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Search results: National Company Law Appellate Tribunal


India at crossroads with cross-border insolvency

By Shweta Bharti and Sukrit Kapoor, Hammurabi & Solomon
The National Company Law Appellate Tribunal (NCLAT) in the Jet Airways insolvency proceedings upheld the recent cross-border protocol agreed between the National Company Law Tribunal (NCLT) appointed Resolution Professional (RP) and the Dutch insolvency...

Evolution of the committee of creditors’ authority

By Charanya Lakshmikumaran and Gopal Machiraju, Lakshmikumaran & Sridharan
The role of the committee of creditors (CoC) in a corporate insolvency resolution process (CIRP) has increasingly been scrutinized and clarified by various courts and tribunals, including the Supreme Court. There have also been...

Retaining the independence of a subsidiary

Dear Editor, An insolvency resolution professional (IRP) can stop a holding company from moving assets of a subsidiary that is going through a corporate insolvency resolution process because both the companies are separate legal entities....

Rebuilding trust

Maharashtra Real Estate Regulatory Authority chief Gautam Chatterjee talks to Gautam Kagalawala about the role of the regulator, challenges, friction with IBC and other regulations and stress in the state’s realty sector The government introduced...

Court clarifies conditions for reopening of accounts

By Deepak Sabharwal, Deepak Sabharwal & Associates
A Supreme Court bench comprising justices Indu Malhotra and MR Shah has held that the observations made by the National Company Law Tribunal (NCLT) while making an order under sections 241 and 242 of...

SEBI raises questions on IBC’s overriding provisions

By Abhishek Dutta, Manish Parmar and Sayli Petiwale, Aureus Law Partners
A recent challenge by the Securities and Exchange Board of India (SEBI) before the Supreme Court exemplifies how the Insolvency and Bankruptcy Code, 2016 (IBC), remains a heavily contested field. The Supreme Court is...
waterfall mechanism

Ensuring fair distribution under waterfall mechanism

By Aditya Vikram Dua and Satish Anand Sharma, SNG & Partners
The Insolvency and Bankruptcy Code, 2016 (IBC), has been severely tested on many fronts since its enactment. One concept that remains to be tested is the waterfall mechanism, or priority of payments, in the...
Home finance

Home finance lenders are not financial creditors to developers

In a recent judgment in Indiabulls Housing Finance Ltd v Rudra Buildwell Projects (P) Ltd, the National Company Law Appellate Tribunal (NCLAT) dismissed the appeal of Indiabulls claiming to be a financial creditor of...
Deccan Chronicle

Many hurdles in Deccan Chronicle insolvency

The legal team that advised on the Deccan Chronicle Holdings insolvency had to contend with multiple issues and challenges. The National Company Law Tribunal (NCLT) approved the resolution plan put forward by SREI Multiple...

Liquidation under IBC

Dear Editor, In the matter of SC Sekaran vs Amit Gupta & Ors, relying on the decisions of the Supreme Court in Swiss Ribbons Pvt Ltd & Anr v Union of India & Ors and...
modi government

Wish list

As the Modi government comes back to power, Lawyers tell Gautam Kagalwala about their expectations for the new term The ruling Bharatiya Janata Party led by Prime Minister Narendra Modi has won the elections resolutely...

Insolvency code: Judicial trends

By Abhishek Tripathi and Avantika Shukla, Sarthak Advocates & Solicitors
Abhishek Tripathi and Avantika Shukla look at role of adjudicating bodies in IBC's evolution The Insolvency and Bankruptcy Code, 2016 (IBC), is considered to be among the biggest achievements of the National Democratic Alliance (NDA)...

Giving creditors their fair share

By Mahesh Agarwal, Agarwal Law Associates
Protecting the interests of operational creditors is key to IBC's success, writes Mahesh Agarwal The preamble of the Insolvency and Bankruptcy Code, 2016 (IBC), lays out the code’s dual objectives of “maximization of value of...

Charting the way ahead for IBC

By Dhananjay Kumar and Hamraj Singh, Cyril Amarchand Mangaldas
Dhananjay Kumar and Hamraj Singh suggest ways to speed up insolvency resolution The Insolvency and Bankruptcy Code, 2016 (IBC) emphasizes the importance of “time-bound” reorganization and resolution for distressed entities and it is touted as...

Courts play prudent role in IBC’s logical evolution

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
The bankruptcy process in India before the enactment of the Insolvency and Bankruptcy Code, 2016 (code), was fragmented with the rights of creditors and debtors decided by different judicial forums with sometimes conflicting decisions...
labour laws

SC weighs in on interplay of labour laws and IBC

By Abhishek Dutta and Vineet Shrivastava, Aureus Law Partners
India as a welfare state has enacted various labour laws in order to ensure the protection and promotion of the social and economic status of workers and the elimination of their exploitation. Under the Indian...
Grounded Jet Airways


Did the reluctance of Jet Airways’ creditors to pursue bankruptcy proceedings point to turbulence in the insolvency regime? Rebecca Abraham reportsEditor’s note: The National Company Law Tribunal (NCLT) Mumbai bench admitted the insolvency petition...
Trade unions are operational creditors under insolvency code

Trade unions are operational creditors under insolvency code

The Supreme Court, in the recent case of JK Jute Mill Mazdoor Morcha v Juggilal Kamlapat Jute Mills Company Ltd through Its Director & Ors, held that a trade union can file as an operational...

Are designs provided to auto-parts makers dutiable?

By Sudipta Bhattacharjee and Shashank Shekhar, Advaita Legal
Tax authorities have issued several show-cause notices (SCNs) to auto-component manufacturers (ACMs) recently, seeking to recover additional excise duty on designs or drawings provided by automobile companies to the ACMs for the production and...

NCLAT says statutory dues also operational debt

By Abhishek Dutta and Sayli Petiwale, Aureus Law Partners
The National Company Law Appellate Tribunal (NCLAT) on 20 March 2019 dismissed a batch of appeals in the matter of PR Director General of Income Tax (Admn & TPS) v Synergies Dooray Automotive Ltd...