IBC
Call For Submissions: Centre For Insolvency And Bankruptcy Studies Blog, NLU Jodhpur: Rolling Submissions
About The BlogThe Centre for Insolvency and Bankruptcy Studies Blog, established under the aegis of National Law University, Jodhpur, welcomes all kinds of submissions in the form of articles, research pieces, opinions, case comments and short notes dealing with any contemporary and pertinent development related to insolvency and bankruptcy laws. Submissions are invited on a rolling basis for the blog. There are no charges to get the selected submissions published on CIBS Blog.OriginalityAll...
Insolvency Law in Review – September 2021
The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. This column fills this gap by providing brief summaries of latest decisions from the various fora dealing with Insolvency Law. These...
Plea In Gujarat High Court Challenges Minimum Age Criteria For NCLT Appointments In Companies Act 2013
When a person below 50 years is eligible to be appointed as a High Court Judge, it is strange to keep a minimum age limit for tribunals, the petitioner states relying on Madras Bar Association Judgment.
Companies Act 2013 - Proposed Shareholder Resolution Must Be Legal For EGM To Be Called : Bombay High Court
"...sometimes, it happens that a company must be saved from its own shareholders, however well-intentioned. Shareholder primacy or dominion does not extend to permitting shareholder-driven illegality" - HC said.
Centre Appoints Former CJ Of Manipur HC Justice Ramalingam Sudhakar As President Of NCLT
The Central Government has approved the appointment of former Chief Justice of Manipur High Court, Justice Ramalingam Sudhakar as the president of the National Company Law Tribunal (NCLT) for a period of five years.Justice Sudhakar has been appointed for a period of five years from the date of assumption of the charge of the post or till you attain the age of 67 years or until further orders, whichever is the earliest. In an offer letter issued to him from the Ministry of Corporate Affairs,...
Centre Appoints Former Supreme Court Judge Justice Ashok Bhushan As Chairperson Of NCLAT
The Central Government has appointed Justice (Retd.) Ashok Bhushan, former Judge of the Supreme Court of India as Chairperson, National Company Law Appellate Tribunal (NCLAT) for a period of 04 years.Justice Ashok Bhushan had retired as the Judge of the Supreme Court in July this year.The Appointments Committee of the Cabinet has approved the proposal for appointment of Justice (Retd.) Ashok Bhushan, former Judge of the Supreme Court of India as Chairperson, National Company Law Appellate...
Can Consultant Doctor Be Discriminated Against Employee Doctor In Insolvency Process Of Hospital? SC To Examine
The Supreme Court has issued notice on a petition which raises the issue of whether a consultant doctor can be discriminated against an employee doctor at the time of the Corporate Insolvency Resolution Process of a hospital.The case arises out of the insolvency resolution proceedings of PVS Memorial Hospital Pvt Ltd situated at Kochi. The civil appeal was filed against an order of the NCLAT Chennai's order, which rejected a consultant doctor's challenge against the NCLT Kochi bench...
Limitation Period For Appeal Under Section 61 IBC Starts Running From Date Of Pronouncement; Delay In Uploading Won't Exclude Limitation : Supreme Court
The Supreme Court has held that the period of limitation for filing of appeal against an order as per Section 61 of the Insolvency and Bankruptcy Code will start running as soon as the same is pronounced, and that it is not dependent on the date when the order is uploaded.So, a party who failed to file an application for the certified copy of the order immediately cannot raise a plea to extend the period of limitation on the ground of delay in uploading the order.The Court held that period...
Delhi Gymkhana Club Case: Supreme Court Directs NCLT To Dispose Pending Proceedings Within 4 Months
While declining to interfere in the civil appeal(s) filed challenging NCLAT's order directing the suspension of Delhi Gymkhana Club's General Committee and appointment of an Administrator nominated by the Union of India the Supreme Court on September 30, 2021 directed NCLT, Delhi to dispose of the proceedings pending before it within 4 months.Noting that the appeal was against an interlocutory order, the bench of Justices AM Khanwilkar, Dinesh Maheshwari and CT Ravikumar in their order said, ...
Plugging InvITs Into IBC - Risking National Assets
The Central Government in August this year announced a 4-year National Monetisation Pipeline (NMP) of existing revenue generating assets to bring an estimated ₹6 lakh crore into the national coffers. NMP envisages long lease of revenue-earning operating concessions in several state and sovereign brownfield projects to private players in exchange for upfront payments or investments. One of the key mechanisms contemplated is the Infrastructure and Investment Trust (InvIT). NITI Aayog,...
Financial Creditor Has To Prove That Application Filed U/s 7 IBC Is Not Barred By Limitation; But Materials Produced By Corporate Debtor Can Be Examined: Supreme Court
The Supreme Court observed that adjudicating authority can examine the material placed on record by the corporate debtor to determine whether an application filed by financial creditor is not beyond the period of limitation.The court clarified that the burden of prima facie proving occurrence of the default and that the application filed under Section 7 of the Insolvency and Bankruptcy Code is within the period of limitation, is entirely on the financial creditor."While the decision to admit an...