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Ey The Insolvency and Bankruptcy Code
Ey The Insolvency and Bankruptcy Code
and Bankruptcy
Code
Select judgements
February 2018
T
he Insolvency and Bankruptcy
Code (IBC) was approved by
both houses of the Parliament of
India and received presidential
assent in May 2016. It was made effective on 1
December 2016. Everyone involved has been
surprised with the speed and commitment with
which the Code has progressed in the past 18
months.
1
Supreme Court, August 2017
2
NCLT Chandigarh, October 2017
3
NCLT Chennai, September 2017
Roofit Industries
4
NCLT Mumbai, January 2018
5
Limited
NCLAT, September 2017
6
NCLT Allahabad, August 2017
7
Co. Limited, Supreme Court, June 2017
Supreme Court, June 2017
8
Mills Company Limited and Others
Supreme Court, September 2017
9
NCLT Mumbai, July 2017
10
NCLT Mumbai, September 2017
11
Kumar (IRP)
NCLT Delhi, September 2017
12
(SCB) and SBI
NCLT Ahmedabad, August 2017
13
Marketing & Processing Co-op. Society Limited & Anr.
NCLAT, October 2017
Once the In this case, the main plea taken was that
an association of workmen had been
application
impleaded due to the admission of the
is admitted application under the Code.
by NCLT, the
In this appeal filed by Falcon Tyres, the
workmen
honorable NCLAT in its order stated that
association has after the admission of an application for
no real basis to the initiation of corporate insolvency
challenge the resolution, the association of workmen
has no role to play except their members,
admission and,
individually, may file a claim to the RP.
should file a The RP would then process the claim in
claim with RP. accordance with the provision of the Code.
14
Nisus Finance and Investment Manager LLP
Supreme Court, July 2017
15
High Court
Gujarat High Court, July 2017
The CD’s petition The Gujarat High Court ruled in the given
case that the RBI, with regard to its powers
of not invoking
under the Banking and Regulations Act,
IBC dismissed 1949, can direct banks to initiate recovery
as they have of public money.
complex and
Essar also contended that the management
large operations. of its business by a new person would cause
hindrance in the smooth functioning of
the company, hence an IRP should not be
appointed. To this, the honorable high court
noted that such petition shall be made to
the NCLT and not the high court.
16
NCLT Chandigarh, April 2017
17
Finance Limited
NCLT Ahmedabad, August 2017
18
NCLT Ahmedabad, July 2017
19
NCLT Hyderabad, August 2017
20
Limited
NCLAT, October 2017
21
NCLAT, September 2017
22
Limited
Supreme Court, December 2017
23
NCLT Chandigarh, October 2017
24
NCLT Principal Bench, May 2017
25
NCLT Principal Bench, October 2017
26
Ardor Global Private Limited
NCLT Ahmedabad, November 2017
27
Limited (Insolvency)
NCLAT, November 2017
28
Private Limited CA (AT) (Insolvency) No. 249 of 2017
29
Limited
NCLT, November 2017
30
NCLT Kolkata, December 2017
31
NCLT Kolkata, November 2017
32
NCLT Kolkata, November 2017
33
NCLT Mumbai, November 2017
34
NCLT Mumbai, November 2017
35
NCLT Kolkata, August 2017
36
NCLT Mumbai, December 2017
37
NCLAT, May 2017
1
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