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Search Results for "operational debt"

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Tribunals

NCLAT Allows Appeal Against Admission of CIRP Due to Discharge of Debt Through One-Time Settlement. Financial Debt Found to Be Fully Satisfied Prior to Filing of Section 7 Application Under Insolvency and Bankruptcy Code, 2016.

3 Jul 2025

The present appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Puneet Resutra, the erstwhile Director and Shar...

Tribunals

NCLAT Dismisses Appeal Against Rejection of Section 9 Application Due to Pre-existing Dispute and Tampered Invoices. The Operational Creditor's claim for initiation of Corporate Insolvency Resolution Process was rejected as invoices showed tampered interest rate and payment terms, and payment of Rs. 10 Lakh after demand notice created a pre-existing dispute.

3 May 2024

The appeal was filed by Sanjay Sharma, Partner of MA Jagadamba Enterprises (Operational Creditor), against the order dated 30.11.2023 passed by the Na...

High Court

Supreme Court Upholds Financial Creditor in Insolvency Petition Based on Balance Sheet Acknowledgement Under Limitation Act. The Court held that entries in signed balance sheets constitute acknowledgement of debt under Section 18 of the Limitation Act, 1963, extending the limitation period for applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, and that defects in the application regarding the date of default are curable.

15 Apr 2021

The dispute arose from an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Asset Reconstruction Company (India) ...

Supreme Court

Supreme Court Reverses NCLAT Decision on Corporate Insolvency Resolution Process Due to Pre-existing Dispute. The Court found that communications and actions by the corporate debtor prior to the demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, indicated a genuine dispute requiring detailed investigation, barring admission under Section 9.

9 Apr 2026

The dispute arose from a corporate insolvency resolution process initiated by Respondent, the operational creditor, against Appellant, the corporate d...

Tribunals

NCLAT Dismisses Appeal Against Rejection of Section 9 Application Due to Pre-existing Dispute and Limitation. Operational Creditor's claim for work done under contract held to be time-barred and disputed, warranting dismissal under Section 9 of Insolvency and Bankruptcy Code, 2016.

30 Nov -0001

The appeal arises from the dismissal of a Section 9 application under the Insolvency and Bankruptcy Code, 2016 (IBC) by the National Company Law Tribu...

Tribunals

NCLAT Sets Aside CIRP Initiation Against Corporate Debtor Due to Suppression of Payments by Operational Creditor — Section 9 Petition Under IBC Fails Minimum Threshold Requirement. The Tribunal remanded the matter for fresh consideration after finding that the Operational Creditor suppressed payments of approximately Rs. 11 lakhs, which if considered would reduce the debt below the Rs. 1 crore threshold under Section 4 of the Insolvency and Bankruptcy Code, 2016.

30 Nov -0001

The appeal was filed by Aquarius H2O Dynamics Private Limited (Corporate Debtor) against an order dated 29.11.2024 of the National Company Law Tribuna...

Tribunals

NCLAT Allows Section 7 Petition in Insolvency Case Due to Acknowledgment of Debt in Balance Sheets and Emails. Repeated acknowledgment of debt by Corporate Debtor in balance sheets and emails extends limitation period under Section 18 of Limitation Act, 1963, saving the petition from being time-barred.

3 Jul 2025

The case involves an appeal filed by Akzo Nobel India Ltd. (Financial Creditor) against Stan Cars Pvt. Ltd. (Corporate Debtor) under Section 61 of the...

High Court

Bombay High Court Allows Winding Up of S. Kumars Nationwide Ltd. for Inability to Pay Debts. Multiple financial creditors and operational creditors successfully proved the company's insolvency under Sections 433(e) and 434 of the Companies Act, 1956.

1 Jul 2016

The judgment concerns a batch of company petitions filed by various financial creditors and operational creditors seeking the winding up of S. Kumars ...

High Court

High Court of Bombay Makes Rule Returnable in Writs Seeking Compliance with RBI Master Circular on Loan Restructuring. Petitioners Allege Inability to Comply with Loan Obligations Due to Telecom Industry Downturn, Seek Direction to Banks Under Paragraph 6.4 of RBI Master Circular Dated 1 July 2015.

3 Feb 2020

The petitioner in Writ Petition No. 1893 of 2019, GTL Infrastructure Limited, a company incorporated under the Companies Act, 1956, filed a writ petit...

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...

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