Appointment of IRP/RP by Financial Creditors – Still call it a fair game play?
The Author made an attempt to expose adverse effects of possible collusion of Insolvency Professionals and Financial Creditors.
Read MoreTIMELINES IN RESOLUTION PLAN RELAXED BY NCLT ON ACCOUNT OF COVID-19
The Adjudicating Authority found that there is no material change in the Resolution plan save and except modification/concession/relaxation in respect of time line of payment to the creditors and/ or stake holders and the relief sought appears to be genuine and bonafide. Therefore, the Resolution plan has been approved by the adjudicating authority with a modified time frame/timeline.
Read MoreEX-EMPLOYEE OF FINANCIAL CREDITOR CANNOT ACT AS IRP/RP
The NCLAT upheld the order passed by the Adjudicating Authority holding that apprehension of biasness raised by the Corporate Debtor cannot be dismissed offhand and that NCLT is justified in changing the IRP.
Read MoreCIRP APPLICATION CAN BE ADMITTED EX-PARTE
According to Section 7 of the code, application for initiation of CIRP is admitted after ascertaining the existence of default in respect of debt owed. In this case, the CD has acknowledged the existence of default but neither repaid it nor filed any reply-affidavit to the notices which clearly indicates that there is no violation of principles of natural justice by the Adjudicating Authority. Accordingly, the NCLAT dismissed the appeal.
Read MoreNCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT
NCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT CASE SUMMARY Mrs. Vandana Garg – Appellant vs Reliance Capital Ltd. & Anr. – Respondent (Company Appeal (AT) (Insolvency) No. 603 of 2019) Order dated July 2, 2019 by Justice S.J. Mukhopadhaya (Chairperson), Justice A.I.S.
Read MoreMONEY RECEIVED AS LOAN WITH REGARD TO FUTURE SUPPLIES OF MATERIAL BE TREATED AS FINANCIAL DEBT: NCLAT
MONEY RECEIVED AS LOAN WITH REGARD TO FUTURE SUPPLIES OF MATERIAL BE TREATED AS FINANCIAL DEBT: NCLAT CASE SUMMARY Gaurav Agrawal, Director M/s. Albus India Ltd. – Appellant vs M/s Tuf Metallurgical (P) Ltd. & M/s Albus India Ltd. – Respondents (Company Appeal (AT) (Ins) No.212 of 2019) Order dated September 4, 2019 by
Read MoreA TAKE ON THE JOURNEY OF THE INDIAN INSOLVENCY LAW
A TAKE ON THE JOURNEY OF THE INDIAN INSOLVENCY LAW The Insolvency and Bankruptcy Code, 2016 was enacted in India as an Economic Reformation Legislation to promote economic freedom of businesses in India ensuring that the economic assets of the Nation are put to best alternative use. Resolution of the stressed asset is at the
Read MoreUNION CABINET APPROVED AMENDMENTS UNDER IBC
UNION CABINET APPROVED AMENDMENTS UNDER IBC The Union Cabinet approved various amendments under the Insolvency Bankruptcy Code, 2016 (“IBC”) the salient feature of which are briefly provided through press release of the Ministry of Corporate Affairs dated July 17, 2019. It was stated in the press release that the amendments aim to fill critical gaps
Read More