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Breach of Settlement Agreement and Revival of Insolvency Application

Introduction

India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Fraudulent Initiation of CIRP can be challenged before ‘Admission’

Introduction

India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
No withdrawal of insolvency after approval of Resolution Plan

Introduction

India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, National Company Law Tribunal
NCLT clarifies: Interim moratorium not applicable to future liabilities

Introduction

India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Leasehold right: An intangible asset

Introduction

India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Vidarbha Industries: Extending the power of NCLT under Insolvency Law

Under the Insolvency and Bankruptcy Code, 2016 (Code), a financial creditor may initiate corporate insolvency resolution process (CIRP) if there is a default of INR 10 million, by filing an application before the National Company Law Tribunal (NCLT). The settled principle is that an application made by a financial creditor under the Code must be admitted and CIRP initiates against the corporate debtor, if the NCLT is satisfied that a default has occurred in payment of debt.

India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Whirlpool Corporation v. HHGreg, Inc. (In re HHGregg, Inc.)

(Bankr. S.D. Ind. Dec. 4, 2017)

The bankruptcy court grants the motion to dismiss, finding the defendant’s security interest in the debtor’s assets, including its inventory, has priority over the plaintiff’s reclamation rights. The plaintiff sold goods to the debtor up to the petition date and sought either return of the goods delivered within the reclamation period or recovery of the proceeds from the sale of such goods. Pursuant to 11 U.S.C. § 546(c), the Court finds the reclamation rights are subordinate and the complaint should be dismissed. Opinion below.

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Debtor, United States bankruptcy court
In re Dickson

(Bankr. E.D. Ky. Nov. 22, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Bankruptcy opinions within a day or two of issuance from the Western and Eastern Districts of Kentucky, the Northern and Southern Districts of Indiana, the Sixth and Seventh Circuits, and the U.S. Supreme Court

(B.A.P. 6th Cir. Nov. 28, 2017)

The Sixth Circuit B.A.P. affirms the bankruptcy court’s dismissal of the Chapter 12 bankruptcy case. The court finds that the bankruptcy court failed to give the debtor proper notice and opportunity to be heard prior to the dismissal. However, the violation of due process was harmless error. The delay in filing a confirmable plan and continuing loss to the estate warranted the dismissal. Opinion below.

Judge: Preston

Attorney for Appellant: Heather McKeever

USA, Insolvency & Restructuring, Stoll Keenon Ogden PLLC, Bankruptcy, Supreme Court of the United States, United States bankruptcy court, Sixth Circuit, Seventh Circuit
Cox v. Specialty Vehicle Solutions, LLC

(6th Cir. Nov. 14, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit