Supreme Court of India lays down the criteria for identifying ‘speculative investors’ in the real estate sector, disentitles them from availing the provisions of Insolvency and Bankruptcy Code, 2016

The Supreme Court of India (“Supreme Court”), in Mansi Brar Fernandes vs. Shubha Sharma and Anr. inter alia held that ‘speculative investors’ cannot be permitted to initiate Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”) and has laid down certain key principles and criteria for determining who a ‘speculative investor’ would be.

Brief facts

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
Authors:
Farhad Sorabjee , Pratik Pawar , Shanaya Cyrus Irani , Sanjana Pandey
Location:
India
Firm:
JSA
Section 9 of the IBC cannot be invoked to execute an arbitral award during the pendency of an 'appeal' under Section 34 of the Arbitration Act

The National Company Law Appellate Tribunal at Chennai (“NCLAT”) has in M/s. KK Ropeways Limited v. M/s Billion Smiles Hospitality Private Limited1inter alia held that an arbitral award cannot be enforced under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) when a challenge under Section 34 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) has been preferred against such an award.

Brief Facts

Filed under:
India, Arbitration & ADR, Insolvency & Restructuring, Litigation, JSA, Arbitration and Conciliation Act 1996 (India), Insolvency and Bankruptcy Code (India), Delhi High Court, National Company Law Tribunal
Authors:
Farhad Sorabjee , Shanaya Cyrus Irani , Siddhesh S Pradhan , Meher J. Mistri
Location:
India
Firm:
JSA
Supreme Court holds that an application for withdrawal of corporate insolvency resolution process under IBC can be allowed even prior to the constitution of the committee of creditors

A two-judge bench of the Supreme Court of India (“Supreme Court”) in its recent judgment Abhishek Singh v. Huhtamaki PPL Ltd.

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Debtor, Insolvency, Insolvency and Bankruptcy Board of India, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
Authors:
Farhad Sorabjee , Pratik Pawar , Shanaya Cyrus Irani , Ananya Verma
Location:
India
Firm:
JSA