Tag: NCLT

The Tribunals Reforms (Rationalization and Conditions of Service) Bill, 2021- A Systematic Ban on IPAB

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 merry-go-round. One such effort was the system of tribalization which was meant to reduce the … Continue reading The Tribunals Reforms (Rationalization and Conditions of Service) Bill, 2021- A Systematic Ban on IPAB

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Covid-19 And IBC: Unfolding The Loopholes In The Recent Amendments

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 to curb the problems in order to handle the unforeseen problems that every sector of … Continue reading Covid-19 And IBC: Unfolding The Loopholes In The Recent Amendments

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Let’s Find Out Who Has The Actual Power? -Significant Beneficial Owner

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 use of this concept. Now let us understand, what is significant beneficial ownership? Definition of … Continue reading Let’s Find Out Who Has The Actual Power? -Significant Beneficial Owner

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Case Comment on Hon’ ble NCLT Mumbai Bench Holding – ” Claims towards rent do not qualify as Operational Debt under IBC”

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 Bankruptcy Code, 2016 ( IBC) and therefore the petition is not maintainable under Section 9 … Continue reading Case Comment on Hon’ ble NCLT Mumbai Bench Holding – ” Claims towards rent do not qualify as Operational Debt under IBC”

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Jaypee Infratech Insolvency Case

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 established time bound procedure, early identification of financial failure, and other such broader reforms that … Continue reading Jaypee Infratech Insolvency Case

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Macquarie Bank Limited vs. Shilpi Cable Technologies

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 were made, such communications could not influence the Debtor to make the payment, pursuant to … Continue reading Macquarie Bank Limited vs. Shilpi Cable Technologies

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M/s. Sunwhite Infrastructure Pvt Ltd. V. Kindle Developers Pvt Ltd, CP No. 40 (ND)/17 (decided on 23.08.2017)

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 of mismanagement and oppression prejudicial to the interests of the company as well as the … Continue reading M/s. Sunwhite Infrastructure Pvt Ltd. V. Kindle Developers Pvt Ltd, CP No. 40 (ND)/17 (decided on 23.08.2017)

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Mobilox Innovations Private limited vs. Kirusa Software Private Limited

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 the context of initiation of CIRP of corporate debtors under the Insolvency and Bankruptcy Code, … Continue reading Mobilox Innovations Private limited vs. Kirusa Software Private Limited

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