LATEST NEWS ON INSOLVENCY LAW

IBBI is organising 17th Advanced Workshop on Case Study of Resolution of JEKPL & Monnet Ispat (MIEL)

Aug 12, 2022

An intention to initiate CIRP for ‘Recovery’ of their dues is not the ultimate purpose of the Code

Aug 11, 2022

IBBI with IIM Bangalore organises 2nd International Research Conference on Insolvency and Bankruptcy

Aug 10, 2022

SC: The documents can be filed at any time until the application for CIRP is finally dismissed

Aug 9, 2022

The Insolvency & Bankruptcy Board invites applications for the post of Whole Time Member in the IBBI

Aug 6, 2022

A duly audited Balance Sheet will act as an acknowledgement of debt

Aug 6, 2022

The right to cross-examine the respondent-complainant cannot be denied to the appellant under NI Act

Aug 5, 2022

Application u/s 7 IBC would not be barred if there is a valid acknowledgement of the debt by the CD

Aug 4, 2022

Every person connected with the company does not fall within the ambit of Section 141 of the NI Act

Aug 3, 2022

MOST VIEWED

Jun 17, 2021

Government extends date of validity of existing MSMEs vide Notification S.O. 2347(E) Dated 16-6-2021

In exercise of the powers conferred by sub-sections (1) and (9) of section 7 read with sub-sections (2) and (3) of section 8 of the...

Mar 15, 2021

IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021

Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for...

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ARTICLES

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Nov 19, 2021

Effect of Moratorium on Arbitration Proceedings

Insolvency and Bankruptcy Code, 2016 (IBC/Code) which received presidential assent on 25th May, ...

REEDLAW

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Sep 3, 2021

Section 7 Application of IBC cannot be allowed if Petition filed collusively

Section 7: Initiation of corporate insolvency resolution process by the financial creditor:
7. (1) A financial creditor either by itself or jointly with [other financial ...

K. Bavana

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Sep 3, 2021

Role of Banking Ombudsman in India - An Analysis

The best quality of service supplied to a customer is currently the most significant thing to consider in the banking system. If the customer service offered meets the cl...

REEDLAW

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Sep 1, 2021

"Preferential Transaction" and "Relevant Time" under Section 43 of IBC

The present Appeal was filed challenging the Impugned Order dated 26.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench-I, Chenna...

R. Haritha

LATEST CASE LAWS

Supreme Court

High Court

NCLAT

It was submitted that the issues involved in these writ petitions were similar and akin to those involved in other petitions pending in this Court questioning the validity of Sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6) and 100 of the Insolvency and Bankruptcy Code, 2016, wherein notices have been issued with interim orders.
In the meanwhile, petitioner(s) shall not transfer, alienate, encumber or dispose of any of their assets or legal rights or beneficial interest therein; and the Resolution Professional shall not proceed with filling of the report. If the r...

Vyomesh Shah v. Union of India and Others

August 4, 2022

REED 2022 SC 08531

In the present case, the amount of the Corporate Debtor was declared NPA on 1st December 2008. By a letter dated 7th February, 2011, written well within three years, the Corporate Debtor acknowledged its liability and proposed a settlement. This was followed by several requests of extension of time to make payment and revised settlements. On 6th April, 2013, the Corporate Debtor sought extension of time to pay Rs.239,88,27,673 outstanding as on 31st March 2013. On 19th April, 2013, the Corporate Debtor made payment of Rs.17,50,00,000/-. On 1st July, 2013, the Corporate Debtor ac...

Asset Reconstruction Company (India) Limited v. Tulip Star Hotels Limited and Others

July 31, 2022

REED 2022 SC 08501

The petitioner had not stated full facts before the High Court and the record of the case reveals that while CIRP was going on, Sri Veeramachaneni Rama Mohan Rao, the then Managing Director of the respondent No.2, i.e., M/s. SVSVS Projects (Private) Limited on 9.O4.2O21 had submitted to Bank of Maharashtra a One Time Settlement (OTS) for settlement of loan account for a sum of Rs.26,29,04,544/- and physically went to the Stressed Assets Management Branch, Hyderabad. However, the offer was not accepted by the Bank of Maharashtra and this fact itself reveals that the petitioner wa...

Veeramachaneni Rama Mohan Rao v. Bank of Maharashtra and Another

March 22, 2022

REED 2022 TS 03602

It was very much clear that the parties were not in a harmonious relationship and rather the Appellant –Director had initiated multiple litigations which also involved, the some of the transactions captured in this case. The Debit Notes so sent by the CD/Respondent to the Appellant/OC were bearing an acknowledgement. The Appellate Tribunal was not in a position to examine whether it was forged or not forged. It can only be done by the Trial Court/ Civil Court.
It apparently looked astonishing how a firm will keep mum from 2016 to 2018 when such huge amounts were due from the CD ...

Oyster Steel and Iron Private Limited v. Laxmi Foils Private Limited

August 3, 2022

REED 2022 NCLAT Del 08521

LATEST CIRCULARS & NOTIFICATIONS

Ministry of Corporate Affairs

Notification No. G.S.R. 153(E)

February 8, 2018

Notification

Ministry of Corporate Affairs

Notification No. G.S.R. 831(E)

August 28, 2016

Notification

Ministry of Corporate Affairs

Notification No. S.O. 3212(E)

July 13, 2022

Notification

Insolvency and Bankruptcy Board of India

Notification No. IBBI/2022-23/GN/REG090

July 5, 2022

Notification

IBC REPORTER

2021 Subscription

 India's Leading Monthly Journal For Insolvency Law Practitioners 

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