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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 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...

In the case of Vijay Kumar Jain vs Standard Chartered Bank and others(Civil Appeal No.8430 Of 2018) the main issue before the Hon’ble Supreme Court is whether erstwhile board of directors of the Corporate Debtor should be given confidential documents like resolution plan. Standard Chartered Bank Ltd. and DBS Bank Ltd. who were the financial...

In the case of Uttara Foods and Feeds Private Limited v. Mona Pharmachem (CIVIL APPEAL NO. 18520 OF 2017 (Arising out of SLP(C) No. 26824 of 2017)) the Hon’ble Supreme Court recommended that competent authorities amend the relevant rules to include inherent powers of the tribunals. The facts of the case were that Mona Pharmachem...

In the case of Transmission Corporation of Andhra Pradesh Ltd. v. Equipment Conductors & Cables Ltd.( CIVIL APPEAL NO. 9597 OF 2018) the Hon’ble Supreme Court dismissed the order of the NCLAT since there was no debt payable in law. The facts of the case were that the Appellant i.e. Transmission Corporation of Andhra Pradesh...

In the case of Karpara Project Engineering Private Limited v BGR Energy Systems Ltd. ( Company Appeal (AT) (Insolvency) No. 622 of 2018)  the main issue before the NCLAT was whether dispute was unwarranted and spurious due to which it cannot be accepted as existence of dispute. The facts of the case were that the...