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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...

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....

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...

From the time the Insolvency and Bankruptcy Code, 2016 (“IBC”) came into force, there has been some ambiguity regarding the differentiation of a creditor as a Financial Creditor (“FC”) or as an Operational Creditor (“OC”) and the constitutional validity of such differential treatment. As per Section 5A of the IBC, a Financial Creditor  “means any...

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...

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...