Tag: ibc
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 …
Spectrum allocated to TSPs and shown in books of account as asset cannot be subjected to proceedings under IBC, 2016. In a recent judgment, Hon’ble Supreme Court has held that spectrum allocated to Telecom Service Provider (TSP) and shown in their books of account as an “asset” cannot …
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 …
Every resolution plan to include a statement of beneficial-ownership of all natural persons who ultimately owns or controls the resolution applicant Insolvency and Bankruptcy Board of India Notification New Delhi, the 22nd December, 2025 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Seventh Amendment) …
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 …
Mere filing a defective affidavit with IBC application not render the application non est and liable to be rejected In a recent judgment, Hon’ble Supreme Court had held that mere filing of a ‘defective’ affidavit in support of IBC application would, however, not render the very application non …
Non-redemption does not result in preference shareholders becoming creditors or debt of the company – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-redemption does not result in preference shareholders becoming creditors or debt of the company. Preference shares can be redeemed only out …
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, …
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2025 The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by notifying the Insolvency and Bankruptcy Board of …
NCLAT do not have power to condone the delay beyond the prescribed and condonable period under the IBC – Supreme Court In a recent judgment, Hon’ble Supreme Court held that under IBC 2016 once the prescribed and condonable periods (i.e., 30 + 15 days grace) expire, the NCLAT …
