Search Results for Tag : Creditors
Judgments
A collaborator in the development agreement is not a financial creditor(18.01.2023)
Present Appeal has been filed against the Order by which on an Application filed by the Home-Buyers, the Appellant has been removed from the Committee.....
Tags : Committee, Creditors, Removal
News
ITAT: Money Can’t be Treated as ‘Unaccounted’ Merely Because of Non-Response from Creditors(26.07.2022)
Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 has held that the money .....
Tags : ITAT, Creditors, Unaccounted
SC: Entries in Balance Sheet of Corporate Debtor Can be Treated as Acknowledgment of Liability(02.08.2022)
Supreme Court has held that the entries in Books of Account/Balance sheet of a company can be treated as acknowledgement of liability in respect of de.....
Tags : Supreme Court, Balance Sheet, Liability, Financial Creditors
MP HC Issues Guidelines on S.14 Appln Filed by Secured Creditors under SARFAESI Act(27.11.2023)
Madhya Pradesh High Court while observing that inaction of DM/ADM/ CJMs has resulted in secured creditors rushing to High Court, leading to opening of.....
Tags : Madhya Pradesh High Court, SARFAESI Act, Secured Creditors, Section 14, Guidelines
SC: Only Expressly Created Statutory Charges can Take Precedence Over Secured Creditors' Claim(05.12.2019)
Supreme Court has reiterated that only expressly created statutory first charges under Central and State laws can take precedence over the claims of s.....
Tags : SC, Secured Creditors
NCLAT: COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT(19.10.2022)
National Company Law Appellate Tribunal, Delhi has ruled that when the Committee of Creditors (CoC) decides to liquidate the Corporate Debtor, the dec.....
Tags : National Company Law Appellate Tribunal, Committee of Creditors, Corporate Debtor, liquidation
SC: NCLT/NCLAT Cannot Interfere with Commercial Wisdom of Committee of Creditors(11.03.2021)
Supreme Court has reiterated that the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) cannot interfere wit.....
Tags : Supreme Court, Commercial Wisdom of Committee of Creditors
SC: Closer Examination of RP’s Feasibility if Plan Envisages Use of Asset Owned By Statutory Body(15.02.2024)
SC while observing that normally resolution plan’s feasibility is best decided by the commercial wisdom of Committee of Creditors, has held that when .....
Tags : Supreme Court, Resolution Plan, Committee of Creditors
Lenders Having Vested Interest in Debtor shouldn’t be Part of Creditors’ Panel: NCLT(15.04.2019)
National Company Law Tribunal (NCLT), Chennai Bench has held that a party having a vested interest /relation with a corporate debtor should not be a p.....
Tags : National Company Law Tribunal, Committee of Creditors
NCLAT: Creditors Belonging to Different Classes Can be Given Different Treatment(03.03.2020)
National Company Law Appellate Tribunal has reconfirmed the principle that the touchstone for judging the benevolence of a resolution plan does not de.....
Tags : National Company Law Appellate Tribunal, Differential Treatment of Creditors
SC: Rehabilitation Scheme Under SICA Binds All Creditors(20.03.2023)
Supreme Court while observing that rehabilitation scheme under Section 18 of the SICA, 1985 shall bind all the creditors including the unsecured credi.....
Tags : Supreme Court, SICA, Unsecured Creditors, Rehabilitation Scheme
Mad. HC: Juri. Akin to Revisional Juri. Must be Exercised by Adj. Authority to Assess Correctness(10.06.2024)
Mad. HC has observed that even though Adjudicating Authority may not sit in appeal over commercial wisdom of Committee of Creditors, still it is requi.....
Tags : Madras High Court, Committee of Creditors, Adjudicating Authority
NCLAT: Resolution Professional Cannot Withhold Any Plan and Refuse to Submit Before CoC(12.04.2022)
National Company Law Appellate Tribunal, has observed that Resolution Professional of its own cannot withhold any plan and reject to submit the same b.....
Tags : National Company Law Appellate Tribunal, Resolution Professional, Committee of Creditors
SC: Principle of Commercial Wisdom Doesn’t Validate CoC’s Decision Taken in Contravention of Law(08.05.2023)
Supreme Court has held that the principle of Commercial wisdom cannot be used to validate the decision of Committee of Creditors (CoC) which was taken.....
Tags : Supreme Court, Commercial Wisdom, Committee of Creditors
Supreme Court Upholds Homebuyers' Status of Financial Creditors(09.08.2019)
Supreme Court has upheld the Government's decision to grant homebuyers the status of financial creditors, thereby enabling them to claim their dues wh.....
Tags : Supreme Court, Financial Creditors
NCLT: Committee of Creditors Are Competent to Revise Approved Fees of Resolution Professional(09.05.2022)
National Company Law Appellate Tribunal has ruled that the Committee of Creditors is fully competent to revise its earlier approval of the fees of the.....
Tags : National Company Law Appellate Tribunal, Committee of Creditors, Resolution Professional
Delhi HC: Foreign Creditors Can't be Treated Differently From Domestic Creditors(09.05.2022)
Delhi High Court has observed that in the modern times of globalization, foreign creditors cannot be treated differently from domestic creditors.
Tags : Delhi High Court, globalization, foreign creditors, domestic creditors
Supreme Court Refuses to Restrain Formation of CoC for Byju’s(21.08.2024)
Supreme Court has refused to pass an order restraining formation of a Committee of Creditors by Resolution Professional for Byju's in the insolvency p.....
Tags : Supreme Court, Committee of Creditors, Resolution Professional, Byju's
Operational Creditors should Get a Say and Vote in Insolvency Process: SC(14.12.2018)
Supreme Court has observed that Operational creditors of companies undergoing the corporate insolvency resolution process should have a say in the com.....
Tags : Supreme Court, Operational Creditors, Insolvency Process
IBBI Asks to Furnish Extracts of GSTR-1, GSTR-3B & E-Way Bills Along With Application(17.06.2022)
Insolvency and Bankruptcy Board of India (IBBI) has notified that the operational creditors shall furnish extracts of GSTR-1, GSTR-3B and e-way bills,.....
Tags : IBBI, GSTR, Operational Creditors
NCLAT: Resolution Plan Approved by Committee of Creditors is Binding on All Stakeholders(20.12.2024)
NCLAT New Delhi bench has held that Resolution Plan approved by the Committee of Creditors (CoC) shall be binding on all the stakeholders including th.....
Tags : NCLAT New Delhi, Committee of Creditors, Resolution Plan
SC: Moratorium Declared under IBC Will Not Extinguish Claims of Creditors(23.12.2024)
Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish the claims of all t.....
Tags : Supreme Court, Moratorium, Claims of Creditors
NCLAT: Recovery Proceedings before DRT doesn’t Prohibit Financial Creditors from Filing App. u/s 7(17.01.2025)
NCLAT New Delhi bench has held that if recovery proceedings have been initiated before the Debt Recovery Tribunal (DRT) it does not prohibit Financial.....
Tags : NCLAT New Delhi, Financial Creditors, Recovery Proceedings
SC: No Compulsion for Companies to Give Names of All Secured/Unsecured Creditors in Balance Sheet(24.10.2024)
Supreme Court while dismissing plea of corporate debtor's suspended director against initiation of CIRP, has observed that it is not compulsory for co.....
Tags : Supreme Court, Unsecured Creditors, Balance Sheet, Secured Creditors
NCLAT: Authority Can’t Pass Adverse Remarks against RP Performing Duties as Per CoC’s Instruction(05.12.2024)
NCLAT New Delhi bench has held that the Adjudicating Authority cannot pass adverse remarks against the Resolution Professional who is performing dutie.....
Tags : NCLAT New Delhi, Adverse Remarks, Committee of Creditors
Bombay HC: Secured Creditors Shall Take Priority Over Government Dues Under SARFAESI Act(05.09.2022)
Bombay High Court has held that the rights of secured creditors to realise secured debts shall have priority over government dues, including revenues,.....
Tags : Bombay High Court, SARFAESI Act, Secured Creditors
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
NCLAT: Post-Submission, CoC Can’t Remit Approved Resolution Plan(21.03.2025)
NCLAT New Delhi bench has held that Committee of Creditors (CoC) cannot remit Resolution Plan for fresh consideration once it has been approved by CoC.....
Tags : NCLAT New Delhi, Committee of Creditors, Adjudicating Authority
NCLAT: Can’t Interfere with Approval of RP Permitting Creditor to Take Action against Guarantees(20.02.2025)
NCLAT New Delhi bench has held that there cannot be interference with approval of a resolution plan containing a clause that creditors can take approp.....
Tags : NCLAT New Delhi, Resolution Plan, Creditors
NCLAT: Approval of RP Can’t be Questioned by OC When Provided with More than Liquidation Value(07.03.2025)
NCLAT New Delhi bench has held that Operational Creditors cannot question Resolution Plan approved by the Adjudicating Authority when they are provide.....
Tags : NCLAT New Delhi, Operational Creditors, Resolution Plan
SC: IBC Overrides Provisions of Electricity Act, 2003(18.07.2023)
Supreme Court while observing that Section 238 of Insolvency and Bankruptcy Code (IBC) override provisions of the Electricity Act, 2003, has held that.....
Tags : Supreme Court, IBC, Electricity Act, Secured Creditors
NCLAT: Must Distribute Liquidation Proceeds amongst Secured Creditors on Basis of Admitted Claims(30.01.2025)
NCLAT New Delhi bench has held that liquidation proceeds must be distributed to secured creditors on the basis of secured claims as per Section 53 of .....
Tags : NCLAT New Delhi, Secured Creditors, Liquidation Proceeds
SC: RP Containing Proposed Combination Should be Placed before CoC after Approval by CCI(31.01.2025)
Supreme Court by a 2:1 majority has observed that a resolution plan containing a proposed combination under the Insolvency and Bankruptcy Code, 2016 s.....
Tags : Supreme Court, Resolution Plan, Committee of Creditors
NCLAT: Can’t Reject App. for Approval of RP Solely on Basis of Withdrawal of Consent by CoC Members(09.05.2025)
NCLAT New Delhi bench has held that there cannot be rejection of an application seeking approval of a Resolution Plan (RP) merely on the basis of with.....
Tags : NCLAT New Delhi, Resolution Plan, Committee of Creditors