Tag: corporate debtor

Supreme Court allows simultaneous CIRP proceedings against principal debtor and its corporate guarantor, declines to frame any guidelines In a recent judgment, the Hon’ble Supreme Court allowed appeals against order of Adjudicating Authorities (NCLT/NCLAT) holding that simultaneous proceedings for Corporate Insolvency Resolution Process under IBC against the principal …

Under IBC, Adjudicating Authority not required to go into the inability of a corporate debtor to pay its debt – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that under IBC, NCLT is not required to go into the inability of a corporate debtor to …

Adjustment of income tax refund due to corporate debtor against old income tax dues shown in the balance sheet upheld In a recent judgment, High Court upheld the adjustment of income tax refund due to corporate debtor against old income tax dues shown in the balance sheet and …

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 …

Resolution Professional can’t claim income tax refund for a period prior to approval of the resolution plan In a recent judgment, Orissa High Court has held that A Resolution Professional can’t claim income tax refund for a period prior to when he stepped in and managed affairs of …

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 …

High Court incorrectly exercised writ jurisdiction to preclude statutory mechanism and procedure under IBC from taking its course –Supreme Court In a recent judgment, the Hon’ble Supreme Court set aside the order of the High Court and held that it incorrectly exercised writ jurisdiction as it precluded the …

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 …

Form CIRP 8 is required to be filed for all corporate insolvency resolution processes ongoing or commencing on or after 14th July 2021. Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Regulation 35A of the IBBI (Insolvency Resolution Process for …