Search Results for Tag : CIRP
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Rajya Sabha passes the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020(19.09.2020)
Rajya Sabha amends IBC by temporarily suspending initiation of Corporate Insolvency Resolution Process. The Insolvency and Bankruptcy Code (Second Ame.....
Tags : CIRP, Initiation, Suspension
IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016(21.07.2021)
The Insolvency and Bankruptcy Board of India (IBBI) notifies the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate.....
Tags : Amendment, Regulations, CIRP
News
NCLAT, New Delhi Dismisses NOIDA Appeal Against Order Directing Participation in CIRP Process(09.03.2022)
National Company Law Appellate Tribunal, New Delhi has dismissed the Appeal preferred by New Okhla Industrial Development Authority (NOIDA) against th.....
Tags : National Company Law Appellate Tribunal, Participation in CIRP Process
NCLT: Guarantor is Entitled to Initiate CIRP Against Principal Borrower Under Right of Subrogation(30.06.2022)
National Company Law Tribunal (NCLT), Kolkata has held that if a Guarantor pays the debt on behalf of the Principal Borrower, then it steps into the s.....
Tags : NCLT, CIRP, Right of Subrogation
NCLAT, Delhi: Time Period Under Regulation 35A is Directory, Not Mandatory(27.04.2022)
National Company Law Appellate Tribunal, has observed that period of time prescribed under Regulation 35A of the IBBI (Insolvency Resolution Process f.....
Tags : National Company Law Appellate Tribunal, Regulation 35A, IBBI (Insolvency Resolution Process for Corporate Persons) (CIRP) Regulations, 2016
NCLAT, Delhi: Time Period Under Regulation 35A is Directory, Not Mandatory(27.04.2022)
National Company Law Appellate Tribunal, has observed that period of time prescribed under Regulation 35A of the IBBI (Insolvency Resolution Process f.....
Tags : National Company Law Appellate Tribunal, Regulation 35A, IBBI (Insolvency Resolution Process for Corporate Persons) (CIRP) Regulations, 2016
Cal. HC: Object of S. 60(2) IBC is to Group Together CIRP Proceedings Before Single Forum(21.12.2022)
Calcutta High Court has held that object of Section 60(2) of IBC 2016 is to group together CIRP of corporate debtor and insolvency liquidation proceed.....
Tags : Calcutta High Court, IBC, CIRP, National Company Law Tribunal
Delhi HC: Avoidance Applications Survive CIRP(17.01.2023)
Delhi High Court has held that avoidance applications filed under IBC survive even after approval of the resolution plan, in cases where Resolution Pl.....
Tags : Delhi High Court, Avoidance Applications, CIRP
SC: Delay in Filing CIRP Application Can be Condoned on Giving Sufficient Reasons(05.01.2023)
Supreme Court while observing that Limitation Act, 1963 is applicable to applications filed under Sections 7 and 9 of IBC, has held that delay in init.....
Tags : Supreme Court, CIRP, Delay, Condone
SC: Application for Withdrawal of CIRP is Maintainable Prior to Constitution of CoC(29.03.2023)
Supreme Court has held that Section 12A of the Insolvency and Bankruptcy Code, 2016 does not debar entertaining applications for withdrawal of Corpora.....
Tags : Supreme Court, CIRP, CoC, IBC
SC: No Bar in Permitting Amendment of Pleadings or Filing of Documents in CIRP Application(05.08.2021)
Supreme Court has observed that there is no bar in permitting amendment of pleadings or to the filing of additional document in an application under S.....
Tags : Supreme Court, Amendment of Pleadings or Filing of Documents in CIRP Application
SC: Admission of Claims After Acceptance of RP by CoC will Make CIRP an Endless Process(12.09.2023)
Supreme Court has held that if claims are admitted after resolution plan (RP) has been accepted by the Committee of Creditors (COC) under Insolvency a.....
Tags : Supreme Court, CIRP, Resolution Plan, Committee of Creditors, Claims
SC: Application for Initiating CIRP Has To Be Rejected If Dispute Truly Exists In Fact(12.08.2021)
Supreme Court has observed that adjudicating authority has to reject an application seeking initiation of Corporate Insolvency Resolution Process unde.....
Tags : Supreme Court, Application for Initiating CIRP
SC: Cannot Overlook Claim Submitted With Proof Only Because Its Submission is in Wrong Form(13.02.2024)
Supreme Court has observed that claim submitted by the Resolution Applicant under the Corporate Insolvency Resolution Process cannot be rejected or ov.....
Tags : Supreme Court, Resolution Applicant, CIRP
MCA Invites Public Comments on Proposed Changes to CIRP Framework under IBC(27.12.2021)
Ministry of Corporate Affairs has invited the Public Comments on proposed changes to Corporate Insolvency Resolution and Liquidation Framework under .....
Tags : Ministry of Corporate Affairs, Proposed Changes to CIRP Framework
Judgments
In case of default, Financial creditor either by itself or jointly with other financial creditor could file application for initiating CIRP against Corporate Debtor(07.11.2017)
The 'Financial Creditor'-Central Bank of India has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Cod.....
Tags : Financial debt, CIRP, Appointment
A Sole Proprietary Concern is not a person under Section 3(23) of IBC and it cannot initiate insolvency proceedings(23.09.2019)
In present case, RG Steels (Petitioner) has approached present Tribunal as Operational Creditor (OC) under the provisions of Section 9 of Insolvency a.....
Tags : Default, CIRP, Initiation
IBC is not a substitute to a recovery forum and whenever there is existence of real dispute, the IBC provisions cannot be invoked(04.09.2020)
The present appeal has been preferred by Kuntal Construction Pvt. Ltd. ('Operational Creditor') under Section 61 of the Insolvency & Bankruptcy Code 2.....
Tags : CIRP, Initiation, Legality
Bar under Section 10A of IBC against initiation of CIRP is retrospective and is applicable to applications filed from 25th March, 2020(09.02.2021)
The appellate jurisdiction of present Court under Section 62 of the Insolvency and Bankruptcy Code, 2016 ("IBC") has been invoked to challenge the jud.....
Tags : Initiation, CIRP, Interpretation, Provision
When default occurred over three years prior to filing of application, prayer to trigger CIRP against the Corporate Debtor is to be declined(16.02.2021)
The issue raised in present appeal against order passed by the Adjudicating Authority (National Company Law Tribunal), dismissing the Appellant's appl.....
Tags : CIRP, Initiation, Time bar
Issuance of Demand Notice under Section 8(1) of IBC is not a mere formality but a mandatory provision(29.01.2021)
The present Appeal has been filed against the impugned order passed by Adjudicating Authority (National Company Law Tribunal), New Delhi admitting Com.....
Tags : CIRP, Service, Demand Notice
A person who advanced interest free loans to corporate body is also a financial creditor and can initiate CIRP(26.07.2021)
Present appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) is against the final judgment of the National Company Law Appellate .....
Tags : CIRP, Initiation, Right
No bar in permitting amendment of pleadings or filing of additional documents in CIRP application under Section 7 of IBC(04.08.2021)
Present Appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) is against a judgment passed by the National Company Law Appellate T.....
Tags : Additional documents, CIRP, Bar
Holder of Recovery Certificate would be entitled to initiate CIRP under IBC(30.05.2022)
The present appeal challenges the judgment passed by the learned National Company Law Appellate Tribunal, New Delhi (“NCLAT”), thereby allowing the ap.....
Tags : CIRP, Initiation, Time limit
Application under Section 9 of the IBC after completion of the Corporate Insolvency Resolution Process against Corporate Debtor is not maintainable(13.06.2022)
Present is a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bharat Pipe Fitting Co. (Operational Creditor.....
Tags : Operational Creditor, Right, CIRP
Liability of the guarantor is co-extensive with that of the principal borrower(06.09.2022)
Present appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016, (IBC), is against a final judgment passed by the National Company Law App.....
Tags : Initiation, CIRP, Legality
Factual finding of the Appellate Authority cannot be interfered with in an appeal under Section 62 of the IBC(22.09.2022)
Present appeal under Section 62 of the Insolvency and Bankruptcy Code 2016, the ‘IBC’, is against a Judgement passed by the National Company Law Appel.....
Tags : CIRP, Initiation, Legality
If the claim of an Operational Creditor is undisputed and the operational debt remains unpaid, CIRP must commence(05.04.2023)
The present appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 ('IBC') by the Appellant arises out of the order passed by the A.....
Tags : CIRP, Admission, Grant
Section 12A of IBC does not debar entertaining of applications for withdrawal of CIRP even before constitution of CoC(28.03.2023)
The Appellant, a suspended Director of the Corporate Debtor has filed present appeal assailing the correctness of the order passed by the National Com.....
Tags : Withdrawal, CIRP, Application
For the amount to be construed as a 'Financial Debt', there should be a direct disbursal of the amount owed(01.06.2023)
Present Appeal under Section 61 of the 'Insolvency and Bankruptcy Code, 2016' (IBC) is against Impugned Order, where by the Adjudicating Authority, ha.....
Tags : CIRP, Initiation, Financial debt
CIRP cannot be initiated for defaults arising within 12 months period beginning 25th March, 2020(14.09.2023)
The Borrower had raised funds for `Celebrity Football Match' to be held at Dubai. Since the Borrower had not repaid the loan, the Appellant had invoke.....
Tags : CIRP, Initiation, Specified period
Period of limitation for initiation of CIRP under Section 7 of the IBC is three years from the date when right to apply accrues(14.08.2020)
Present appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) is directed against the judgment and order passed by the National Co.....
Tags : Commencement, CIRP, Legality
“Right to sue" accrues when a default occurs and if the default has occurred over three years prior to the date of filing of the Application, the Application would be barred(14.10.2020)
Present Appeal emanates from the Impugned Order passed by the Adjudicating Authority, whereby the Adjudicating Authority has admitted the Application .....
Tags : Initiation, CIRP, Legality