Bankruptcy Court admits Oban Fashions under insolvency resolution, ET LegalWorld
The bankruptcy court in Mumbai has admitted Oban Fashions Pvt Ltd, a wholly-owned subsidiary of listed Knitwear brands Rupa & Co Ltd under the Corporate Insolvency Resolution Process (CIRP) in an application filed by its operational creditor Sunrise Knitting Mills Pvt Ltd. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the company […]
Can the NCLT modify approved resolution plan under the IBC? NCLAT rules, ET LegalWorld
The National Company Law Appellate Tribunal has held that the inherent powers vested with the Adjudicating Authority cannot be invoked for accommodating a belated claim thereby causing a modification of the Resolution Plan as these powers cannot be directed to create any such remedy which is contrary or in contravention of the IBC framework of […]
Will the proposed changes to the Commercial Courts Act speed up dispute resolution?, ET LegalWorld
The government has proposed amendments to the Commercial Courts Act, 2015, to provide further impetus to quicker and specialized commercial dispute adjudication and simplify the applicable procedure related to commercial dispute resolution in courts. The objective of the Commercial Courts Act, 2015, is to ensure the expeditious, efficacious, and reasonable resolution of commercial cases. Dedicated […]
IBBI proposes mandatory monitoring committees for resolution plans, ET LegalWorld
The Insolvency and Bankruptcy Board of India (IBBI) has proposed monitoring committees for implementing resolution plans under the Insolvency and Bankruptcy Code (IBC) rules. These changes seek to address challenges in implementing resolution plans and bolster confidence in the insolvency resolution process. The move came after a Supreme Court judgement emphasising statutory recognition for such […]
NCLT stays Aakash’s EGM resolution to amend Articles of Association, ET LegalWorld
The National Company Law Tribunal (NCLT) on Wednesday stayed a resolution related to amendment in the Articles of Association (AoA) of Aakash Educational Services which allegedly seeks to dilute the rights of petitioners including Singapore VII Topco I. An Extra Ordinary General Meeting (EGM) of Aakash Educational Services was scheduled to be held on Wednesday […]
Can CoC liquidate before considering Resolution Plans? NCLAT rules, ET LegalWorld
The National Company Law Appellate Tribunal has held that the legislative fiat of Section 33(2) of the Insolvency and Bankruptcy Code, 2016, read with the explanation clause, empowers the Committee of Creditors to decide to initiate liquidation even before inviting resolution plans i.e., the power given to the CoC to take decisions for liquidation is […]
Why did the Supreme Court choose liquidation over resolution for Jet Airways?, ET LegalWorld
The Supreme Court has held that where there exists extraordinary circumstances warranting the exercise of plenary powers to ensure that the very salutary purpose of the Insolvency and Bankruptcy Code, 2016 is not frustrated, then the Court would be well within its prerogative to exercise them to secure the object of the IBC, 2016. The […]
Implications for corporate insolvency resolution, ET LegalWorld
The Supreme Court has held that any delay in arriving at the conclusion that the company is to be liquidated is detrimental to a Company, especially when the Company has long awaited timely and positive action from the successful resolution applicant as regards the implementation of the approved resolution plan. The court added that liquidation […]
NCLAT upholds limited jurisdiction in Resolution Plan approval, ET LegalWorld
The National Company Law Appellate Tribunal held that the jurisdiction of the NCLT and NCLAT while considering the Resolution Plan approved by the Committee of Creditors has a limited jurisdiction. The Appellate Tribunal observed that the remit of the jurisdiction is to examine whether the Plan is in compliance with section 30, sub-section (2) of […]
SC seeks response from SKS Power and lenders on Torrent Power’s appeal against Sarda Energy’s resolution plan, ET LegalWorld
The Supreme Court had sought response from debt-ridden SKS Power Generation (Chhattisgarh) Ltd, its lenders and its resolution professional on an appeal by Torrent Power challenging the approval granted to Sarda Energy and Minerals resolution plan for takeover of the power generation firm. A Bench led by Chief Justice D.Y. Chandrachud while issuing notice to […]