Supreme Court Upholds Validity of Section 101 IBC, Addresses Concern Over Post-Moratorium Creditor Actions in Individual Insolvency

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The Supreme Court Bench comprising CJI Sanjiv Khanna and Justice Sanjay Kumar addressed a writ petition along with linked interlocutory applications and observed that Section 101 of the Insolvency and…

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Approved Resolution Plan Overrides BIFR Scheme: NCLAT Declares All Prior Concessions Extinguished Under IBC

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In a pivotal ruling, the Appellate Tribunal reaffirmed that once a resolution plan is duly approved under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, it becomes binding and…

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EPFO Bound by BIFR’s Final Rehabilitation Scheme: Tribunal Quashes Rejection of Section 14B Waiver

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The Central Government Industrial Tribunal (CGITLC) held that the Employees’ Provident Fund Organisation (EPFO) is bound by the final rehabilitation scheme sanctioned by the Board for Industrial and Financial Reconstruction…

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CoC Approval Mandatory for CIRP Cost Contribution, Rules NCLAT; Sets Aside Order Against Financial Creditor

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The NCLAT Bench comprising Justice Rakesh Kumar Jain (Judicial Member) and Technical Members Mr. Naresh Salecha and Mr. Indevar Pandey, while adjudicating a company appeal, clarified that the resolution professional…

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Winding-Up Proceedings Not Irreversible Must Be Transferred to NCLT under IBC, Rules Delhi High Court

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The Delhi High Court Single-Judge Bench of Justice Ms. Tara Vitasta Ganju, while adjudicating an application seeking the transfer of pending winding-up proceedings against the corporate debtor to the National…

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Approved Resolution Plan Authorises CoC to Pursue Avoidance Applications: Suspended Director Has No Locus to Oppose RP Substitution

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The National Company Law Appellate Tribunal, Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), while adjudicating a company appeal, held that following approval of a resolution…

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Full Debt Settlement During Appeal Leads NCLAT to Close CIRP Against Corporate Debtor

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The National Company Law Appellate Tribunal (NCLAT), Principal Bench comprising Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), while adjudicating a Company Appeal, held that when the entire…

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SANCTITY OF A RESOLUTION PLAN APPROVED BY THE COMMITTEE OF CREDITORS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

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SANCTITY OF A RESOLUTION PLAN APPROVED BY THE COMMITTEE OF CREDITORS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Published in The Scaora Journal Click to View

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BUILDING NEW DIMENSIONS IN INSOLVENCY JURISPRUDENCE – POWERS OF RECALL AND INTERFERING WITH COMMERCIAL WISDOM OF COMMITTEE OF CREDITORS [GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY V. PRABHJIT SINGH SONI & ANR.] – A STEP FORWARD

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BUILDING NEW DIMENSIONS IN INSOLVENCY JURISPRUDENCE - POWERS OF RECALL AND INTERFERING WITH COMMERCIAL WISDOM OF COMMITTEE OF CREDITORS [GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY V. PRABHJIT SINGH SONI & ANR.]…

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Insolvency & Bankruptcy Code –Whether Needs a Rejig – Consequence of Judgment of Supreme Court in Bhushan Power & Steel Ltd. – By Adv. Purti Gupta

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The Supreme Court came out with a Judgment in the matter of Kalyani Transco Vs Bhushan Power & Steel Ltd.[1] more famously known as the JSW judgment. The case of…

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