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ERGO Analysing Developments Impacting Business: SC Upholds NCLAT View that a Security Deposit may Constitute a Financial Debt in Certain Circumstances

The Supreme Court (SC) in Global Credit Capital Limited & Anr v. Sach Marketing Private Limited & Anr, 2024 SCC OnLine SC 649 upheld the judgment and order of the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT), dated 07 October 2021 (Impugned Order) by which Sach Marketing Private Limited (Sach) was held to be a ‘financial creditor’ of Mount Shivalik Industries Limited, the corporate debtor, (CD) in corporate insolvency resolution proceedings under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC).

India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, National Company Law Tribunal
NCLAT Clarifies that Flat Allottees can initiate CIRP Against an Assignee or Transferee of a Real Estate Project

The National Company Law Appellate Tribunal (“NCLAT”) in Anjani Kumar Prashar v. Manab Datta & Ors, Company Appeal (AT) (Ins) No.

India, Insolvency & Restructuring, Litigation, Real Estate, Khaitan & Co, Insolvency, Supreme Court of India, National Company Law Tribunal
ERGO Analysing Developments Impacting Business: A Three Judge Bench of Supreme Court Upholds the Prevailing View that NCLT has Inherent Powers to Recall an Order Approving a Resolution Plan

Introduction

India, Company & Commercial, Insolvency & Restructuring, Litigation, Khaitan & Co, Coronavirus, Insolvency, National Company Law Tribunal
‘The Debtor Shall Seek the Creditor’

Introduction and background 

India, Banking, Insolvency & Restructuring, Litigation, Khaitan & Co, Delhi High Court
The WA Supreme Court is on the money: a fresh look at bailments, consignments and the PPSA

In the decision of Re Arcabi Pty Ltd (Receivers & Managers Appointed) (in liq) [2014] WASC 310 the court considered:

  • the application of the Personal Property Securities Act 2009 (Cth) (PPSA) to goods being held on a bailment or consignment basis by a company in receivership and liquidation; and
  • the receivers’ rights to be indemnified for costs and expenses related to investigating and protecting the property of third parties.

What is the significance?

Australia, Western Australia, Banking, Insolvency & Restructuring, Litigation, King & Wood Mallesons