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NCLAT: Provident fund dues are not assets of the Corporate Debtor; they have to be paid in full

The National Company Law Appellate Tribunal, Principal Bench (“NCLAT”) in its judgement dated November 2, 2022 (“Judgement”), in the matter of Assam Tea Employees Provident Fund Organization v. Mr. Madhur Agarwal and Another [Company Appeal (AT) (Insolvency) No. 262 of 2022] held that provident fund (“PF”) dues are not the assets of the corporate debtor […]

NCLAT: Advance paid towards service is operational debt

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) has in its judgment dated November 10, 2022 in the matter of Chipsan Aviation Private Limited v. Punj Lloyd Aviation Limited [Company Appeal (AT) (Ins) No. 261 of 2022] held that an advance paid towards availing of service falls within the definition of operational debt in […]

NCLAT: Adjudicating authority has no jurisdiction to evaluate the decision of the committee of creditors to enquire into the justness of the rejection of a resolution plan.

The National Company Law Appellate Tribunal, Chennai (“NCLAT”) has, in the case of Dr. C. Bharath Chandran v. M/s. Sabine Hospital and Research Centre and Others [Company Appeal (AT) (CH) (Ins) No. 320 of 2022 and IA Nos. 677 and 710/2022], held that the adjudicating authority has no jurisdiction to evaluate the decision of the […]

Supreme Court: Appeals and Applications under the Arbitration & Conciliation Act, 1996 relating to commercial dispute of specified value, other than the international commercial arbitration, shall lie before the Commercial Courts established under the Commercial Courts Act, 2015 even though they are subordinate to the rank of the Principal Civil Judge in the District.

The Supreme Court (“SC”) in its judgment dated October 19, 2022, in the case of Jaycee Housing Private Limited And Others v. Registrar (General), Orissa High Court, Cuttack And Others [Civil Appeal No. 6876 of 2022], held that the Commercial Courts Act, 2015 (“CCA”) has an overriding effect and shall prevail over the Arbitration & […]

NCLT: Indemnity of obligations under an agreement is not a ‘financial debt’ under Section 5(8) of the Insolvency and Bankruptcy Code, 2016

The National Company Law Tribunal, Mumbai Bench (“NCLT”) has in its judgement dated October 7, 2022 (“Judgement”), in the matter of Reserve Bank of India v. Reliance Capital Limited [CP. (IB) No. 1231/MB/C-I/2021] held that indemnity obligations under an agreement is not a ‘financial debt’ under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 […]

NCLAT: Attachment of Corporate Debtor’s bank account by the Employees’ Provident Fund Organization cannot continue during Moratorium

The National Company Law Appellate Tribunal, Chennai (“NCLAT”) has in its judgment dated September 9, 2022 in the matter of B. Parameshwara v. Assistant PF Commissioner, Employees’ Provident Fund Organization, Bommasandra II and Others [Company Appeal (AT) (Ins) No. 231 of 2021] held that attachment of the bank account of the corporate debtor by the […]