Between The Lines – Page 17 – Vaish Associates Advocates

NCLAT: The NCLT does not have the power to suo-moto classify a transaction as a ‘preferential transaction’.

The National Company Law Appellate Tribunal (“NCLAT”) has in its judgement dated May 9, 2022 (“Judgement”), in the matter of Sahara India v. Shri Nandkishor Vishnupant Deshpande and Another [Company Appeal (AT) (Insolvency) No. 368 of 2021] held that the National Company Law Tribunal (“NCLT”) does not have the power to suo-moto classify a transaction […]

Between The Lines | NCLT: IBC and RBI Guidelines are Disjoint Sets, there is no question of one prevailing over the other.

The National Company Law Tribunal, Kolkata (“NCLT”) has in its order dated May 17, 2022 (“Order”) in the matter of Hemant Kanoria v. SREI Infrastructure Finance Limited (Through its Administrator, Mr. Rajneesh Sharma) [IA (IB) No. 75/KB/2021 in CP (IB) No. 295/KB/2021] held that the Insolvency and Bankruptcy Code, 2016 (“IBC”) and guidelines issued by […]

Between The Lines | Supreme Court: Proceedings under SARFAESI cannot be continued against corporate debtor once CIRP is admitted and moratorium is ordered.

The Supreme Court (“SC”) has in the judgement dated May 18, 2022 (“Judgement”), in the matter of Indian Overseas Bank v M/S RCM Infrastructure Limited and Another [Civil Appeal No. 4750 of 2021] held that once corporate insolvency resolution process (“CIRP”) is initiated, all actions under Securitisation and Reconstruction of Financial Assets and Enforcement of […]

Between The Lines | Supreme Court: A liability in respect of a claim arising out of a recovery certificate under the Recovery of Debts and Bankruptcy Act, 1993 would be a “financial debt” under the IBC and a holder of such recovery certificate would be a “financial creditor” under the IBC.

The Supreme Court (“SC”) has in its judgment dated May 30, 2022, in the matter of Kotak Mahindra Bank Limited v. A. Balakrishna and Another [Civil Appeal No. 689 of 2021] held that a liability in respect of a claim arising out of a recovery certificate under the Recovery of Debts and Bankruptcy Act, 1993, […]

Between The Lines | Supreme Court: Application under Section 11(6) of the Arbitration and Conciliation Act, 1996 for the appointment of arbitrator can be filed only before high courts possessing jurisdiction

The Hon’ble Supreme Court (“SC”) has in the judgement dated March 24, 2022 (“Judgement”), in the matter of M/s. Ravi Ranjan Developers Private Limited v. Aditya Kumar Chatterjee [Civil Appeal Nos. 2394-2395 of 2022 (Arising out of SLP (C) Nos. 17397-17398 of 2021)] held that an application under Section 11(6) of the Arbitration and Conciliation […]

Between The Lines | NCLAT: A fresh resolution plan cannot be considered by committee of creditors

The National Company Law Appellate Tribunal (“NCLAT”) has in the judgement dated April 18, 2022 (“Judgement”), in the matter of Steel Strips Wheels Limited. v. Shri Avil Menezes, Resolution Professional of AMW Autocomponent Limited and Others [Company Appeal (AT) (Insolvency) No. 89 of 2022] held that a fresh resolution plan cannot be considered by committee […]