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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 Brilliant Alloys Private Limited Vs. Mr. S. Rajagopal & Others [Special Leave to Appeal (C) No(s). 31557/2018], the Hon’ble Supreme Court allowed the withdrawal of the Corporate Insolvency Resolution Process (“CIRP”) application under the Insolvency and Bankruptcy Code, 2016 (“IBC”) after the issuance of the invitation for expression of interest. The appeal...

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....