Search Results for Tag : debt
Statute
Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016(13.06.2016)
The Enforcement of Security Interest and Recovery of Debt Laws a.....Tags : sarfaesi, debt act, central registry, asset reconstruction
International Cases
Production of notice of assessment is conclusive evidence that the assessment is properly made(07.08.2020)
An application is made by the Plaintiff, the Deputy Commissioner of Taxation, for judgment to be entered against the defendant pursuant to the Rules o.....
Tags : Debt dues, Payment, Recovery
A statutory provision does not alter the common law unless it says so explicitly or by necessary implication(03.12.2020)
The first Respondent, Jeany Industrial Holdings (Pty) Ltd, the second Respondent, Ian Laverne Donjeany and the third Respondent, Lee Spencer Donjeany,.....
Tags : Surety, Right, Debt
A statutory provision does not alter the common law unless it says so explicitly or by necessary implication(03.12.2020)
The first Respondent, Jeany Industrial Holdings (Pty) Ltd, the second Respondent, Ian Laverne Donjeany and the third Respondent, Lee Spencer Donjeany,.....
Tags : Surety, Right, Debt
Tax debt only arose upon notice of assessment(12.07.2024)
The Commissioner for the South African Revenue Services (SARS) instituted action against the Appellants, in terms of Section 183 of the Tax Administra.....
Tags : Tax Administration Act, Tax Debt
Top Story
Centre notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors(20.11.2019)
The Insolvency and Bankruptcy Board of India (IBBI) notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors t.....
Tags : New Rules, Insolvency Resolution, Corporate debtors
Company served with a statutory demand may apply to the court for an order setting it aside within 21 days after its service(26.07.2023)
The Plaintiff, Corinthian Mining Pty Ltd (Corinthian), is seeking to set aside the Defendant's statutory demand for payment of a non-judgment debt in .....
Tags : Debt, Demand, Legality
News
RBI Revises SDR Norms(26.02.2016)
Reserve Bank of India (RBI) has asked banks going in for Strategic Debt Restructuring (SDR) scheme to make sufficient provisions to the tune of 15 per.....
Tags : Reserve Bank of India , Strategic Debt Restructuring
Corporate Debtor can Withdraw Application Filed Under IBC on Making OTS Offer to Creditor : NCLT(28.01.2019)
NCLT has allowed the a corporate debtor to withdraw petition for its insolvency, though with costs, besides allowing ex-director of corporate debtor t.....
Tags : NCLT, Corporate Debtor can Withdraw Application Filed Under IBC
Secured Creditor can File Winding Up Petition After Obtaining Recovery Certificate from DRT: SC(30.01.2019)
Supreme Court has held that a secured creditor can file a winding up petition after obtaining a decree from the Debts Recovery Tribunal (DRT) and a re.....
Tags : Supreme Court, Debt Recovery Tribunal
Delhi HC Seeks Response on Plea Challenging Provisions of Recovery of Debts and Bankruptcy Act, 1993(13.09.2021)
Delhi High Court has sought response of the Centre on a plea challenging provisions of Recovery of Debts and Bankruptcy Act, 1993 regarding appointmen.....
Tags : Delhi High Court, Provisions of Recovery of Debts and Bankruptcy Act, 1993
Delhi HC Asks Centre on Incorporating Provisions in Statute for Judgment Debtor’s Financial Capacity(07.08.2020)
Delhi High Court has asked the Central Government to take into consideration, stating that the mandatory filing of the affidavit of assets, income, ex.....
Tags : Delhi High Court, Judgment Debtor’s Financial Capacity
RBI Tightens Provisions for Yet to Fail CDR Accounts(12.01.2016)
Reserve Bank of India (RBI) has asked lenders to increase provisioning for accounts that may not have yet failed Corporate Debt Restructuring (CDR) bu.....
Tags : Reserve Bank of India, Corporate Debt Restructuring
Bombay HC Upholds Centre’s Move to Shift DRT From Mumbai to Vashi(03.01.2017)
Bombay High Court has upheld Centre’s decision to shift one of the Debt Recovery Tribunals (DRT) from Mumbai to a new site at Vashi, stating it did no.....
Tags : Bombay High Court, Debt Recovery Tribunals
Supreme Court Asks Centre to Buckle Up Mechanism to Recover Bad Loans(03.01.2017)
Supreme Court has sought more clarity from Centre on the issue of tackling bad loans.
Tags : Supreme Court , Bad Loans , Debt Recovery
Supreme Court Seeks List of Loan Defaulters from Central Govt.(04.01.2017)
Supreme Court has asked Centre to give list of "corporate entities" against whom outstanding loans were in excess of Rs 500 crore, besides seeking emp.....
Tags : Supreme Court, Debt Recovery Tribunals, Bad Loans
Govt. Amends FEMA to Enable the Increase in FDI Limit in Insurance Sector(24.08.2021)
Government has notified the amendment in the Foreign Exchange Management (non-debt instruments) Rules, 2019 (FEMA) to enable the increase in foreign d.....
Tags : Government, Foreign Exchange Management (non-debt instruments) Rules, 2019
Delhi HC Issues Notice on Plea by Decree Holder Seeking Attachment of Assets of Judgment Debtor(25.08.2021)
Delhi High Court has issued notice on a plea by a decree holder (KLA Const. Technologies) seeking attachment of moveable and immovable assets of the j.....
Tags : Delhi High Court, Attachment of Assets of Judgment Debtor
Bom. HC: Writing Off Bad Debt Can’t be Considered as Asset u/s 153A(1) of IT Act(07.09.2023)
Bombay High Court has held that writing-off of a bad debt cannot fall within the ambit of “income, represented in the form of an asset” under Section .....
Tags : Bombay High Court, Bad Debt, Asset, Income-Tax Act
Supreme Court Seeks Action Plan on Recovery of Bad Loans(21.11.2016)
Supreme Court has said that disclosure of names of debtors, who owe Rs 500 crore or more to banks, will not lead "anywhere" as the important issue is .....
Tags : Supreme Court, Non-Performing Assets, disclosure, debtors
SC: Moratorium Does Not Apply to Proceedings in Respect of Directors/Management of Corporate Debtor(17.09.2021)
Supreme Court has observed that the moratorium ordered under Section 14 of the Insolvency and Bankruptcy Code, 2016 does not apply in respect of the d.....
Tags : Supreme Court, Proceedings in Respect of Directors/Management of Corporate Debtor
Supreme Court: S. 21A of Banking Regulation Act Not Applicable to Agricultural Debts(19.02.2018)
Supreme Court has held that S. 21A of Banking Regulation Act, 1949 which prohibits courts from re-opening any transaction between a bank and its debto.....
Tags : Supreme Court, Agricultural Debts
CIVIL - Auction Sale can't be Held 3 Years After End of FY in which Recovery Certificate was Issued: Kerala H(22.02.2019)
Kerala High Court has set aside an auction sale held for recovery of arrears due to a bank on ground that it was done beyond the period of three years.....
Tags : Kerela High Court, Auction Sale, Debt Recovery Tribunal
CIVIL - Auction Sale can't be Held 3 Yrs After End of FY in which Recovery Certificate was Issued: Kerala HC(22.02.2019)
Kerala High Court has set aside an auction sale held for recovery of arrears due to a bank on ground that it was done beyond the period of three years.....
Tags : Kerela High Court, Auction Sale, Debt Recovery Tribunal
SC: Proceedings Against Corporate Debtor Would End Once Resolution Plan is Approved(01.02.2021)
Supreme Court has clarified that proceedings against a corporate debtor over money-laundering charges would end once a resolution plan is approved, bu.....
Tags : Supreme Court, Proceedings Against Corporate Debtor
SC: Plea of Lack of Jurisdiction Can’t be Invoke at Execution Stage by Judgment Debtor(25.10.2023)
Supreme Court while observing that a plaintiff shall not be made to suffer by the passive act of the defendant in submitting to the jurisdiction, has .....
Tags : Supreme Court, Judgment Debtor, Jurisdiction
DRT Rejects Kingfisher’s Plea(11.07.2016)
Debt Recovery Tribunal (DRT), Bengaluru, has rejected interlocutory application filed by Kingfisher Airlines seeking permission to make amendment to i.....
Tags : Debt Recovery Tribunal , Kingfisher Airlines
Rajya Sabha Passes a Bill to Expedite Disposal of Debt Recovery Applications(10.08.2016)
Rajya Sabha has passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, which amen.....
Tags : Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, Rajya Sabha
Delhi HC Allows Interim Reoccupation to Debtor of Property Securitized by Bank(13.04.2020)
Delhi High Court has allowed a family to reoccupy a floor of the property, which was securitized by IIFL Home Finance Limited under Section 14 of Secu.....
Tags : Delhi High Court, Reoccupation to Debtor of Property Securitized by Bank
Madras HC: No Deduction Can be Claimed if Bad Debt Not Written Off(10.12.2020)
Madras High Court has held that the deduction cannot be claimed on the bad debt which was not written off as required by law as per the provisions of .....
Tags : Madras High Court, Writing Off of Bad Debts
NCLT Can't Decide Inter-Se Claims by Parties Over Assets of Corporate Debtor: NCLAT(05.02.2019)
National Company Law Appellate Tribunal has held that inter-se claims by parties over assets of the corporate debtor cannot be determined by the Adjud.....
Tags : NCLAT, Inter-Se Claims by Parties Over Assets of Corporate Debtor
Delhi HC Grants Time to Frame Rules to Deal with High Value Cases In Debt Recovery Tribunals(25.11.2021)
Delhi High Court has granted six weeks time to the Central Government for coming up with the Rules to deal with high value cases, where the recovery i.....
Tags : Delhi High Court, High Value Cases In Debt Recovery Tribunals
Kerala HC: If Judgment Debtor Has No Means to Pay Off Debt, Court Bound to Inquire Before Warrant(27.01.2022)
Kerala High Court has held that if a judgment debtor appears before the Court when served with a notice and contends that he has no means to pay off t.....
Tags : Kerala High Court, Means to Pay Off Debt
Telangana HC: Scrutiny By IT Department Barred For The Period Covered By The Resolution Plan(28.01.2022)
Telangana High Court has observed that for the period covered by the Resolution Plan, Income Tax Department cannot carry out any scrutiny or assessmen.....
Tags : Income Tax Act, Insolvency and Bankruptcy Code, Corporate Debtor, Financial Creditor
Govt. Fixes Debt to Capital, Free Reserve Ratio for Govt. Companies(25.03.2016)
Ministry of Corporate Affairs has notified the debt to capital and free reserves ratio for government companies that are into housing finance.
Tags : Ministry of Corporate Affairs, Debt to Capital, Free Reserve Ratio
INSOLVENCY - 51% COC Vote Enough for Forensic Audit of Corporate Debtor: NCLT(08.03.2019)
National Company Law Tribunal (NCLT) has clarified that 51 per cent vote of the Committee of Creditors (CoC) is enough to initiate a forensic audit of.....
Tags : NCLT, Forensic Audit, Corporate Debtor
SC: Debts Recovery Tribunal Has No Power to Condone Delay in Filing Review Application(27.01.2020)
Supreme Court has held that the Debts Recovery Tribunal has no power to condone the delay in filing application for review under the Recovery of Debts.....
Tags : Supreme Court, Debt Recovery Tribunal's Power to Condone Delay, Review Application
NCLT: Indemnity of Obligations Under an Agreement Is Not 'Financial Debt' Under IBC(14.10.2022)
National Company Law Tribunal, Mumbai while adjudicating an application has observed that indemnity of the obligations under the Agreement is not a 'f.....
Tags : National Company Law Tribunal, financial debt, indemnity, Agreement
Notifications & Circulars
CBDT endeavours to reduce litigation over bad debt(30.05.2016)
The Central Board of Direct Taxes bolstered Departmental policies to reduce litigation arising from assessees writing off sums as ‘bad debt’.
.....
Tags : income tax, bad debt, irrecoverable, reducing litigation
Facility of “Basic Services Demat Account" (BSDA) with limited services introduced(10.04.2019)
1. SEBI vide circulars CIR/MRD/DP/22/2012 dated August 27, 2012 and CIR/MRD/DP/20/2015 dated December 11, 2015, introduced the facility of "Basic Serv.....
Tags : BSDA limit, Debt Securities, Introduction
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
Karnataka HC Put Stay on DRT’s Order for 3 Months Issuing Demand Notice to UBHL , Kingfisher Airlines(20.06.2016)
Karnataka HC has put stay for three months on Debt Recovery Tribunal's (DRT) order issuing a demand notice to Vijay Mallya-owned United Breweries Hold.....
Tags : Karnataka HC, Debt Recovery Tribunal, United Breweries Holdings Limited (UBHL) , Kingfisher Airlines
Delhi HC Stays DRAT Order Imposing Restrictions on Filing of Securatisation Application(11.04.2017)
Delhi High Court has stayed order of Debts Recovery Appellate Tribunal, wherein DRAT had held that a Securitization Application under Section 17 of SA.....
Tags : Delhi High Court, Debts Recovery Appellate Tribunal
SC: Person Having Security Interest Over Property of Corporate Debtor Not 'Financial Creditor'(27.02.2020)
Supreme Court has upheld the order of National Company Law Tribunal which cancelled the mortgages made by Jaypee Infratech Ltd to secure the debts of .....
Tags : Supreme Court, Mortgage by Corporate Debtor to Secure Debts
Telangana High Court has Stayed Debt Recovery Tribunal’s Order Against Karvy Stock Broking(02.01.2020)
Telangana High Court has given interim relief to Karvy Stock Broking against ICICI Bank’s plea for initiating debt recovery proceedings against the br.....
Tags : Telangana High Court, Debt Recovery Tribunal
Debt recovery mechanism strengthened with the enactment of Insolvency and Bankruptcy Code (IBC), 2016 - Survey(04.07.2019)
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2018-19 in Parliament today. Taking note of t.....
Tags : Debt recovery, Mechanism, Strengthening of
Debts Recovery Tribunal (Procedure) Amendment Rules, 2020(27.08.2020)
1.In exercise of the powers conferred by sub-sections (1) and (2) of section 36 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), the Ce.....
Tags : Debts Recovery Tribunal, Procedure, Amendment Rules
Relaxation from default recognition due to restructuring of debt(31.08.2020)
1. CRAs recognize default based on the guidance issued vide SEBI circulars dated May 3, 2010 and November 1, 2016. Further, SEBI vide circular dated M.....
Tags : Relaxation, Default recognition, Restructuring of debt
NCLT, Mumbai: Advance Amount Received by Property Owner is Operational Debt(18.01.2021)
National Company Law Tribunal (NCLT), Mumbai has ruled that the advance amount received by a property owner from the real-estate developer for a re-de.....
Tags : National Company Law Tribunal, Operational Debt
SC: DRAT Cannot Entertain Appeal u/s 18 SARFAESI Act Without Insisting on Pre- Deposit(03.03.2020)
Supreme Court has observed that the Debt Recovery Appellate Tribunal cannot entertain an appeal under Section 18 of the Securitisation and Reconstruct.....
Tags : Supreme Court, Appeal before Debt Recovery Appellate Tribunal
Delhi HC Refuses to Entertain PIL on Recovery of Debt Owed by Pakistan Since Partition(22.03.2022)
Delhi High Court has refused to entertain a public interest litigation seeking recovery of Rs 1 trillion debt owed by Pakistan to India since the time.....
Tags : Delhi High Court, Recovery of Debt Owed by Pakistan
SC: RP Can Take Control of Corporate Debtor's Rights in Assets Licensed to Third Parties(16.03.2023)
Supreme Court has held that Resolution Professional (RP) is entitled to take control of the rights of a corporate debtor in assets which are licensed .....
Tags : Supreme Court, Corporate Debtor, Resolution Professional
Supreme Court Explains: Debt Becoming Financial & Operational Debt(27.04.2024)
SC has explained that where a party owes debt to another and when creditor is claiming under written agreement/arrangement providing for rendering ser.....
Tags : Supreme Court, Operational Debt, Financial Debt
Bengaluru DRT Orders Banks to Start Recovering Loan From Vijay Mallya in Kingfisher Case(20.01.2017)
Debt Recovery Tribunal has ordered SBI-led consortium of banks to start process of recovering over Rs 6,203 crore, at 11.5 per cent annual interest ra.....
Tags : Debt Recovery Tribunal, Vijay Mallya, Kingfisher Case, Loan
Investment by Foreign Portfolio Investors (FPIs) in Debt(08.11.2021)
1. Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 1 to the Foreign Exchange Management (Debt Instruments) Regu.....
Tags : Investment, FPIs, Debt
SC: Corporate Debtor Only Offering Security by Pledging Shares Not a Financial Creditor(04.02.2021)
Supreme Court has held that if a corporate debtor has only offered security by pledging shares, without undertaking to discharge the borrower's liabil.....
Tags : Supreme Court, Corporate Debtor
Bombay High Court Directs Finance Ministry to Provide Proper Infrastructure for DRT/DRAT(21.08.2015)
Bombay High Court has directed Finance Ministry to consider providing proper infrastructure and space to Debt Recovery Tribunal (DRT) and Debt Recover.....
Tags : Bombay High Court,Debt Recovery Tribunal (DRT) , Debt Recovery Appellate Tribunal (DRAT)
All HC: Guarantor’s Liability Doesn’t Absolve by Itself Upon Approval of Resolution Plan(16.01.2023)
Allahabad High Court has held that approval of a resolution plan under Section 31 of the IBC, does not ipso facto absolve the surety/guarantor of the .....
Tags : Allahabad High Court, Corporate Debtor, Guarantor’s Liability, Resolution Plan
Allahabad High Court: Can’t Decide Jurisdiction of DRTs Solely on the Basis of Location of Asset(15.04.2024)
Allahabad High Court has held that for entertaining application under Section 17 of the Securitization and Reconstruction of Financial Assets and Enfo.....
Tags : Allahabad High Court, Debt Recovery Tribunals, Jurisdiction, SARFESI
Bombay High Court Questions Non-Working of Mumbai Debt Recovery Tribunal(24.07.2018)
Bombay High Court has questioned the shutdown of Debt Recovery Tribunal (DRT) following a fire in the said building premises over a month ago and expr.....
Tags : Bombay High Court, Debt Recovery Tribunal
Write-off of debt securities held by FPIs who intend to surrender their registration(08.11.2021)
1. SEBI, vide circular number IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019, read with circular number SEBI/HO/IMD/FPI&C/CIR/P/2020/177 dated Septe.....
Tags : Write-off, Debt securities, FPIs
Disclosures and compliance requirements for Issuance and Listing of Municipal Debt Securities(24.11.2022)
1. SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (ILMDS Regulations) and circulars issued thereunder, provide the framework .....
Tags : Disclosures, Compliance requirements, Green debt security
Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing (Amendment) Rules, 2023(01.02.2023)
In exercise of the powers conferred by clause (ccd) of sub-section(2) of section 36 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), th.....
Tags : Debts Recovery, Tribunals, Rules
Sharing of report prepared by resolution professional to both debtor and creditor(12.02.2024)
1. The resolution professional (RP) in an insolvency resolution process of a debtor under Chapter III of Part III of the Insolvency and Bankruptcy Cod.....
Tags : Sharing, Report, Debtor and creditor
COMPANY - Statutory Dues of Companies are Operational Debt: NCLAT(22.03.2019)
National Company Law Appellate Tribunal (NCLAT) has held that statutory liability, including income tax and value added tax dues, of debt-ridden compa.....
Tags : NCLAT, Statutory Dues of Companies, Operational Debt
NCLAT, New Delhi: Interest Alone Cannot Be Construed as Operational Debt(13.02.2020)
National Company Law Appellate Tribunal (NCLAT), New Delhi has held that claim amount towards Interest on loan alone, cannot be termed as an ‘Operatio.....
Tags : National Company Law Appellate Tribunal, Operational Debt
Bombay High Court Pulls Up Ministry for Failure to Provide Infra For Debt Recovery Tribunals(14.02.2020)
Bombay High Court has come down heavily upon the central Government for failing to provide adequate infrastructure and manpower to the Debt Recovery T.....
Tags : Bombay High Court, Infrastructure for Debt Recovery Tribunals
#Economic Survey 2021-2022: Trend in Centre's Debt-GDP Ratio(31.01.2022)
Total liabilities of the Central Government, as a ratio of GDP, has risen sharply in 2020-21, due to COVID-19 pandemic as well as sharp contraction in.....
Tags : Economic Survey, Debt-GDP Ratio
Karnataka HC Summons Vijay Mallya to Appear on 24 November(21.10.2016)
Karnataka High Court has summoned Vijay Mallya to appear before it on 24 November for allegedly violating an “oral undertaking” given before Bengaluru.....
Tags : Karnataka High Court, Vijay Mallya, Debt Recovery Tribunal
Allahabad High Court Disallows Parallel Proceedings in NCLT and DRT(12.09.2017)
Allahabad High Court has barred parallel proceedings in National Company Law Tribunal (NCLT) and the Debt Recovery Tribunal (DRT) in a case between St.....
Tags : Allahabad High Court, National Company Law Tribunal, Debt Recovery Tribunal
Disclosure Requirements for Issuance and Listing of Green Debt Securities(30.05.2017)
Disclosure Requirements for Issuance and Listing of Green Debt Securities
1. SEBI (Issue and Listing of Debt Securities) Regulations.....
Tags : Securities, Green debt, Requirement
Prudential Treatment of Bad and Doubtful Debt Reserve by Co-operative Banks(02.08.2024)
1. Under the provisions of the respective State Co-operative Societies Acts, or otherwise, on prudential consideration, several co-operative banks hav.....
Tags : Prudential Treatment, Doubtful Debt Reserve, Co-operative Banks
NCLT: Salary During Notice Period Does Not Fall Within the Definition of 'Operational Debt' Under IBC(26.05.2022)
National Company Law Tribunal, Mumbai Bench has held that salary for purported notice period amounts to specific performance of the appointment letter.....
Tags : National Company Law Tribunal, Operational Debt, Operational Creditor
Del. HC: Lookout Circular Can’t be Used by Bank as an Arm-Twisting Tactic to Recover Debt(31.05.2024)
Delhi High Court has opined that after resorting to all remedies available in law, the bank cannot open a lookout circular as an arm-twisting tactic t.....
Tags : Delhi High Court, Lookout Circular, Recover Debt
Lok Sabha Passes Bill Seeking Expeditious Recovery of Bad Loans by Banks(02.08.2016)
Lok Sabha has passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, which provid.....
Tags : Lok Sabha, Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016
Solve Issues of Companies Under Debt: NCLAT(29.04.2019)
National Company Law Appellate Tribunal has stated that functional companies boost the economy and are a source of income for families and also called.....
Tags : NCLAT, Companies Under Debt
Delhi HC: Executing Court Can't Go Behind Decree & Give Relief to Judgment Debtor(02.05.2022)
Delhi High Court has reiterated that the executing Court can’t go behind the decree that is to be implemented and give relief to the judgment debtor t.....
Tags : Delhi High Court, Executing Court, Judgment debtor
SC: NCLT Has to Admit Section 7 Petition if Debt is Due(15.05.2023)
Supreme Court while observing that even non¬-payment of a part of debt when it becomes due and payable will amount to default on part of a Corporate D.....
Tags : Supreme Court, Corporate Debtor, Insolvency and Bankruptcy Code
Additional disclosures by NBFCs in public issue of debt securities(15.09.2015)
The Securities Exchange Board of India notified new disclosures to be made by Non-Banking Financial Corporations in offer documents for public issue o.....
Tags : Disclosure, nbfc, public offer, debt
Central Government approves Guarantee Scheme for Corporate Debt (GSCD)(26.07.2023)
The Central Government has approved the 'Guarantee Scheme for Corporate Debt' (GSCD) for the purpose of providing guarantee cover against debt raised/.....
Tags : Guarantee Scheme, Corporate Debt, Approval
Standardisation of procedure to be followed by Debenture Trustee(s) in case of 'Default' by Issuers of listed debt securities(13.10.2020)
1. Representations were made by Debenture Trustee(s) regarding the process to be followed in case of 'Default' by issuers of listed debt securities. A.....
Tags : Standardisation, Procedure, Debt securities
Review of framework for public issuance of Convertible Securities(01.12.2015)
The Securities and Exchange Board of India has released a discussion paper reviewing the framework for public issuance of convertible securities. The .....
Tags : Convertible securities, review, debt, term
EBM for issuance of debt securities on private placement basis mandated(30.06.2016)
The Securities and Exchange Board of India mandated issuers of debt securities and market participants to make the offer for issue of debt securities .....
Tags : debt security, private placement, electronic book mechanism
Orissa HC: No Jurisdiction on Consumer Commission to Entertain Matters Under SARFAESI Act(03.07.2024)
Orissa High Court has observed that any suit or proceeding which can be entertained by the Debt Recovery Tribunal or the Appellate Tribunal cannot be .....
Tags : Orissa High Court, SARFAESI Act, Debt Recovery Tribunal
NCLAT: Insolvency Cannot be Initiated on Basis of Unpaid LTC And Leave Encashment Dues(16.05.2022)
National Company Law Appellate Tribunal, has ruled that the welfare claims such as Leave Encashment, superannuation dues are not operational debt for .....
Tags : National Company Law Appellate Tribunal, Leave Encashment, Corporate Debtor, Section 9, Insolvency & Bankruptcy Code, 2016, superannuation dues
SC: Mere Act of Invoking Pledged Shares Does Not Discharge Debt(17.05.2022)
Supreme Court has ruled that a creditor's mere invocation of a pledge does not imply that the debt is discharged. The Apex Court ruled that “A debt is.....
Tags : Supreme Court, pledge, debt
President Gives Assent to Recovery Laws(19.08.2016)
President has given assent to the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.
Tags : President, Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016
Debt Recovery Tribunal asks Vikram Bakshi, McDonald's India to Deposit Settlement Funds(20.05.2019)
Debt Recovery Tribunal, Delhi has asked Connaught Plaza Restaurants’ Managing Director Vikram Bakshi and McDonald’s India to appear before it and depo.....
Tags : Debt Recovery Tribunal, McDonalds
Delhi HC Directs IT Department to Consider Representation of Debtor(06.05.2020)
Delhi High Court has directed the Income Tax Department to consider the representation of a debtor whose pension account has been attached by the Depa.....
Tags : Delhi High Court, Representation of Debtor
Determination of specified instruments as debt instruments(16.10.2019)
In exercise of the powers conferred by sub-section (7) of section 6 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government .....
Tags : Determination, Debt instruments, Non-debt instruments
Electronic book mechanism for issuance of debt securities on private placement basis(21.04.2016)
The Securities and Exchange Board of India lay a framework for issuance of debt securities on private placement basis through electronic book mechanis.....
Tags : electronic book, debt securities, private placement
NCLT, Kolkata: Corporate Debtor Cannot Be Sent Into Liquidation(08.04.2022)
National Company Law Tribunal, Kolkata has observed that just because the liquidation value is being projected higher than the value of the resolutio.....
Tags : National Company Law Tribunal, liquidation value, resolution plan, Corporate Debtor, liquidation
Supreme Court: Debt Recovery Tribunal to be Established in Jammu and Kashmir(05.08.2024)
Supreme Court while hearing a plea against the Jammu and Kashmir and Ladakh High Court's decision to allow challenges to actions under the SARFAESI Ac.....
Tags : Supreme Court, Debt Recovery Tribunal, Jammu and Kashmir
Calcutta HC: Order U/S 36 of A&C Act is Interim Order, Can be Modified on Basis of Financial Hardship(10.05.2022)
Calcutta High Court has held that financial hardship and financial indebtedness are sufficient grounds to modify an order passed under Section 36 of t.....
Tags : Calcutta High Court, Arbitration and Conciliation Act, 1996, Section 36, financial hardship, financial indebtedness
NCLAT: Claims of Homebuyers Reflected in Corporate Debtor Records Must be Shown in Information Memo(03.06.2022)
National Company Law Appellate Tribunal (NCLAT) Principal bench has held that the claims of those homebuyers who could not file their claims within st.....
Tags : NCLAT, Homebuyers, Corporate Debtor
Supreme Court Expresses Concern Over Finance Ministry Treating DRT as its Subordinate(01.10.2024)
SC while expressing concern over a report revealing that DRT was being treated as subordinate dept. of Ministry of Finance, has observed that only bec.....
Tags : Supreme Court, Debts Recovery Tribunal, Subordinate Department
Central Government notifies a debt raised from the Special Window for Affordable and Middle-Income Housing Investment Fund(19.03.2020)
In exercise of the powers conferred by clause (15) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereb.....
Tags : Investment fund, Debt, Special Window
Review of norms regarding investment in debt instruments with special features and the valuation of perpetual bonds(10.03.2021)
A. Review of Norms of Investment in Instruments having Special Features
1. Mutual Funds invest in certain debt instruments with special featu.....
Tags : Review, Norms, Investment, Debt instruments
'Voluntary Retention Route' for Foreign Portfolio Investors investment in debt(10.02.2022)
1. Please refer to paragraph 3 of the Statement on Developmental and Regulatory Policies dated February 10, 2022 regarding enhancement of the investme.....
Tags : Voluntary Retention Route, Investment, Debt
RBI looking into permitting FPI involvement in unlisted debt securities(16.05.2016)
The Reserve Bank of India released a draft cir.....Tags : draft circular, fpi, unlisted debt
Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing (Amendment) Rules, 2021(22.07.2021)
In exercise of the powers conferred by clause (ccd) of sub-section(2) of section 36 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), th.....
Tags : Debts Recovery, Tribunals, Rules
Central Government notifies the infrastructure debt fund namely, the Kotak Infrastructure Debt Fund Limited(31.03.2022)
In exercise of the powers conferred by clause (47) of section 10 of Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the infr.....
Tags : Infrastructure debt, Fund, Notification
Investment by Foreign Portfolio Investors (FPI) in Debt – Review(25.04.2019)
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Secu.....
Tags : Investment, FPI, Debt, Review
Reduction in denomination of debt securities and non-convertible redeemable preference shares(03.07.2024)
1. Chapter V (Denomination of issuance and trading of Non-convertible Securities) of the Master Circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May.....
Tags : Reduction, Denomination, Debt securities
SC: Any Dispossessed Person Other Than Judgement Debtor Can Complain to Court of Such Dispossession(16.10.2024)
SC has stated that where any person other than judgment debtor is dispossessed of immovable property by decree holder for possession of such property,.....
Tags : Supreme Court, Judgement Debtor, Immovable Property
Judgments
Debt Recovery Tribunal has no power to condone delay in filing Review Application under RDB Act(21.01.2020)
In the present case, the Respondent had filed a review petition before the Debt Recovery Tribunal with the application for condonation of delay which .....
Tags : Delay, Debt Recovery Tribunal
Lease of Immoveable Property cannot be considered as supply of goods or rendering a service, and cannot fall under the definition of ‘Operational Debt’(17.01.2020)
In the present case, the Appellant was the Corporate Debtor of the Respondents/ Petitioners, Lessors of industrial Premises. That tenancy of the Appel.....
Tags : Operational Debt, Immovable Property
If the delay in possession is due to Force Majeure, it cannot be claimed that the Corporate Debtor defaulted in delivering the possession.(22.01.2020)
The Respondents, in the present case, had booked an apartment in a residential project. The Corporate debtor had issued a joint allotment letter and e.....
Tags : Corporate Debtor, Possession
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
Interest alone cannot be construed as operational debt(11.02.2020)
Present appeal emanates from the order passed by the Adjudicating Authority on the application filed under Section 9 of the Insolvency and Bankruptcy .....
Tags : Delayed payment, Interest, Operational Debt
Collusive or sham transactions with a corporate debtor will not amount to "financial debt" within the meaning of the Insolvency and Bankruptcy Code 2016(IBC)(01.02.2021)
CIRP has been initiated against the Corporate Debtor on an application filed by an Operational Creditor under section 9 of Insolvency and Bankruptcy C.....
Tags : Financial Debt, Collusive or sham transactions
Pawnor, if not otherwise liable for the debt as a borrower or as a guarantor, does not merely from the act of pledging, become liable to pawnee, for anything more than the value of goods pledged(20.07.2021)
The legal question arising for consideration, in present writ petition under Article 226 of the Constitution of India, is, whether by virtue of Sectio.....
Tags : Debt, Payment, Liability
Statute of limitation extinguishes recourse to the remedy and not the debt(16.11.2021)
The Petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 ('A&C Act') challenging the Arbitral Awar.....
Tags : Debt, Limitation, Extension
Offence under Section 138 of Negotiable Instruments Act will get attracted, if the debt is legally enforceable(20.06.2022)
The revision Petitioner is the accused on the file of the Judicial Magistrate, in a private complaint initiated under Section 138 of Negotiable Instru.....
Tags : Financial capacity, Debt, Proof
Proceedings under the SARFAESI Act cannot be continued against corporate debtor, once the CIRP is initiated and the moratorium is ordered(18.05.2022)
Present appeal challenges the judgment passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi ( “the NCLAT”), thereby dismi.....
Tags : Sale, Assets, Corporate Debtor
Security cheques to be proved as given in discharge of legally enforceable debt(15.09.2015)
In a case involving arrest of the accused for dishonoured cheques, the Court allowed the accused’s petition. It noted the peculiar facts of the case a.....
Tags : Security, cheque, presumption, enforceable debt
In order to qualify the debt to be a 'financial debt', it is necessary that the amount advanced to the Corporate Debtor is against the time value of money(22.03.2023)
The instant Appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) has been preferred by the Appellant being aggrieved and dissatis.....
Tags : Resolution Process, Initiation, Financial Debt
NCLT has discretion to admit an application under Section 7 of IBC on existence of a financial debt, unless there are good reasons to reject it(11.05.2023)
The Respondent-Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal. T.....
Tags : Financial debt, Application, Discretion
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
Benefit under Section 139 of the NI Act cannot be availed if the accused raises a plausible defence, which creates doubts about the existence of a legally enforceable debt(15.01.2024)
The legality, propriety and correctness of the Judgment passed by the learned Metropolitan Magistrate, whereby the Respondent No. 1/accused came to be.....
Tags : Acquittal, Debt, Existence
As the Corporate Debtor acknowledged the debt and planned a repayment schedule, condition of there being a ‘Debt’ and ‘Default’ for the purposes of Section 9 of IBC satisfied(16.07.2024)
The Operational Creditor (BCCI) and the Corporate Debtor entered a ‘Team Sponsor Agreement’ from 25th July 2019 till 31st March 2022. As per the agree.....
Tags : NCLT, Debt, Default
DRT has no jurisdiction to hear un-appointed debenture trustee(07.03.2016)
In a claim for recovery made by a debenture trustee of debentures of a company on behalf of or for the benefit of the debenture holders, the Debt Reco.....
Tags : Debenture trustee, tribunal, debt recovery
Assignment is a transaction independent of sale of secured asset(04.08.2015)
The assignment of debt by a secured creditor is an independent transaction, which does not affect either the liability or the rights of the borrower. .....
Tags : security, assignment, secured creditor, transfer of debt
The acknowledgment in the form of letters/OTS/Settlement terms made by 'Corporate Debtor' before expiry of period of limitation results in a fresh period of limitation(22.05.2020)
The limited question involved in present appeal is whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code") fi.....
Tags : Debt, Application, Maintainability
Employee of company has same locus standi as creditor(24.08.2015)
A three-judge bench of the Madhya Pradesh High Court answered the question, whether an employee of a company qualifies as a creditor of the company, i.....
Tags : Employee, creditor, company, debt