LATEST NEWS ON INSOLVENCY LAW
LATEST CASE LAWS
Administrative and quasi-judicial authorities, such as a Liquidator in an insolvency process, must provide transparent and well-reasoned decisions, recording objective grounds for actions affecting the rights of parties, and that the requirement to provide reasons for rejecting bids applied both prospectively and retrospectively.
In a Supreme Court judgment related to Application (I.A. No.14220 of 2022), the Court allowed intervention in a case involving an appeal under Section 62 of The Insolvency and Bankruptcy Code, 2016. The appeal was against an order passed by the Nationa...
Eva Agro Feeds Private Limited v. Punjab National Bank and Another
September 6, 2023
REED 2023 SC 09511
The Supreme Court emphasized the need for the Employees Provident Fund Organization (EPFO) to comply with the timelines set by the Insolvency and Bankruptcy Code, 2016, warning of legal consequences for non-compliance and endorsing action against negligent EPFO employees, while also affirming the EPFO's right to proceed in accordance with the law and dismissing the appeal.
In a present Supreme Court order, the delay was condoned. The Supreme Court heard the counsel for the appellant, the Employees Provident Fund Organization (EPFO), and emphasized the importance of adhering to ...
Employees Provident Fund Organization v. Fanendra Harakchand Munot and Another
August 25, 2023
REED 2023 SC 08639
Approval of a resolution plan did not automatically discharge the personal guarantor of a corporate debtor from their liabilities under the guarantee contract.
In the present case, a writ petition was filed by a petitioner seeking to quash a demand notice issued by Rural Electrification Corporation Limited (REC Ltd.) on 09.12.2022, invoking the petitioner's personal guarantees for the outstanding debt of Rs. 1211.91 crores. The petitioner had acted as a personal guarantor for a loan taken by FACOR Power Ltd. from REC Ltd.
REC Ltd., being a state company under the Ministry of P...
Vineet Saraf v. Rural Electrification Corporation Limited
July 21, 2023
REED 2023 Del 07697
The appeal was dismissed as it became moot after the approval of the Resolution Plan, and the Adjudicating Authority's order allowing documents to be filed in a sealed cover was upheld.
In the case at hand, an appeal was filed against an order dated June 5, 2023, issued by the National Company Law Tribunal, New Delhi, referred to as "The Adjudicating Authority." The appeal pertained to the decision made in I.A. No. 1756 of 2023.
The Adjudicating Authority had initiated the Corporate Insolvency Resolution Process (CIRP) against a company named M/s Abloom Infotech Pvt. Ltd. base...
Dauphin Cables Private Limited v. Praveen Bansal