February, 2023
A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST
KEY HIGHLIGHTS Allahabad High Court: No ipso facto absolvement of guarantor's liability upon approval of resolution plan. NCLAT: The obligation of the adjudicating authority to direct for liquidation shall rise only when decision of the Committee of Creditors is in accordance with the Insolvency and Bankruptcy Code, 2016. The Rise of ESG Investing in India: What it Means for Corporations.
For Private Circulation - Educational & Informational Purpose Only
February, 2023
In the case of State Bank of India v. Moser Baer Karamachari Union & Ors., the Supreme Court of India (“Supreme Court”) has upheld the order of the National Company Law Appellate Tribunal (“NCLAT”) in the matter of State Bank of India v. Moser Baer Karamachari Union & Anr. (“Moser Baer Case”).
In the case of IL&FS Infrastructure Debt Fund v. McLeod Russel India Limited, the Kolkata bench of the National Company Law Tribunal (“NCLT”) held that in order to determine whether a shortfall undertaking will qualify as an instrument of guarantee as defined under Section 126 of the Indian Contract Act, 1872 (“Contract Act”), one has to look into the intention of the parties as reflected in the terms of such undertaking.
In the recent decision of IDBI Bank v. Indian Oil Corporation Limited, the National Company Law Appellate Tribunal (“NCLAT”) has held that an irrevocable and unconditional bank guarantee can be invoked even during moratorium period in view of the amended provision under Section 14 (3) (b) of the Insolvency and Bankruptcy Code, 2016 (“IBC”).
Brief Facts
The Division Bench of the Delhi High Court (“Delhi HC”) in the case of Tata Steel BSL Limited v. Venus Recruiters Private Limited & Ors., etc. has put to rest the issue on avoidance applications proceedings surviving the conclusion of corporate insolvency resolution process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”).
Introduction
Introduction
This is the first in a two-part series article analysing the recent discussion paper published by the Ministry of Corporate Affairs on 18 January 2023, proposing several major amendments to the IBC Code, 2016.
Recently, the National Company Law Appellate Tribunal (“NCLAT“), in the case of Dharmindra Constructions Private Limited and Anr. vs.
Brief Facts