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    NCLAT holds that moratorium under Section 14 of the IBC does not bar proceedings against the resolution professional for defrauding the creditors of its Corporate Debtor
    2022-09-05

    The Principal Bench of National Company Law Appellate Tribunal (“NCLAT”) in its recent order, Rakesh Kumar Jain v. Jagdish Singh Nain & Ors., has inter alia held that Section 14(1)(a) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) does not bar passing of any orders under Section 66 of the IBC against the resolution professional during operation of the moratorium imposed under Section 14 of the IBC.

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Farhad Sorabjee , Pratik Pawar , Ananya Verma
    Location:
    India
    Firm:
    JSA
    Supreme Court: Once moratorium is in effect, the IBC will prevail over the Customs Act
    2022-09-05

    The Supreme Court of India (“Supreme Court”) in Sundaresh Bhatt, Liquidator of ABG Shipyard vs. Central Board of Indirect Taxes and Customs has held that the Customs Act, 1962 (“Customs Act”) and the Insolvency and Bankruptcy Code, 2016 (“IBC”) act in their own spheres. In case of any conflict, the IBC would override the Customs Act.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Trade & Customs, JSA, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Authors:
    Dheeraj Nair , Anjali Anchayil , Aishna Jain
    Location:
    India
    Firm:
    JSA
    IBC prevails over Customs Act - Customs cannot recover dues once moratorium imposed
    2022-08-31

    A 3-Judge Bench of the Supreme Court in its judgment dated 26 August 2022 has held that the provisions of the Insolvency and Bankruptcy Code, 2016 will prevail over the provisions of the Customs Act, 1962.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Trade & Customs, Lakshmikumaran & Sridharan Attorneys, Moratorium, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Location:
    India
    Firm:
    Lakshmikumaran & Sridharan Attorneys
    Related Party Financial Debt under IBC - Exclusion from the CoC and impact of assignment
    2022-08-29

    Background

    The regime under the Insolvency and Bankruptcy Code, 2016 (“IBC”), is largely creditor centric. In fact, extraordinary as it may sound, corporate insolvency resolution process (“CIRP”) under IBC is nothing short of a puppet show, with the Committee of Creditors (“CoC”) as the puppet master. The CoC, comprising of financial creditors of the corporate debtor, is paramount in terms of making the most significant decisions of the process and plays a vital role in resolving the debt.

    Filed under:
    Global, India, Insolvency & Restructuring, Khaitan Legal Associates, Insolvency, UNCITRAL, Insolvency and Bankruptcy Code (India), Supreme Court of India
    Authors:
    Dhiraj Mhetre , Smiti Tewari
    Location:
    Global, India
    Firm:
    Khaitan Legal Associates
    IBC 1; Customs Act 0 - Supreme Court upholds the overriding effect of IBC
    2022-08-30

    In a recent judgment in the case of ABG Shipyard, the Supreme Court has decided an extremely relevant question of law concerning the liquidation process under the Insolvency & Bankruptcy Code, 2016 (“IBC”).

    Filed under:
    Global, India, Insolvency & Restructuring, Litigation, Khaitan Legal Associates, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Dhiraj Mhetre , Smiti Tewari
    Location:
    Global, India
    Firm:
    Khaitan Legal Associates
    A Twist in the Tale - Has the Supreme Court diluted the Insolvency and Bankruptcy Code?
    2022-08-24

    Premise

    Since the advent of the Insolvency & Bankruptcy Code, 2016 (“IBC”), the insolvency law regime in India has been consolidated and uniformized. Courts have repeatedly held that the IBC is a code in itself and that one need not look elsewhere in deciding matters under it.

    Filed under:
    Global, India, Insolvency & Restructuring, Litigation, Khaitan Legal Associates, Bankruptcy, Insolvency, Reserve Bank of India, Insolvency and Bankruptcy Code (India), Supreme Court of India
    Authors:
    Sakate Khaitan , Dhiraj Mhetre , Smiti Tewari , Shreyas Lele
    Location:
    Global, India
    Firm:
    Khaitan Legal Associates
    Between the lines- August, 2022
    2022-08-22

    Between the lines... For Private Circulation-Educational & Information purpose only Vaish Associates Advocates… Distinct. By Experience. I. Supreme Court: NCLT has discretion to not admit Financial Creditor’s CIRP Application even if Corporate Debtor is in default. The Hon’ble Supreme Court (“SC”) has in its judgment dated July 12, 2022 in the matter of Vidarbha Industries Power Limited v. Axis Bank Limited [Civil Appeal No.

    Filed under:
    India, Arbitration & ADR, Capital Markets, Insolvency & Restructuring, Litigation, Vaish Associates Advocates, Securities and Exchange Board of India, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Location:
    India
    Firm:
    Vaish Associates Advocates
    Initiation of Corporate Insolvency Resolution Process by Financial Creditors - now a discretionary relief!
    2022-08-22

    I. INTRODUCTION

    The Insolvency and Bankruptcy Code, 2016 (“Code”) was enacted at a time when there was no singular law which dealt with insolvency and bankruptcy in India. A perusal of the statement of objects and preamble of the Code reveal that it was enacted to consolidate the law of insolvency resolution of companies, partnerships etc in a time bound manner, for maximisation of assets and for balancing of interests of all stakeholders.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Parinam Law Associates, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Authors:
    Pooja Tidke , Krushi N Barfiwala , Rima Desai
    Location:
    India
    Firm:
    Parinam Law Associates
    ERGO Analysing Developments Impacting Business: NCLAT: Foreign Citizenship Cannot Facilitate an Escape from the Liability of a Personal Guarantor
    2022-08-17

    In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench (NCLAT), dismissing two appeals in Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India, Company Appeal (AT)(Insolvency) No. 807 of 2021 and Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India & Anr., Company Appeal (AT)(Insolvency) No. 740 of 2022 (dated 29 July 2022), it was held that merely by acquiring foreign citizenship after the execution of a deed of guarantee, a personal guarantor cannot escape his/her liability under the guarantee.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Rahul Chakraborti , Saumya Agarwal , Karishma Singh
    Location:
    India
    Firm:
    Khaitan & Co
    Supreme Court highlights the distinction between an acknowledgment of debt under the Limitation Act, 1963 and a promise to pay a time barred debt under Indian Contract Act, 1872, in respect of application to initiate corporate insolvency resolution process under Insolvency and Bankruptcy Code, 2016
    2022-08-16

    The Supreme Court in its recent judgement Kotak Mahindra Bank Limited v. Kew Precision Parts Private Limited & Others1, has held that an application to initiate corporate insolvency resolution process (“CIRP”) against a corporate debtor is maintainable in respect of a time barred debt, if the debtor has after the expiry of the limitation period, agreed to repay the same. 

    Brief Facts

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, JSA, Insolvency, Recovery of Debts and Bankruptcy Act 1993 (India), Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Vinod Kumar , Srinivasan M.D
    Location:
    India
    Firm:
    JSA

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