LATEST NEWS ON INSOLVENCY LAW
LATEST CASE LAWS
The Apex Court has recalled the suo motu order of April 27, 2021, which had extended with effect from March 14, 2021 the limitation period for filing of cases in view of the COVID second wave. The Court observed that the suo motu extension of limitation period will stand withdrawn with effect from 2 October 2021. The Supreme Court disposed the M.A. No.665 of 2021 with the following directions:
(I) In computing the period of limitation for any suit, appeal, application or proceeding, the period from 15.03.2020 till 02.10.2021 shall stand excluded. Consequently, the balance perio...
In Re: Cognizance for Extension of Limitation
September 22, 2021
REED 2021 SC 09011
During the course of hearing, learned Attorney General fairly stated that respondent No.1 – Union of India has no objection in accepting the prayer `C’ made by the petitioner Justice A.I.S. Cheema, in the present writ petition and to allow the petitioner to work upto 20.09.2021 as the Officiating Chairperson, National Company Law Appellate Tribunal, New Delhi to enable him to pronounce the judgments prepared by him. Learned Attorney General further submitted that after acceptance of the above-mentioned prayer ‘C’ made by the petitioner in the instant writ petition, consequential...
Justice (Retd) Ashok Iqbal Singh Cheema v. Union of India and Others
September 15, 2021
REED 2021 SC 09536
As observed by the Apex Court in M/s. Innoventive Industries Ltd v. ICICI Bank, REED 2017 SC 08563, the IBC, 2016 is a Single Unified Umbrella Code, covering the entire gamut of the law relating to insolvency resolution of corporate persons and others in a time bound manner. The Code provides a three-tier mechanism namely, (i) the NCLT, which is the adjudicating authority (ii) the NCLAT, which is the appellate authority (iii) the Supreme Court, which is the final authority, for dealing with all issues that may arise in
relation to the re-organisation and insolvency resolution of...
Ideal Surgicals v. National Company Law Tribunal, Kochi and Others
July 1, 2021
REED 2021 Ker 07514
Keeping in view the decisions of the Hon’ble Supreme Court in Ebix Singapore Pvt. Ltd. v. Committee of Creditors of Educomp Solutions Ltd. & Anr., REED 2021 SC 09523, and also taking into consideration, the legislative intent of the statute together with the fact that in the instant case the Resolution Plan was accepted by 100% of voting share in the CoC Meeting dated 21.06.2021 and having regard to the fact that the Appellant had never participated in the EoI, the Appellate Authority were of the view that any reliefs granted in contra to the timelines would be ultra vires to th...
Amanat Randhawa Hotels Private Limited v. Shashi Kant Nemani, Resolution Professional of Aryavir Buildcon Private Limited and Others