Facts and Background
Facts
Facts
The National Company Law Appellate Tribunal (NCLAT) vide its order dated 3 January 2022 in Jayanthi Ravi v Chemizol Additives Pvt Ltd ruled that the advance extended by a director to the company which is recorded as a loan in the minutes of the meeting of the board of directors would be classified as financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC).
INTRODUCTION
We examine what impact the Court of Justice of the European Union decisions in Hampshire v PPF and PSV v Bauer will have on PPF compensation post-Brexit
A three-judge Bench of the Supreme Court of India (SC) in V. Nagarajan v. SKS Ispat and Power Ltd. & Others (judgment dated 22 October 2021 in Civil Appeal No. 3327 of 2020) dismissed an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT) which had dismissed an appeal against an order passed by the National Company Law Tribunal Chennai (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC) as barred by limitation.
Facts
Introduction:
Aggrieved by the order of the National Company Law Appellate Tribunal (NCLAT) refusing to condone a delay of 44 (forty-four) days in filing an appeal against the order passed by the National Company Law Tribunal (NCLT), the Appellant (i.e., National Spot Exchange Limited) preferred an appeal before the Hon’ble Supreme Court of India.
Background
The Corporate Insolvency and Governance Act 2020 (CIGA) came into force on 26 June 2020.
Schedule 10 of CIGA restricted the presentation of debt-related winding-up petitions where a company cannot pay its bills (including rent) due to COVID-19 in Great Britain.
These restrictions were initially due to end on 30 September 2020, but have since been extended until 30 September 2021.
The Current Position