NikunjMehta

The National Company Law Tribunal (NCLT), Principal bench, passed an impugned order on 22/11/2019, directing to implead Union of India, and Ministry of Corporate affairs (MCA) as a party respondent to all cases under the Insolvency and Bankruptcy Code (IBC) and Company Petitions. The purpose stated by the NCLT was to

A petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Metenere Limited (Corporate Debtor) was made before the National Company Law Tribunal (NCLT) Delhi. Post issuance of the order, the State Bank of India (Financial Creditor) proposed to appoint Mr. Shailesh Verma, its former employee as the interim resolution

Background A public-spirited individual made an application before the Competition Commission of India (CCI). The application concerned the contravention of Section 3 of the Competition Act by the cab aggregators Ola and Uber. The informant alleged collusion on the part of drivers through the cab aggregators. It stated that the

A resolution plan is a proposal, which is meant to implement an effective mechanism to ensure the going concern status of a Corporate Debtor (CD), by relieving it from financial stress. For quick completion of the corporate insolvency resolution process (CIRP), the IBC gives autonomy to the creditors to choose

All suits filed before the courts and tribunals are supposed to be in adherence to the limitation period provided under the Limitation Act. An acknowledgement of debt in writing under Section 18 of the Limitation Act, starts a fresh period of limitation from the time the acknowledgement was so signed.

The Corporate Insolvency Resolution procedure (CIRP) provided under the Insolvency and Bankruptcy Code (IBC), is aimed to maximize the value of a corporate debtor’s assets, and to ensure its ‘going concern’ status. Issues, however, may arise when a company no longer exists as a going concern and has certain unpaid

‘Speedy’ is the gist for effective, efficacious functioning of the Insolvency Bankruptcy Code (IBC). To ensure quick and efficient completion of the Corporate Insolvency resolution process (CIRP), Section 12 of the IBC, provides for the completion of the entire process in 180 days. Keeping in mind certain externalities affecting the

Infrastructure and Leasing & Financial Services (IL&FS) is a conglomerate, established over 30 years ago. The conglomerate has a 348 group of companies engaged in the business of funding infrastructure projects. Over the past few years, it reported financial distress, which resulted in the commission of several defaults in debt