Search Results for "insolvency and bankruptcy code"

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Supreme Court

Supreme Court Allows Trade Union to File as Operational Creditor Under IBC — Workers' Dues Constitute Operational Debt. Trade Union, Being a Body Corporate Under Trade Unions Act, Can Represent Workmen Collectively for Insolvency Proceedings.

30 Apr 2019

The appeal arose from a long-standing dispute concerning a jute mill that had been closed permanently on 07.03.2014. The appellant, JK Jute Mill Mazdo...

Supreme Court

Supreme Court Upholds Constitutional Validity of Sections 35AA and 35AB of Banking Regulation Act, 1949 and RBI Circular on Stressed Assets Resolution. The Court held that the RBI circular dated 12.02.2018 is valid and not arbitrary, and that the requirement of 100% lender consent for restructuring and mandatory IBC reference for large accounts is within RBI's powers.

2 Apr 2019

The present batch of petitions and transferred cases challenged the constitutional validity of Sections 35AA and 35AB of the Banking Regulation Act, 1...

Supreme Court

Supreme Court Sets Aside NCLAT Order for Violation of Natural Justice in IBC Section 7 Proceedings. The Court held that failure to serve notice under Rule 48 of NCLAT Rules, 2016, vitiated the proceedings and remanded the matter for fresh hearing.

8 Mar 2019

The appeal arose from an order of the National Company Law Appellate Tribunal (NCLAT) dated 08.02.2019, which set aside the order of the National Comp...

Supreme Court

Supreme Court Enhances Compensation for Permanent Disability in Motor Accident Case — Multiplier of 18 Applied and Future Prospects Considered. The Court held that for a student victim, future earnings must be assessed based on family background, education, and career potential, not a fixed notional income.

5 Mar 2019

The appellant, M.R. Krishna Murthi, a practicing advocate, suffered a severe accident on 26th May 1988 at age 18 while traveling from Delhi to Mussoor...

Supreme Court

Supreme Court Dismisses Appeals Against Enforcement of Foreign Arbitral Awards Under Part II of Arbitration and Conciliation Act, 1996 — Holds That Objections to Enforceability Must Be Raised Under Section 48 and That Pendency of Civil Suit Does Not Bar Execution

20 Feb 2019

The Supreme Court dismissed two special leave petitions filed by LMJ International Ltd. and Sri Munisuvrata Agri International Ltd. against the judgme...

Supreme Court

Supreme Court Finds Reliance Companies Guilty of Contempt for Breach of Undertakings to Pay INR 550 Crore to Ericsson India Pvt. Ltd. The court held that the undertakings making payment conditional upon sale of assets were contrary to the court's order and constituted wilful disobedience.

20 Feb 2019

The Supreme Court of India dealt with three contempt petitions filed by Ericsson India Pvt. Ltd. against Reliance Communications Ltd., Reliance Teleco...

Supreme Court

Supreme Court Dismisses Appeals Against Enforcement of Foreign Arbitral Awards Under Part II of Arbitration and Conciliation Act, 1996 — Holds That Objections to Enforceability Must Be Raised Under Section 48 and That Pendency of Civil Suit Does Not Bar Execution.

20 Feb 2019

The case involves two special leave petitions filed by LMJ International Ltd. and Sri Munisuvrata Agri International Ltd. against Sleepwell Industries...

Supreme Court

Supreme Court Allows Suspended Director Access to Resolution Plans in Insolvency Case — Right to Effective Participation Under IBC. Suspended Board Members Entitled to Receive Resolution Plans and Relevant Documents for Effective Participation in CoC Meetings Under Section 24(3) of IBC and Regulation 21 of CIRP Regulations.

31 Jan 2019

The appeal arose from an Appellate Tribunal's order denying the appellant, a suspended director of Ruchi Soya Industries Ltd. (corporate debtor), acce...

Supreme Court

Supreme Court Allows Secured Creditor's Winding Up Petition Despite DRT Decree — Recovery of Debts Act Does Not Bar Winding Up Proceedings Under Companies Act. Secured Creditor Need Not Relinquish Security Before Admission of Winding Up Petition; Election Arises Only After Winding Up Order Under Section 529 Companies Act, 1956.

29 Jan 2019

The case involves the right of a secured creditor, Kotak Mahindra Bank Ltd., to file a winding up petition under the Companies Act, 1956, after having...

Supreme Court

Supreme Court Dismisses Operational Creditor's Appeal to Continue Winding Up Petition in High Court Amidst Insolvency Proceedings Under IBC. Held that winding up petitions under Section 433(e) of Companies Act, 1956 where notice has been served under Rule 26 of Companies (Court) Rules, 1959 are not automatically transferred to NCLT and may continue in High Court, but such continuation does not bar initiation or continuation of independent insolvency proceedings under IBC by other creditors.

22 Jan 2019

The appeal arose from an operational creditor's challenge to the continuation of insolvency proceedings under the Insolvency and Bankruptcy Code, 2016...

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