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

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

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

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

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

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

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

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

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

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

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

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