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16/06/2025

Anuj Jain, Interim Resolution Professional for Jaypee Infratech Limited Vs. Axis Bank Limited Etc (Civil Appeal Nos. 8512-8527 of 2019 and other petitions)

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05/06/2025

Takeaways from Webinar on MCA V3 on Launch of Annual Filing Forms on V3 Portal

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28/05/2025

BK. Educational Services Pvt Ltd. Vs Parag Gupta and Associates (Civil Appeal No. 23988/20217 and other appeals)

The Supreme Court clarified that the Limitation Act, 1963, applies to applications filed under Sections 7 and 9 of the Insolvency and Bankruptcy Code (IBC) from its inception on December 1, 2016. The Court emphasized that time-barred debts cannot be revived through insolvency proceedings, reinforcing that only legally recoverable debts are actionable under the IBC. Creditors can not initiate the insolvency proceedings under the IBC for the debts that become unrecoverable due to the passage of time. The debt in question must be something that can still be recovered, which is not time-barred at the time when the petition is filed.
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26/05/2025

Committee of Creditors of Essar Steel India Limited Through Authorised Signatory Vs Satish Kumar Gupta & Ors. (Civil Appeal No. 8766-67 of 2019 and Ors.)

The Supreme Court upheld the primacy of the Committee of Creditors (CoC) in insolvency resolution, emphasizing their commercial wisdom in approving resolution plans. The COC must reflect that it has taken into account maximising the value of the Assets of the Corporate Debtor and it has adequately balanced all the stakeholders, including the operational Creditors.

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22/05/2025

ArcelorMittal India Private Limited Vs Satish Kumar Gupta & Ors. (Civil Appeal Nos. 9402-9405 of 2018)

The Supreme Court interpreted Section 29A of the Insolvency and Bankruptcy Code (IBC), 2016, which disqualifies certain entities from submitting resolution plans. The Court held that ArcelorMittal and Numetal were ineligible due to their association with non-performing assets (NPAs). However, it allowed them to cure this ineligibility by clearing outstanding dues within two weeks. This judgment reinforced the IBC's objective of preventing defaulting promoters from regaining control of insolvent companies.

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20/05/2025

Pioneer urban land and infrastructure limited & Anr. Vs, Union of India & Ors. (WP(C) No. 43/2019 and other petitions)

The Supreme Court upheld the constitutional validity of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, which classified homebuyers as financial creditors. This classification empowers homebuyers to initiate insolvency proceedings against defaulting real estate developers, ensuring their interests are protected during insolvency resolutions.

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14/05/2025

State bank of india Vs V Ramakrishnan and Anr.

(Civil Appeal No. 3595 of 2018)

The key difference highlighted in State Bank of India vs V. Ramakrishnan and Anr. (Civil Appeal No. 3595 of 2018) lies in the interpretation of the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. The Supreme Court ruled that the moratorium applicable to corporate debtors undergoing insolvency resolution does not extend to personal guarantors. This clarified that lenders can proceed legally against guarantors independently, even while insolvency proceedings are pending against the borrower, thereby strengthening the recovery process for banks and financial institutions.

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09/05/2025

Mobilox Innovations Pvt Ltd vs Kirusa SOftware Pvt Ltd (Civil Appeal no 9405 of 2017)

The Hon'ble NCLT rejected the application filed by KSPL under section 9 of the Code against MIPL. An Appeal to NCLAT was made to set aside the order of NCLT. The Hon'ble court allowed the appeal of KSPL and held that the defense of 'Dispute' of the operational debt by the MIPL was vague and motivated to evade the liability. Aggrieved by the order of Hon'ble NCLAT ,MIPL filed an Appeal to Supreme Court. The Hon'ble court applied the test of existence of 'Dispute' regarding the debt claim filed by KSPL and rejected the application of the KSPL regarding the initiation of CIRP against the Corporate Debtor MIPL.
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02/05/2025

Innoventive Industries Ltd vs ICICI bank & Anr was the first case in the IBC 2016 where the Supreme court upheld the decision of NCLAT and admitted the CIRP against the Corporate Debtor. The Hon'ble Supreme court held that the non-obstante clause of the code will prevail over the limited non-obstante clause contained in Section 4 of Maharashtra Act n therefore the central law will prevail over if it conflicts with the state law.

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01/05/2025

Understanding BNSS Section 175(3):

BNSS Section 175(3) deals with the rights of an accused person during police investigation. It ensures that if someone is called for questioning, they must not be subjected to unnecessary restraint. The person must cooperate with the police but cannot be detained forcefully without proper legal procedure. This section protects individual freedom while allowing smooth investigation.

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27/01/2025

BNS section 318 primarily deals with fraud which defines the offense of "cheating" as whoever deceives another person, fraudulently or dishonestly inducing them to deliver property, consent to retain property, or do/omit to do something they wouldn't have done otherwise, causing harm to the victim is considered to have "cheated

Other relevant sections in BNS related to fraud:

Section 320: Deals with dishonestly removing or concealing property to prevent creditors from distributing it according to law.

Section 323: Covers dishonest or fraudulent removal or concealment of property.

Section 335: Relates to making a false document with the intention to deceive.

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