Weekly Digest Of IBC Cases: 10th June 2024 To 16th June 2024

HIGH COURTS Madras High Court: Adjudicating Authority Must Exercise Jurisdiction Akin To Revisional Jurisdiction To Assess The Correctness Of COC's Actions Case Title: National Sewing Thread Co. Ltd. vs Superintending Engineer, TANGEDCO and Anr. Case No.: W.P. No.29845 of 2022 and WMP.No.29233 of 2022 The Madras High Court bench of Justice N. Seshasayee held that though the Adjudicating Authority may not substitute the commercial wisdom of the Committee of Creditors...

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No.: W.P.(C) 14389/2022 The Delhi High Court bench of Justice Subramonium Prasad held that official liquidators must adhere to ethical principles and demonstrate an unwavering commitment to fairness to discharge their duties under the Insolvency and Bankruptcy Code. ...

Monthly Digest Of IBC Cases: May 2024

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? Supreme Court To Decide Case Title: Ayush Agarwal vs Jaypee Infratech Ltd. & Ors. Citation: Civil Appeal No. 5185/2024 The Supreme Court of India is set to determine whether the non-filing of a claim during the insolvency resolution process of a builder can result in the rejection of a homebuyer's claim for allotment of apartment. The case...

Weekly Digest Of IBC Cases: 27th May 2024 To 02nd June 2024

NCLAT NCLAT Upholds Adani Goodhomes Bid With 93% Haircut For Radius Estate Case Title: Beacon Trusteeship Ltd vs. Jayesh Sanghrajka & Ors and connected petitions Case No: Company Appeal (AT) (Insolvency) No. 1494 – 1495 of 2022 The National Company Law Appellate Tribunal ('NCLAT'), New Delhi comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) upholds the Resolution Plan submitted by Adani Goodhomes for the real estate company Radius Estate...

Weekly Digest Of IBC Cases: 20th To 26th May 2024

High Court Resolution Professional Not To Be Hauled Up In Criminal Case Against Company: Kerala High Court Stays ED Notice To RP Case Title: M/s Kerala Chamber Of Commerce And Industry vs. Directorate of Enforcement Case Number: CRL.MC No. 3605 of 2024 The Kerala High Court stated that prima facie, a Resolution Professional appointed under the Insolvency and Bankruptcy ('IB') Code for carrying the Corporate Insolvency Resolution Process ('CIRP') of the Company cannot be ...

Supreme Court Quarterly Digest 2024- ARBITRATION (Jan - Mar)

SUPREME COURT QUARTERLY DIGEST 2024Arbitration and Conciliation Act, 1996An award could be said to be against the public policy of India in, inter alia, the following circumstances: 1. When an award is, on its face, in patent violation of a statutory provision 2. When the arbitrator/Arbitral Tribunal has failed to adopt a judicial approach in deciding the dispute. 3. When an award is in violation of the principles of natural justice. 4. When an award is unreasonable or perverse. 5. When an award...

Weekly Digest Of IBC Cases: 13th To 19th May 2024

NCLAT NCLAT Delhi Evokes Doctrine Of 'Approbate & Reprobate', Imposes Rs. 1 Lakh Cost On Creditor, Allowing Action For Contempt Case Title: Premjayanti Enterprises Pvt. Ltd. vs. Shivam Water Treaters Pvt. Ltd. Case No.: Comp. App. (AT) (Ins) No. 124 of 2023 The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member), and Mr. Indevar Pandey (Technical Member) evokes the Doctrine ...

Weekly Digest Of IBC Cases: 06th To 12th May 2024

Supreme Court Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? Supreme Court To Decide Case Title: Ayush Agarwal vs Jaypee Infratech Ltd. & Ors. Citation: Civil Appeal No. 5185/2024 The Supreme Court of India is set to determine whether the non-filing of a claim during the insolvency resolution process of a builder can result in the rejection of a homebuyer's claim for allotment of apartment. The case...

Allahabad High Court Monthly Tax Digest: April 2024

INDEXM/S United Spirits Limited v. State Of U.P. And 3 Others 2024 LiveLaw (AB) 222The Commissioner, Commercial Tax U.P. v. M/S Godfrey Philips India Limited 2024 LiveLaw (AB) 223 M/S Eco Plus Steels Pvt. Ltd. v. State Of U.P. And 3 Others 2024 LiveLaw (AB) 224Commissioner, Commercial Tax v. S/S Soma Enterprises Ltd 2024 LiveLaw (AB) 225Durga Steel Rolling Mills Thru. Partner Amit Arora v. Commissioner Of Commercial Taxes UP Lucknow 2024 LiveLaw (AB) 228Dipak Kumar Agarwal v. Assessing Officer...

Monthly Digest Of IBC Cases: April 2024

Supreme Court When Does Debt Become Financial Debt & Operational Debt Under IBC? Supreme Court Explains Case Title: Global Credit Capital Limited & Anr. Versus Sach Marketing Pvt. Ltd. & Anr. Citation: 2024 LiveLaw (SC) 331 The Supreme Court bench comprising Justice Abhay S. Oka and Justice Pankaj Mithal, has held that debt would be treated as an operational debt only if the claim subject matter of the debt has some connection or co-relation with the 'service'...

Arbitration Monthly Digest - April 2024

Allahabad High Court Allahabad High Court Directs Inquiry Against Officers Who Failed To File Arbitration Appeals Within Prescribed Limitation Case Title: Executive Engineer Drainage Division v. Ms Ayush Construction And Another [APPEAL UNDER SECTION 37 OF ARBITRATION AND CONCILIATION ACT 1996 DEFECTIVE No. - 89 of 2024] The Allahabad High Court has directed Principal Secretary/Additional Chief Secretary, Irrigation, Uttar Pradesh to conduct an inquiry against officers who were...

Weekly Digest Of IBC Cases: 8th To 21st April 2024

SUPREME COURT Process For IBC Offences To Be Issued By Sessions Court Despite Companies Act Amendment Vesting Jurisdiction On Judicial Magistrate: Supreme Court Case Title: Insolvency And Bankruptcy Board Of India Versus Satyanarayan Bankatlal Malu & Ors. Citation: 2024 LiveLaw (SC) 317 The Supreme Court bench comprising Justice BR Gavai and Justice Sandeep Mehta, while observing that the offences committed under the Insolvency and Bankruptcy Code, 2016 (“IBC”) would be...