NCLAT affirms CoC’s power to liquidate debtor, limits judicial review to ensuring IBC compliance, ET LegalWorld
The National Company Law Appellate Tribunal held that the Committee of Creditors is a business decision taken in the exercise of their commercial wisdom which is not amenable to judicial review on the ground that the Committee of Creditors is statutorily empowered to decide on the liquidation of the Corporate Debtor at any time before […]
NCLT rejects JC Flowers’ claim against HDIL, says collateral alone doesn’t meet IBC standards, ET LegalWorld
The National Company Law Tribunal (NCLT) dismissed a liability claim by JC Flowers ARC Pvt Ltd against Housing Development & Infrastructure Ltd. (HDIL), ruling that the debt did not qualify as a “financial debt” under the Insolvency and Bankruptcy Code (IBC) as it was not due or payable at the time of HDIL’s corporate insolvency […]
IBC may introduce voluntary group insolvency mechanism soon, ET LegalWorld
India is proposing to introduce a “voluntary” group insolvency framework under the bankruptcy law. This will facilitate a joint resolution of stressed entities of a domestic corporate group, given the interconnected nature of their operations, people aware of the development said. The framework will be a part of Insolvency & Bankruptcy Code (IBC) amendments that […]
NCLT Prez emphasises need for more manpower amid concerns over IBC case delays, ET LegalWorld
Amid concerns in certain quarters about long delays in admission of cases under the insolvency law, NCLT President Chief Justice (Retd) Ramalingam Sudhakar on Tuesday stressed on the need for more manpower even as he said despite the limitations, it will show success. The National Company Law Tribunal (NCLT) is a key institution in implementing […]
Staff not liable if employer under IBC fails to deposit TDS: Bombay HC, ET LegalWorld
The Bombay High Court on Wednesday ruled that employees are not liable for deposit of tax deducted at source (TDS) if the employer of a company undergoing resolution under Insolvency and Bankruptcy Code fails to do so. The order comes as a relief to employees of companies such as Byju’s who had received tax notices […]