ILB is an initiative of GLC & Partners

In the case of Canbank Factors Ltd. Vs. Dharmendra Kumar (Company Appeal (AT) (Insolvency) No. 789 of 2018) the NCLAT held any kind of debt cannot be recovered during the moratorium period. On 28th February 2018 Corporate Insolvency Resolution Process (CIRP) was initiated against M/s IAP Company Pvt. Ltd. and moratorium was passed. However, it...

In the case of Indiabulls Housing Finance Ltd. v. Shree Ram Urban Infrastructure Ltd. (Company Appeal (AT) (Insolvency) No. 252 of 2018) the main issue before NCLAT was whether another petition under section 7 or 10 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) can be entertained when winding up order has already been passed...

In the case of Lokhandwala Kataria Construction Pvt. Ltd (Corporate Debtor) v. Nisus Finance & Investment Managers LLP (civil appeal NO. 9279 OF 2017), the main issue before the Hon’ble Supreme Court was that whether the Adjudicating Authority could utilize its inherent powers under Rule 11 of the NCLAT Rules, 2016 to allow an application...

In the case of Canara Bank v. Sri Chandramoulishvar Spg. Mills (P) Ltd. & Another [2018 SCC Online NCLAT 389], an appeal was filed by the appellant Bank (Financial Creditor) against the order of the NCLT. The Operational Creditor had preferred an application before the NCLT under Section 9 of the Insolvency and Bankruptcy Code,...

Since the inception of the Insolvency and Bankruptcy Code 2016 (“Code”), there has been an ambiguity with respect to the applicability of the Limitation Act, 1963 (“Limitation Act”) to the provisions of the Code. The Hon’ble Supreme Court in the case of B.K. Educational Services Private Limited v. Parag Gupta and Associates [Civil Appeal No....