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Search Results for "Insolvency and Bankruptcy Code"

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Supreme Court

Supreme Court Allows Defendant in Commercial Suit to File Written Statement Despite Expiry of 120-Day Limit Due to COVID-19 Disruptions. Time Limit Under Proviso to Order VIII Rule 1 of Code of Civil Procedure, 1908 as Substituted by Commercial Courts Act, 2015 Extended Considering Orders in Suo Motu Writ Petition (Civil) No. 3 of 2020 and Administrative Curtailment of Court Functioning.

14 Feb 2022

The dispute arose from a commercial suit filed by the plaintiff-respondent against the defendant-appellant for recovery of Rs. 3,73,24,821/- with inte...

Supreme Court

Supreme Court Sets Aside NCLAT Order in Insolvency Case Due to Procedural Irregularity in Admitting Additional Evidence. Matter Remanded to NCLT for Reconsideration with Emails as Evidence and Opportunity for Corporate Debtor to Respond Under Section 9 of Insolvency and Bankruptcy Code, 2016.

7 Feb 2022

The dispute arose from an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by an operational creditor against a corporate...

Supreme Court

Supreme Court Allows Appeal in Part on Operational Creditor Status but Upholds Dismissal on Limitation in Insolvency Case. The court held that a purchaser does not qualify as an operational creditor under Section 5(20) of the Insolvency and Bankruptcy Code, 2016, and the application under Section 9 was barred by limitation due to debt arising from 2013 transactions.

4 Feb 2022

The appeal arose from a dispute under the Insolvency and Bankruptcy Code, 2016, involving the appellant, Consolidated Construction Consortium Limited,...

Supreme Court

Supreme Court Dismisses State's Appeal in Gujarat Sales Tax Act Case Due to No Breach of Exemption Conditions and Application of Promissory Estoppel. The assessee was entitled to exemption under Entry No.255(2) of Notification dated 05.03.1992 as raw materials were used in the eligible unit, and subsequent amendments did not retroactively impose liabilities, upholding the principle of promissory estoppel under Section 49(2) of the Gujarat Sales Tax Act, 1969.

21 Jan 2022

The dispute arose from the State of Gujarat's appeal against the High Court's dismissal of its tax appeals, which upheld the Gujarat Value Added Tax T...

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...

Supreme Court

Supreme Court Remands Resolution Professional's Fee Dispute to NCLT for Reasoned Determination Under Insolvency and Bankruptcy Code, 2016. The Court held that the adjudicating authority has jurisdiction under Section 60(5)(c) to determine insolvency resolution process costs, but both NCLT and NCLAT failed to exercise it properly by not considering the claim's basis or reasonableness, leading to an order of remand.

5 Jan 2022

The appeal arose from a judgment of the National Company Law Appellate Tribunal dated 30 July 2020, concerning the payment of costs and expenses incur...

Supreme Court

Supreme Court Allows Appeals of Successful Resolution Applicant and Resolution Professional in IBC Case — Commercial Wisdom of CoC Upheld. NCLAT Order Set Aside as It Improperly Interfered with CoC's Decision to Accept H1 Bidder's Plan Despite Belated Revised Offer.

17 Dec 2021

The Supreme Court allowed the appeals filed by Ngaitlang Dhar (successful resolution applicant) and Amit Pareek (Resolution Professional) against the ...

Supreme Court

Supreme Court Dismisses Appeal Against NCDRC Order Condoning Delay in Filing Written Statement — Prospective Application of Limitation Period Under Section 13 of Consumer Protection Act, 1986. The Court held that the NCDRC's discretion exercised before the Constitution Bench judgment in New India Assurance Co. Ltd. v. Hilli Multipurpose Cold Storage Pvt. Ltd. was valid and not liable to be interfered with.

14 Dec 2021

The appeal arose from an order of the National Consumer Disputes Redressal Commission (NCDRC) dated 25 February 2020, which condoned a delay of 100 da...

Supreme Court

Supreme Court Allows Land Owner's Appeal in Consumer Case, Holding No Joint Liability for Developer's Default. Collaboration Agreement and Tripartite Agreement Did Not Impose Obligation on Land Owner to Flat Buyers Under Consumer Protection Act, 1986.

7 Dec 2021

The appeals arose from a common judgment of the National Consumer Disputes Redressal Commission (NCDRC) allowing a complaint by flat buyers against a ...

Supreme Court

Supreme Court Allows Fresh Resolution Process for Corporate Debtor Despite Default by Successful Resolution Applicant. Time Spent in Litigation Excluded to Uphold Maximisation of Asset Value Under Insolvency and Bankruptcy Code, 2016.

1 Dec 2021

The appeal arose from the corporate insolvency resolution process of Amtek Auto Limited, initiated under Section 7 of the Insolvency and Bankruptcy Co...

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