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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 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...

The Insolvency and Bankruptcy Code, 2016 (“IBC”) gives power to the Adjudicating Authority (“AA”) under Section 30 of the IBC to accept or reject the approved Resolution Plan (“RP”) on few grounds. In the case of K. Sashidhar vs Indian Overseas Bank & Ors (Civil Appeal No.10673 OF 2018), the Hon’ble Supreme Court passed a common...

The moratorium period under Section 14 of The Insolvency and Bankruptcy Code, 2016 (“IBC”) talks about various proceedings and transactions that are given a pause while Corporate Insolvency Resolution Process (“CIRP”) is in process. The rationale behind such prohibition is to let the negotiations take place without any restriction which might occur due to destruction...

In the case of Sandeep Kumar Gupta Resolution Professional Vs. Stewarts & Lloyds of India Ltd. & Anr. (Company Appeal (AT) (Insolvency) No. 263 of 2017), the Appellant was appointed as the Interim Resolution Professional, in the Respondent’s (Corporate Debtor) Corporate Insolvency Resolution Process, on the recommendation of the Corporate Debtor. While he was an...

The Insolvency and Bankruptcy Code, 2016 (“IBC”) came into force with three main objectives, i.e., “promote entrepreneurship, availability of credit and balance the interests of all the stakeholders”. To achieve and balance all three objectives, it is important that the Resolution Plan (“RP”) accepted by the Committee of Creditors (“CoC”) caters to the need of...

With an increase in number of cases under Insolvency and Bankruptcy Code, 2016 (“IBC”), the personal guarantors in order to protect their assets, have tried to come under the protection of the moratorium period under Section 14 of the IBC which refers to prohibition of four matters, institution or continuation of proceedings; the transferring, encumbering...

Power Grid Corporation of India Ltd. vs Jyoti Structures Ltd (O.M.P. (COMM) 397/2016) FACTS: upon a dispute between the petitioner and the respondent, they have agreed between themselves to resolve the dispute through arbitration. The Arbitral Tribunal passed an award in favour of the Respondent company. The award is a simple money decree in favour...