NCLAT: Ministry of Corporate Affairs Not To Be Added As Party Defendant To IBC And Petitions Filed By Tribunals
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)...
NCLAT: Former employee of a Financial Creditor cannot be appointed as an Interim Resolution professional
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...
NCLAT: The Business Model of Ola and Uber Do Not Make Them ‘Hub and Spoke’ Cartel
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...
Decoding the Inefficacious Judicial Interpretation of Outbound Demergers in India
Authors - Nikunj Mehta & Eshvar Girish, Students of School of Law, Christ University Post the 1990's, the adoption of globalization yielded several demergers and combinations around the world. To facilitate smooth conduction of such cross-border arrangements, Companies Act 2013,...
NCLAT: For Swift Implementation of Resolution Process, Paramount Status Given to Commercial Wisdom of COC
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...
NCLAT: Acknowledgment of debt under the Limitation Act and its effects on the Insolvency and Bankruptcy Code
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...
NCLAT: Can the Insolvency Resolution Process be initiated against a ‘Struck Off’ Company?
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...
NCLAT clarifies the law regarding extension of Corporate Insolvency Resolution Process
‘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...
NCLAT held Debt Restructuring procedure of the IL&FS to be valid
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...
Rajasthan High Court in UltraTech Cement Case reaffirmed the primacy of Insolvency and Bankruptcy Code (IBC) over all other legislations
Following the filing of a writ petition, the Hon’ble Rajasthan High Court passed an order in the Ultra Tech Nathdwara Cement Ltd v Union of India, which reaffirmed the precedence of the IBC over all other legislation (including statutory...
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