Introduction India might be one of the leading countries in the world in terms of the backlog of court cases. Even after some of the best efforts made by the government to improve the situation, it is still like a…
In the past four months, Covid-19 is the primary reason for economic instability and uncertainty for business and companies globally, Indian companies are no exception. There is no legislation in India that is left unaffected. The government has taken measures…
Every time a concept is introduced, there is both a good and a bad use of it. Same is the case with the concept of beneficial ownership. Money laundering, illegal activities are the terms associated with the exploitation and wrong…
The Hon’ble National Company Law Tribunal or NCLT (Mumbai) Bench in M/S Citicare Super Speciality Hospital vs. Vighnaharta Health Visionaries Pvt. Ltd. has held that claims towards outstanding rent do not qualify as “ Operational Debt” as defined under Insolvency and…
Introduction The Inception of Insolvency and Bankruptcy code [IB Code] was envisaged as a historical moment in the Indian corporate sector as it is a single uniform comprehensive legislation that aims at a speedy solution to corporate insolvency through an…
Facts of the Case The Corporate Debtor/Respondent (Uttam Galva Metallics) defaulted in the payment to the Operational Creditor/Appellant (Macquarie Bank) amounting to USD 6,321,337 equivalent to Rs. 43,11,15,190. Although repeated reminders as to the payment of the debt via emails…
Facts The petition was filed by M/s Sunwhite Infrastructure Pvt Ltd (hereinafter referred to as “the petitioners”) against Kindle Developers Pvt Ltd (hereinafter referred to as “the respondents”) Sec 241[1] and Sec 242[2] of the Companies Act, 2013 alleging acts…
The much debated question with respect to the interpretation of what amounts to “existence of a dispute” has been finally answered by the Supreme Court in the (Mobilox vs. Kirusa) judgment. The interpretation of “existence of dispute” was seen in…