NCLT HAS JURISDICTION OVER PERSONAL GUARANTORS EVEN IF NO CIRP/LIQUIDATION IS PENDING AGAINST CORPORATE DEBTOR : SUPREME COURT

Supreme Court bench comprising of Justice S Abdul Nazeer and Justice Vikram Nath held that NCLT has jurisdiction over proceeding against personal guarantors of corporate debtor under Insolvency and Bankruptcy Code (“I&B Code”) even if

SALARIES OF THOSE EMPLOYESS WHO WORKED DURING CIRP CONSTITUTE CIRP COSTS & PROVIDENT FUND, GRATUITY FUND TO BE KEPT OUT OF THE LIQUIDATION ESTATE

The Supreme Court bench comprising of Justices MR Shah and Aniruddha Bose in the recent Judgement1 held that: – the wages or salaries of only such workmen/employees, who worked during the Corporate Insolvency Resolution Process

india law

NCLT CAN ISSUE NON BAILABLE WARRANT AGAINST PERSON UNDER IBC: NCLAT

National Company Law Appellate Tribunal (“NCLAT”) in Vikram Puri vs Universal Builders1 held that the adjudicating authority has jurisdiction under Insolvency and Bankruptcy Code 2016 (“IBC”) to issue non-bailable warrant against persons. The decision was

Insolvency and Backruptcy

Balance sheet entries can amount to acknowledgement of debt under Section 18 of Limitation Act

The Supreme Court in Asset Reconstruction Company (India) Limited vs. Bishal Jaiswal & Anr.[1] has ruled that entries in balance sheets can amount to acknowledgement of debt for the purpose of extending limitation under Section

Insolvency and Backruptcy

NCLT has limited jurisdiction, cannot substitute any commercial term of resolution plan approved by Committee of Creditors

The Supreme Court in Jaypee Kensington Boulevard Apartments Welfare Association & Ors. vs. NBCC (India) Ltd. & Ors.[1] has issued a significant judgment on the powers and jurisdiction of the National Company Law Tribunal (NCLT)

Insolvency and Backruptcy

Section 14 of Limitation Act applies to application under Section 7 of I&B Code

The Supreme Court in Seth Nath Singh & Anr vs. Baidyabati Sheoraphuli Co-operative Bank Ltd & Anr[1] has ruled that an applicant under Section 7 of the Insolvency and Bankruptcy Code (“I&B Code”) can claim

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