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** This blog was co-published as a news item on https://legaldesire.com/insolvency-process-can-continue-despite-assets-of-corporate-debtor-being-attached-by-ed/ The case for the Applicant Resolution Professional was argued by one of our members – Counsel Krishna Grandhi of GLC & Partners. The National Company Law Tribunal (NCLT), Hyderabad Bench, has delivered an important ruling impacting several ongoing tussles between the Prevention of Money...

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

The Hon’ble Supreme Court, in the case of JK Jute Mill Mazdoor Morcha vs. Juggilal Kamlapal Jute Mills Co. Ltd. [ Civil Appeal No. 20978 of 2017] answered whether a trade union can be said to be an ‘Operational Creditor’ for the purpose of the Insolvency and Bankruptcy Code, 2016 (“Code”). The case came up in...

In the case of M/S Innoventive Industries Pvt. Ltd vs. ICICI Bank & Anr { CIVIL APPEAL No. 8337-8338 of 2017], the Hon’ble Supreme Court for the first time explained the paradigm shift in the law by virtue of the newly enacted Insolvency and Bankruptcy Code, 2016 (“Code”) which consolidates and amends all the insolvency...

In the case of IndiaBulls Housing Finance Ltd. vs. Rudra Buildwell Projects Pvt. Ltd [Company Appeal (T) (insolvency) No. 172 of 2019] the question before NCLT is whether the appellant can claim to be a ‘Financial Creditor’ under the Insolvency and Bankruptcy Code, 2016 (“Code”) or not? In the above case, a tripartite agreement was...

In the case of Cholamandalam Investment & Finance Co. Ltd vs. R. Venkataraman [Appeal No. 160 of 2019] an appeal was made to the National Company Law Appellate Tribunal (“NCLAT”) seventeen days beyond the maximum period of limitation specified under section 61 (2) of the Insolvency and Bankruptcy Code, 2016 (“Code”). The question before the...