201901.18
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No Moratorium On Insolvency of Subsidiary Company During Pendency of CIRP of Parent Holding Company

IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL Ashok B. Jiwrajka, Director of Alok Industries Ltd. vs. Axis Bank Ltd. (Company Appeal (AT) (Insolvency) No. 683 of 2018)     dated:16.01.2019 FACTS OF THE CASE This appeal has been preferred by Mr. Ashok B. Jiwrajka (herein after referred to as Appellant) erstwhile ‘Director’ of ‘Alok Industries Limited’ against…

201901.16
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NCLT HAS NO POWER TO CONVERT A CIRP INTO FAST TRACK CIRP, EXTEND CIRP PROCESS BEYOND 270 DAYS AND REJECT THE FEES OF RP ALREADY FIXED BY COC

NCLT HAS NO POWER TO CONVERT A CIRP INTO FAST TRACK CIRP, EXTEND CIRP PROCESS BEYOND 270 DAYS AND REJECT THE FEES OF RP ALREADY FIXED BY COC IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL Sanjay Kumar Ruia vs. Catholic Syrian Bank Ltd. & Anr. (Company Appeal (AT) (Insolvency) No. 560 of 2018)     dated: 03.01.2019…

201812.20
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Recourse To IBC Is Not Maintainable If Existence Of Debt Is Disputed – IBC Is Not A Recovery Forum

Recourse To IBC Is Not Maintainable If Existence Of Debt Is Disputed – IBC Is Not A Recovery Forum IN THE SUPREME COURT OF INDIA Transmission Corporation of Andhra Pradesh Ltd. v. Equipment Conductors and Cables Limited.Civil Appeal No. 9597 OF 2018Judgment on 23.10.2018 FACTS Transmission Corporation of Andhra Pradesh Ltd. (the “Appellant” herein) is…

201806.14
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HOME BUYERS IN THE CLUB OF FINANCIAL CREDITORS

HOME BUYERS IN THE CLUB OF FINANCIAL CREDITORS UNDER IBC (AMENDMENT) ORDINANCE 2018-Amendment w.e.f. 6th June, 2018 With the background of pathetic condition of home buyers due to malpractice of builders and recent developments, an ‘Explanation’ has been added to Section 5(8)(f) of IBC as under; “An amount raised from an allottee under a real estate project…

201803.21
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IBC – A Savior for Employees

   IBC – A Savior for Employees The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) provides that all the employees and workmen must be considered within the meaning of the operational creditors as defined under Section 5 (20) of the IB Code which states that: “”Operational creditor” means a person to whom…

201712.23
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Essential Criteria For Financial Creditor Under IBC

Essential Criteria For Financial Creditor Under IBC In NIKHIL MEHTA AND SONS V. AMR INFRASTRUCTURE LTD. C.A. (I.B.) No. 543/KB/2017 arising out of C.P. (I.B.)/170/KB/2017 The NCLAT laid down essential criteria’s to be fulfilled for a Creditor to come within the meaning of ‘Financial Creditor’:- i.A person to whom a ‘Financial debt’ is owed and…