Case:Bahadur Ram Mallah (Ex-Director, Uniworth Textiles Limited) Versus Assets Reconstruction Company (India) Limited and Anr

Facts of the Case

ICICI Bank and IFCI Ltd. had sanctioned loan facilities to Uniworth Textiles Ltd. (“UTL”), a company part of the larger Uniworth Group. These loan accounts eventually turned non-performing, and both banks assigned their respective debts to the Asset Reconstruction Company (India) Ltd. (“ARC”) — ICICI's on 31.03.2004 and IFCI’s on 12.01.2007.

Case:Rahee Jhajharia E to E JV v. MB Power (Madhya Pradesh Ltd.)

The National Company Law Appellate Tribunal (NCLAT), New Delhi, has ruled that an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), cannot be admitted when there is no direct contractual relationship between the Operational Creditor and the Corporate Debtor. In this case the Tribunal dismissed the claim of ₹16.08 crore, holding that the invoices were raised by the Appellant against Hindustan Thermal and not to the Corporate Debtor itself.

Case: Armaco Infralinks Pvt. Ltd. Versus B. S. Ispat Pvt. Ltd.

Facts of the Case

Armaco Infralinks Pvt. Ltd. (Operational Creditor) advanced ₹17,53,00,000 to B. S. Ispat Pvt. Ltd. (Corporate Debtor) between April 2021 and September 14, 2022, for the supply of coal. However, the Corporate Debtor supplied coal worth only ₹8,45,34,053, leaving an outstanding amount of ₹9,07,65,947.

Case Title: Ganesh Ramkisan Rajale v. Panchtatwa Milk Industries Private Limited

Facts of the Case

Introduction

In the dynamic and rapidly evolving global marketplace, particularly in fast-growing economies like India, there are ever-growing commercial transactions amongst entities within India as also in international transactions amongst entities within India and outside of India.