contribution Order in IBC Liquidation — Secured Creditor Realizing Security Under Section 52 Not Liable to Contribute to Workmen's Dues or Liquidation Costs. The court held that the waterfall mechanism under Section 53 IBC does not apply to secured creditors who opt out of the liquidation process, and Section 226(1)(b) of Companies Act, 2013 is inapplicable.

14 Jan 2025

The appeal was filed by Cosmos Co-Operative Bank Ltd., a secured creditor of Pandit Automotive Pvt. Ltd. (corporate debtor), challenging an order of t...

High Court

Bombay High Court Quashes Reassessment Proceedings Against Company Resolved Under IBC — Clean Slate Principle Applies to Past Tax Claims. Section 31 of IBC binds tax authorities, and no reassessment can be initiated for pre-resolution period.

28 Aug 2024

The petitioners, Uttam Galva Metallics Ltd. (the corporate debtor) and its director, challenged reassessment proceedings initiated by the Income Tax D...

High Court

Bombay High Court Quashes Income Tax Notices Against Company Resolved Under IBC — Clean Slate Principle Applies to Past Tax Claims. The court held that once a resolution plan is approved under Section 31 of the IBC, the corporate debtor cannot be pursued for tax liabilities that arose prior to the CIRP, as the plan is binding on all stakeholders including the Income Tax Department.

28 Aug 2024

The petitioners, Uttam Value Steels Ltd. (a company) and its director, challenged multiple notices and communications issued by the Income Tax Departm...

High Court

Bombay High Court Sets Aside Warrant of Attachment in Execution Proceedings Due to Approved Resolution Plan Under IBC. The court held that the MSEFC award was subsumed by the NCLT-approved resolution plan, which provided for 15% payment of the claim, and the execution could not proceed for the full award amount.

18 Mar 2024

The case involves an execution application filed by Mars Art Studio (the judgment creditor) against Shirdi Industries Limited (the judgment debtor) to...

High Court

Bombay High Court Allows Interim Application for Impleadment in Writ Petition Concerning Demolition of Building — Applicant Claims Ownership of Flat and Seeks to Protect Possession. The court held that the applicant has a direct interest in the property and should be heard before any order affecting his rights is passed.

13 Dec 2023

The judgment pertains to an interim application filed by Nagesh Madhava Suvarna seeking impleadment in a pending writ petition. The writ petition was ...

Supreme Court

Supreme Court Dismisses Appeal by Resolution Applicant in Insolvency Case Due to Lack of Merit and Upholds Level Playing Field Principle. NCLT's Order Permitting Modifications to Both Resolution Applicants Was Reasonable and Sound Under Insolvency and Bankruptcy Code, 2016, Ensuring Fair Competition in Corporate Insolvency Resolution Process.

25 Feb 2022

The dispute arose from a corporate insolvency resolution process concerning B.B. Foods Pvt. Ltd., where two resolution applicants, including a consort...

Supreme Court

Supreme Court Allows Promoter's Appeal in IBC Withdrawal Case — Commercial Wisdom of Committee of Creditors Cannot Be Overridden by NCLT/NCLAT. Settlement Plan Approved by 94.23% Voting Share Under Section 12A of Insolvency and Bankruptcy Code, 2016 Must Be Respected.

28 Jan 2022

The case involves appeals by Vallal RCK, the promoter of M/s Siva Industries and Holdings Limited (Corporate Debtor), against the common judgment of t...

Supreme Court

Supreme Court Directs NCLT to Expedite Approval of Resolution Plan in Home Buyers' Insolvency Case, Upholding IBC Moratorium. Execution of Consumer Forum Order Stayed Under Section 14 of Insolvency and Bankruptcy Code, 2016, with Personal Liability Issues Referred to Adjudicating Authority.

8 Sep 2021

The dispute involved home buyers who had entered into agreements with a developer for a housing project, with possession due in 2014. The developer ab...

High Court

Bombay High Court Dismisses Stay Application in Arbitration Matter — Consent Order Not Stayed as No Prima Facie Case Made Out. Court held that a consent order passed under Section 9 of the Arbitration and Conciliation Act, 1996 cannot be stayed unless fraud or lack of jurisdiction is shown.

13 Feb 2013

The petitioner, Tata Capital Financial Services Limited, a non-banking finance company, had sanctioned an invoice discounting facility of Rs. 20,00,00...

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