Is Priority Rights not a Priority?
In a recent ruling of NCLAT, it was observed that in the event the Secured Creditor holding priority charge elects to relinquish its security interest then the priority status of such secured creditor is lost and shall rank equally with other Secured Creditors. The Author attempts to capture the existing position and the need for protection of priority rights inter-se Secured Creditors.
Read MoreSubmission and Updation of Claims during Liquidation – Is there a difference?
July 2019 amendment to the Liquidation Regulations introduced the concept of updating of claims already filed during CIRP. The Article analyses this amendment to understand the difference between submission and updation of claims.
Read MoreWhen there’s no wisdom, how come “Commercial Wisdom”?
An interesting case where the Adjudicating Authority made critical comments on the so-called Commercial Wisdom of the Committee of Creditors. It emphasised that the CoC has not at all applied its mind and that there was no element of wisdom displayed, leave alone the ‘commercial wisdom’…
Read MoreIBBI amends Liquidation Process and Voluntary Liquidation Process Regulations
IBBI Liquidation and Voluntary Process Regulations amended on 05.08.2020
Read MoreS. 59 of IBC and Voluntary Liquidation under Companies Act
The Hon’ble NCLAT has held that the jurisdiction exercised by the Adjudicating Authority is vested in it and cannot be termed improper. Despite being of the view that the claim initially left out by the Respondent No.1 was payable, the Liquidator proceeded to reject the same without any justifiable reason which cannot be supported.
Read MorePF, PENSION AND GRATUITY CANNOT BE CONSIDERED AS LIQUIDATION ESTATE UNDER IBC: NCLAT
PF, PENSION AND GRATUITY CANNOT BE CONSIDERED AS LIQUIDATION ESTATE UNDER IBC: NCLAT CASE SUMMARY STATE BANK OF INDIA – Appellant vs MOSER BAER KARAMCHARI UNION & ANR – Respondent (COMPANY APPEAL (AT)(INSOLVENCY) NO. 396 of 2019) Order dated 19.08.2019 by Justice S.J.MUKHOPADHAYA and Justice A.I.S. CHEEMA 1. Issue in Consideration Whether the provident fund,
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
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