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Supreme Court: NCLT/NCLAT should not sit in appeal over commercial wisdom of the CoC to allow withdrawal of CIRP

The Hon’ble Supreme Court (“SC”) has in its judgment dated June 3, 2022, in the matter of Vallal RCK v. M/s. Siva Industries and Holdings Limited and Others [Civil Appeal Nos. 1811-1812 of 2022], held that the NCLT/NCLAT should not sit in appeal over commercial wisdom of the Committee of Creditors (“CoC”) to allow withdrawal […]

Highlights Of 47th GST Council Meeting

The 47th GST Council (the ‘Council’) meeting was held on 28th and 29th June, 2022, under the chairmanship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman. During the course of the meeting, the Council dealt with important issues and in retrospect, issued Press Release with its recommendations. Overview of Recommendations: The Council has, […]

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, […]