An application had been filed by home buyers, Shilpa Jain and Akash Jain (collectively, “Respondents”) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (“CIRP”) against Raheja Developers (“Corporate Debtor”). The National Company Law Tribunal, Special Bench at New Delhi (“NCLT”) by order dated August 20, 2020 (“Impugned […]
The Supreme Court (“SC”) has by its judgement (decided on January 22, 2020) held that there is no provision in the Insolvency and Bankruptcy Code, 2016 (“IBC”) that requires a resolution plan to match the liquidation value of the assets of the corporate debtor and that an approved resolution plan cannot be withdrawn by a […]
The National Company Law Tribunal, Mumbai Bench (“NCLT”) in the case of Pravin Blaggan, in the matter of Goa Auto Accessories v. Suresh Saluja (decided on December 12, 2019) held that a resolution professional (“RP”) could take possession of a corporate debtor’s assets which were subject matter of litigation, to facilitate the Corporate Insolvency Resolution […]
The Supreme Court of India (“SC”) has vide its judgment dated December18, 2019 (“Judgment”), highlighted the difference between inadequacy of reasons in an arbitral award and unintelligible arbitral awards passed under the Arbitration and Conciliation Act, 1996 (“Act”). FACTS DCM Shriram Aqua Foods Limited (“DCM”) had entered into a contract (“Contract”) with M/s. Crompton Greaves […]
On December 10, 2019, the constitutional bench of the Supreme Court (“SC”) in the case of Rajendra Diwan v. Pradeep Kumar Ranibala and Another, has held that section 13(2) of the Chhattisgarh Rent Control Act, 2011 (“Act”) is unconstitutional. The provision stipulates that an appeal directly to the SC against the order of RentControl Tribunal, […]
In the case of Embassy Property Developments (Private) Limited v. State of Karnataka and Others (decided on December 3, 2019), the Supreme Court of India (“SC”) outlined the scope of intervention by High Courts in cases of orders passed by the National Company Law Tribunal (“NCLT”). A set of three appeals had been filed before […]
