Monthly Digest Of IBC Cases: April 2024

The Supreme Court bench comprising Justice Abhay S. Oka and Justice Pankaj Mithal, has held that debt would be treated as an operational debt only if the claim subject matter of the debt has some connection or co-relation with the 'service' rendered by the creditor to the debtor. Read More>>

Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? Supreme Court To Decide

The case surrounds the insolvency process of Jaypee Infratech Limited. Its resolution plan was approved by the National Company Law Tribunal and was subsequently challenged in the Appellate Tribunal. In the main appeal, several intervention applications were filed including the one filed by the present appellant, an allottee of unit in Kosmos. The same was supposed to be developed by Jaypee. Read More>>

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification

The Bench of Justices Sanjiv Khanna and Dipankar Datta has issued notice considering that there is “considerable ambiguity” in certain issues concerning the service of the orders passed by the National Company Law Tribunal, uploading of orders on the website, and the one mentioned above. Read More>>

Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai

The Applicants relied upon the judgment of the National Company Law Appellate Tribunal (“NCLAT”) in the case of Puneet Kaur v. K.V. Developers Pvt. Ltd. [2022 SCC Online NCLAT 245] and argued that even if the Applicants' claim was not filed within time, their claim should have been considered and included in the Information Memorandum prepared by the Respondent. Read More>>

Lender Bank Registered With CERSAI Has 1st Priority Over DCST Against Proceeds Of Enforcement Under SARFAESI Act: Bombay High Court

The attachment has been issued by the state's sales tax authorities, due to which the DCST has been arraigned as Respondent, Encore ARC. The asset reconstruction company is Kallappanna Ichalkaranji Janta Sahakari Bank Ltd. (Lender Bank), the original lender to a set of borrowers. The loans and the attendant security interests have been assigned by the lender bank to Encore ARC. Read More>>