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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, 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...

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...