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Supreme Court

Supreme Court Allows Appeal in Part on Operational Creditor Status but Upholds Dismissal on Limitation in Insolvency Case. The court held that a purchaser does not qualify as an operational creditor under Section 5(20) of the Insolvency and Bankruptcy Code, 2016, and the application under Section 9 was barred by limitation due to debt arising from 2013 transactions.

4 Feb 2022

The appeal arose from a dispute under the Insolvency and Bankruptcy Code, 2016, involving the appellant, Consolidated Construction Consortium Limited,...

Supreme Court

Supreme Court Dismisses State's Appeal in Gujarat Sales Tax Act Case Due to No Breach of Exemption Conditions and Application of Promissory Estoppel. The assessee was entitled to exemption under Entry No.255(2) of Notification dated 05.03.1992 as raw materials were used in the eligible unit, and subsequent amendments did not retroactively impose liabilities, upholding the principle of promissory estoppel under Section 49(2) of the Gujarat Sales Tax Act, 1969.

21 Jan 2022

The dispute arose from the State of Gujarat's appeal against the High Court's dismissal of its tax appeals, which upheld the Gujarat Value Added Tax T...

Supreme Court

Supreme Court Interprets Section 29A(h) of Insolvency and Bankruptcy Code, 2016 Regarding Guarantor Eligibility. The court held that a person who has executed an enforceable guarantee is not disqualified from submitting a resolution plan unless the guarantee has been invoked, as liability crystallizes upon invocation under the amended provisions.

18 Jan 2022

The Supreme Court was called upon to interpret Section 29A(h) of the Insolvency and Bankruptcy Code, 2016, as amended, concerning the eligibility of a...

Supreme Court

Supreme Court Remands Resolution Professional's Fee Dispute to NCLT for Reasoned Determination Under Insolvency and Bankruptcy Code, 2016. The Court held that the adjudicating authority has jurisdiction under Section 60(5)(c) to determine insolvency resolution process costs, but both NCLT and NCLAT failed to exercise it properly by not considering the claim's basis or reasonableness, leading to an order of remand.

5 Jan 2022

The appeal arose from a judgment of the National Company Law Appellate Tribunal dated 30 July 2020, concerning the payment of costs and expenses incur...

Supreme Court

Supreme Court Allows Appeals of Successful Resolution Applicant and Resolution Professional in IBC Case — Commercial Wisdom of CoC Upheld. NCLAT Order Set Aside as It Improperly Interfered with CoC's Decision to Accept H1 Bidder's Plan Despite Belated Revised Offer.

17 Dec 2021

The Supreme Court allowed the appeals filed by Ngaitlang Dhar (successful resolution applicant) and Amit Pareek (Resolution Professional) against the ...

Supreme Court

Supreme Court Dismisses Appeal Against RBI Guidelines Prohibiting Merchanting Trade in Banned Goods During Pandemic. Clause 2(iii) of the 2020 MTT Guidelines is a reasonable restriction under Article 19(6) as it serves the legitimate aim of preserving domestic PPE stocks and is not manifestly arbitrary.

6 Dec 2021

The appeal arose from a judgment of the Madhya Pradesh High Court upholding Clause 2(iii) of the Revised Guidelines on Merchanting Trade Transactions ...

Supreme Court

Supreme Court Allows Fresh Resolution Process for Corporate Debtor Despite Default by Successful Resolution Applicant. Time Spent in Litigation Excluded to Uphold Maximisation of Asset Value Under Insolvency and Bankruptcy Code, 2016.

1 Dec 2021

The appeal arose from the corporate insolvency resolution process of Amtek Auto Limited, initiated under Section 7 of the Insolvency and Bankruptcy Co...

High Court

Supreme Court Allows Operational Creditor's Appeal in Insolvency Claim Delay Matter Applying COVID-19 Limitation Extension. The Court held that the period from 15.03.2020 to 14.03.2021 stands excluded in computing limitation for claim filing under the Insolvency and Bankruptcy Code, 2016, making the appellant's claim filed before 14.01.2021 timely.

29 Nov 2021

The dispute originated from a contractual relationship between GPR Power Solutions Private Limited (appellant) and Rohit Ferro Tech Limited (corporate...

Supreme Court

Supreme Court Dismisses Appeal in SARFAESI Act Case on Jurisdictional Grounds. Civil Suit Barred Under Section 34 as Debt Recovery Tribunal Has Exclusive Authority Over Securitisation Matters, Despite Allegations of Fraud in Assignment Agreement.

26 Nov 2021

The dispute arose from a loan agreement dated 26.07.2011, where the appellant acted as a guarantor for a corporate debtor. After the corporate debtor ...

Supreme Court

Supreme Court Allows Liquidator's Appeal on Limitation Grounds in Insolvency Proceeding. Limitation period under Section 61 of the Insolvency and Bankruptcy Code, 2016 runs from the date the order is made available, not from pronouncement, applying Section 420(3) of the Companies Act, 2013 and Rule 50 of the National Company Law Tribunal Rules, 2016 for free copies.

22 Oct 2021

The appeal arose from a judgment of the National Company Law Appellate Tribunal (NCLAT) dated 13 July 2020, which dismissed the appellant's appeal as ...

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