Facts

The Supreme Court of India (“SC”) in the judgment New Delhi Municipal Council v. Minosha India Limited, dated 27 April, 2022, Civil Appeal No. 3470 of 2022 has clarified the position on the applicability of the Limitation Act, 1963 (“Act”) and the Insolvency and Bankruptcy Code, 2016 (“IBC”). 

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

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

Yeni Gelişme

5. Yargı Paketi olarak da anılan İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun Teklifi (“Teklif”), TBMM Adalet Komisyonu tarafından kabul edildi. Kabul edilen Teklifin kanunlaştırılması doğrultusunda Salı günü TBMM Genel Kurulu’nda görüşmeler başladı. Söz konusu Teklif ile icra ve iflas süreçlerinde iş yoğunluğunun azaltılması ve verimliliğin artırılması amacıyla İcra ve İflas Kanunu’nda önemli değişiklikler öngörülüyor.

New development

The Justice Commission of the Parliament accepted the Bill on Amendments to the Enforcement and Bankruptcy Code and Other Codes (“Bill“), also known as the Fifth Judicial Package. In line with the enactment of the accepted Bill, discussions began at the General Assembly of the Grand National Assembly of Turkey on Tuesday. With the Bill, significant changes are envisaged regarding the Enforcement and Bankruptcy Code to reduce workload and increase efficiency in enforcement and bankruptcy processes.

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.