Tag: cirp
Supreme Court issues directions to Committee of Creditors for safeguard interests of homebuyers in Insolvency proceedings In a recent judgment, Supreme Court has issued directions to Committee of Creditors for safeguard interests of homebuyers in Insolvency proceedings against the Builder/Real Estate developer Corporate Debtor ABCAUS Case Law Citation:4994 …
Agreement validly terminated prior to initiation of CIRP did not constitute “assets” or “property” of the corporate debtor u/s 14 of the IBC In a recent judgment, Hon’ble Supreme Court has held that Development Agreement and Supplementary Agreements validly terminated prior to the initiation of the second CIRP …
Homebuyer entitled to possession of the Apartment if their name incorporated in the list of financial creditors – Supreme Court In a recent judgment Hon’ble Supreme Court had held that once the name of homebuyers was incorporated in the list of financial creditors of the corporate debtor published …
Income tax proceedings relating to the period prior to the approval of the resolution plan infructuous – Supreme Court dismissed Special Leave Petition (SLP) of Revenue Income tax proceedings relating to the period prior to the approval of the resolution plan infructuous as upon completion of the CIRP, …
CIRP can be initiated even if name of financial creditor not specifically mentioned in balance sheet, an entry in the balance sheet coupled with the note of the accounts to acknowledgement of the liability – SC In a recent judgment, Hon’ble Supreme Court has held that for initiation …
Payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable – SC In a recent judgment, the Hon’ble Supreme Court has held that payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable. A …
High Court directed refund of self assessment tax paid due to insolvency commencement and operation of moratorium under IBC In a recent judgment, the Hon’ble Orissa High Court has directed Income Tax Department to refund the amount of self assessment tax paid due to commencement of insolvency and …
IBBI prescribes guidelines for preservation of records by Insolvency Professional. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022 IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by introducing Insolvency and Bankruptcy …
Appellate Tribunal cannot sit in appeal on commercial wisdom of the ‘Committee of Creditors’ and to annul the resolution plan. SC dismissed SLP ABCAUS Case Law CitationABCAUS 3488 (2021) (04) SC Important case law relied referred:Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & …
Consideration of matters / issues by the committee of creditors on request by members of the committee Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CLARIFICATION No.: IBBI/CIRP/202116thApril, 2021 To All Registered Insolvency ProfessionalsAll Recognised Insolvency Professional EntitiesAll Registered Insolvency Professional Agencies (By …
