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Search Results for "insolvency notice"

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Supreme Court

Supreme Court Allows Appeal in Insolvency Case, Quashing Stay on Termination of Facilities Agreement. The Court held that Section 14 of the Insolvency and Bankruptcy Code, 2016, does not apply to a service recipient, and the NCLT's jurisdiction under Section 60(5)(c) does not extend to contractual termination disputes unrelated to insolvency resolution.

23 Nov 2021

The appeal arose from a judgment of the National Company Law Appellate Tribunal dated 24 June 2020, which upheld an interim order of the National Comp...

Supreme Court

Supreme Court Allows Appeal of Paschimanchal Vidyut Vitran Nigam Ltd. in Insolvency Case — Holds That Statutory Charge Under Electricity Supply Agreement Survives Liquidation and Must Be Respected Under IBC. The Court ruled that a charge created under Section 53 of the Electricity Act, 2003 read with contractual terms is not extinguished by the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016, and the liquidator must treat the appellant as a secured creditor.

1 Jan 2023

The appellant, Paschimanchal Vidyut Vitran Nigam Ltd. (PVVNL), a state electricity distribution company, entered into an electricity supply agreement ...

Supreme Court

Supreme Court Allows Secured Creditor's Winding Up Petition Despite DRT Decree — Recovery of Debts Act Does Not Bar Winding Up Proceedings Under Companies Act. Secured Creditor Need Not Relinquish Security Before Admission of Winding Up Petition; Election Arises Only After Winding Up Order Under Section 529 Companies Act, 1956.

29 Jan 2019

The case involves the right of a secured creditor, Kotak Mahindra Bank Ltd., to file a winding up petition under the Companies Act, 1956, after having...

High Court

Bombay High Court Allows Substituted Petitioning Creditor in Insolvency Proceedings Based on Original Act of Insolvency. Hire Purchase Claim Held Valid as Debt Under Presidency Towns Insolvency Act, 1909 Despite Lack of Decree.

17 Oct 2006

The Insolvency Petition was originally filed by Mandvi Cooperative Bank Ltd. based on an award of the Cooperative Court dated 7th August 2000. An Inso...

Supreme Court

Supreme Court Upholds Transfer of Winding Up Petition to NCLT Despite Admission Order. Discretion Under Section 434(1)(c) Companies Act, 2013 Properly Exercised Where Liquidation Was at Initial Stage and No Irreversible Steps Taken.

14 Dec 2020

The Supreme Court dismissed appeals by Action Ispat and Power Pvt. Ltd. against the Delhi High Court's order transferring a winding up petition to the...

Supreme Court

Supreme Court Interprets Section 29A(h) of Insolvency and Bankruptcy Code, 2016 Regarding Guarantor Eligibility. The court held that a person who has executed an enforceable guarantee is not disqualified from submitting a resolution plan unless the guarantee has been invoked, as liability crystallizes upon invocation under the amended provisions.

18 Jan 2022

The Supreme Court was called upon to interpret Section 29A(h) of the Insolvency and Bankruptcy Code, 2016, as amended, concerning the eligibility of a...

Tribunals

NCLAT Dismisses Appeal Against Rejection of CIRP Petition Due to Settlement Agreement - Mediated Settlement Bars Insolvency Proceedings Under Section 61 of IBC, 2016

30 Nov -0001

The appeal was filed by Mr. Rakesh Kumar Jain, a financial creditor, under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order da...

Supreme Court

Supreme Court Allows Appeals Against High Court Interim Stay in IBC Matter — Questions of Maintainability of Writ Petition and NCLT's Power to Inquire into Fraud Examined. The court held that the High Court should not have entertained a writ petition against an NCLT order when a statutory appeal to NCLAT was available, and that NCLT can inquire into fraud under Section 60(5)(c) of IBC, 2016.

3 Dec 2019

The Supreme Court heard three appeals arising from an interim order of the Karnataka High Court staying the operation of a direction by the National C...

Supreme Court

Supreme Court Strikes Down Section 87 of Arbitration Act as Unconstitutional — Automatic Stay of Arbitral Awards Revived by 2019 Amendment Held Arbitrary and Violative of Article 14. The court held that the provision reintroducing automatic stay upon filing of a Section 34 application is manifestly arbitrary and contrary to the object of the 2015 Amendment Act.

27 Nov 2019

The judgment concerns a batch of writ petitions challenging the constitutional validity of Section 87 of the Arbitration and Conciliation Act, 1996, i...

Tribunals

NCLAT Dismisses Appeals Challenging Admission of Section 7 Application by Allottees Against Corporate Debtor. The Tribunal upheld the NCLT order allowing impleadment of allottees and admitting the insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, as default was established.

30 Nov -0001

The judgment pertains to two appeals filed against an order dated 04.03.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Principal B...

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