Search Results for "Operational Creditors"

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Search Results for "Operational Creditors"

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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 Allows Withdrawal of Appeal and Release of Deposited Amount in Insolvency Case — Moratorium Under Section 14 IBC Bars Enforcement Against Corporate Debtor's Assets. The cash deposit made by the corporate debtor in court is an asset belonging to the corporate debtor, and the resolution professional is entitled to its release for the resolution process.

13 Nov 2024

The Bombay High Court allowed an application filed by the Resolution Professional of Siti Networks Ltd. (corporate debtor) seeking withdrawal of Appea...

Tribunals

National Company Law Appellate Tribunal Allows Appeal by Suspended Director in Insolvency Case — Section 9 Application Admitted Without Proper Notice Under Section 8 of IBC. The Adjudicating Authority Failed to Consider That the Operational Creditor Had Not Provided Correct Address for Service of Demand Notice, Rendering the Admission Order Unsustainable.

19 Jan 2024

The appeal was filed by Sashi Kanta Jha, a suspended director of the corporate debtor, M/s Juggilal Kamlapat Jute Mills Company Limited (now Geo Jute ...

Supreme Court

Supreme Court Allows Appeal in Insolvency Case for Withdrawal of CIRP Based on Settlement Before CoC Constitution. Withdrawal Application Under Section 12A of Insolvency and Bankruptcy Code, 2016 Granted as Settlement Was Genuine and Committee of Creditors Not Constituted, Invoking Inherent Powers Under Rule 11 of NCLT Rules, 2016.

28 Mar 2023

The dispute arose from an appeal filed by a suspended director of Manpasand Beverages Ltd., the corporate debtor, against an order of the National Com...

Supreme Court

Supreme Court Dismisses Appeal in Insolvency Case Due to Lack of Financial Creditor Status. Interest-Free Term Loan Does Not Qualify as Financial Debt Under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 as It Lacks Consideration for Time Value of Money.

26 Jul 2021

The appeal arose under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the dismissal by the National Company Law Appellate Tribun...

Supreme Court

Supreme Court Allows Appeals Against NCLAT Remand in IBC Resolution Plan Dispute — Commercial Wisdom of Committee of Creditors Non-Justiciable. The court restored NCLT's approval of resolution plan under Section 31 of IBC, holding that viability and feasibility are business decisions not subject to judicial review.

4 Sep 2020

The case involves appeals by the financial creditor, Karad Urban Cooperative Bank Ltd., and the Resolution Professional against an order of the Nation...

Supreme Court

Supreme Court Examines Bona Fides of Insolvency Proceedings by Telecom Service Providers to Avoid AGR Dues. The Court held that no fresh dispute on AGR dues can be raised after final judgment and that spectrum cannot be subject of IBC proceedings.

20 Jul 2020

The Supreme Court was hearing miscellaneous applications in the ongoing litigation concerning the definition of Adjusted Gross Revenue (AGR) and the p...

Supreme Court

Supreme Court Examines Bona Fides of Insolvency Proceedings by Telecom Service Providers to Avoid AGR Dues. The Court held that AGR dues are final and no fresh disputes can be raised, and directed examination of whether insolvency proceedings under IBC are a subterfuge.

20 Jul 2020

The Supreme Court was hearing applications in the ongoing AGR dues matter, where the Union of India sought extension of time for payment. The Court ha...

Supreme Court

Supreme Court Allows Trade Union to File as Operational Creditor Under IBC — Workers' Dues Constitute Operational Debt. Trade Union, Being a Body Corporate Under Trade Unions Act, Can Represent Workmen Collectively for Insolvency Proceedings.

30 Apr 2019

The appeal arose from a long-standing dispute concerning a jute mill that had been closed permanently on 07.03.2014. The appellant, JK Jute Mill Mazdo...

High Court

Bombay High Court Sanctions Scheme of Amalgamation of Monarch Research and Brokerage Private Limited and Monarch Project and Finmarkets Limited with Networth Stock Broking Limited under Sections 391-394 of the Companies Act, 1956 — Objection by Gold Castle Realtor Dismissed as Not a Creditor or Member.

7 Aug 2014

The judgment concerns two Company Scheme Petitions (CSP 575/2012 and CSP 576/2012) filed by Monarch Project and Finmarkets Limited (2nd Transferor Com...

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