Search Results for "Liquidation"

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Search Results for "Liquidation"

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Supreme Court

Supreme Court Allows Appeal in IBC Section 7 Case — NCLT Cannot Dismiss Petition Without Applying Mind to Merits. Adjudicating Authority Must Determine Default and Admit or Reject Petition Under Section 7, Not Direct Settlement Without Considering Individual Claims.

1 Jan 2020

The present appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) arises from a judgment of the National Company Law Appellate Tri...

Supreme Court

Supreme Court Allows Promoter's Resolution Plan in IBC Case, Upholds CoC Approval Despite Pending Third-Party Applications. The Court held that the Resolution Professional's Letter of Intent was not conditional and that the Adjudicating Authority's approval of the plan was valid under Section 31 of the Insolvency and Bankruptcy Code, 2016.

1 Jan 2026

The present appeals arise from a Corporate Insolvency Resolution Process (CIRP) concerning M/s. Oracle Home Textiles Limited, initiated on 9th August ...

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

Bombay High Court Dismisses Appeal Against Order Allowing Withdrawal of Fixed Deposits to Pay Statutory Dues in Family and Corporate Dispute. Court upholds trial court's discretion to permit defendant No.1 to liquidate company fixed deposits for payment of property tax and income tax, subject to undertaking.

28 Jun 2023

The appeal arises from an order dated 11 November 2019 passed by the City Civil Court, Greater Bombay, in Notice of Motion No.1182 of 2019 in SC Suit ...

Supreme Court

Supreme Court Dismisses Municipal Corporation's Appeal Against Resolution Plan Approval in Insolvency Case — Lease Rights and Statutory Compliance Under IBC and MMC Act Upheld. The Court held that MCGM's written submissions indicating acceptance of the plan constituted consent, and the plan did not violate the MMC Act or the IBC timeline.

15 Nov 2019

The Municipal Corporation of Greater Mumbai (MCGM) appealed under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the order of th...

High Court

Bombay High Court Quashes Tender Process for Unilateral Reduction of Upset Price in Co-operative Bank Property Sale. Tender Authority Cannot Reduce Upset Price After Issuance of Tender Notice Without Fresh Tender Process.

21 Jan 2022

The case involves two writ petitions challenging the decision of the Buldhana District Co-operative Agricultural Rural Multipurpose Development Bank L...

High Court

High Court Allows Amendment of Plaint by Liquidator in Suit for Recovery of Property — Newly Discovered Documents Show Ownership by Bank. The court permitted the liquidator to amend the plaint to include facts that the suit property was owned by the bank under a deed of conveyance dated 27th March 1980, holding that the amendment was necessary for the real controversy and no prejudice would be caused.

11 Jan 2019

The Liquidator of the Maratha Market People's Co-op Bank Ltd (in liquidation) filed a Chamber Summons seeking amendment of the plaint in Suit No. 2577...

Supreme Court

Supreme Court Allows Appeals by Government of Odisha and TPG Equity Management in Mining Lease Renewal Dispute — Directs High Powered Committee to Decide on Renewal of Three Mining Leases Within Three Months. The court upheld the direction for formation of a High Powered Committee comprising representatives of the Central Government, Government of Odisha, and Odisha Mineral Development Company Ltd to decide on renewal of three mining leases within three months, after hearing TPG Equity Management Private Ltd.

17 May 2024

The case involves a dispute over the renewal of three mining leases (Kolha-Roida, Thakurani, and Dalki) originally granted to Bird and Company Limited...

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

Bombay High Court Dismisses Appeals by Employees' Union and Individual Claimant in Company Liquidation Dispute — Upholds Official Liquidator's Decision to Reject Claims as Time-Barred Under Section 529A of Companies Act, 1956. The court held that workmen's dues, though entitled to priority, must be claimed within the limitation period prescribed under Rule 148 of the Company Court Rules, 1959.

8 Aug 2019

The case involves two appeals filed by the Kamani Employees' Union and Mrs. Triveni A. Kulkarni against the Official Liquidator and others. The disput...

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