In a resolution plan under IBC, personal guarantors cannot step into creditor’s shoes- NCLAT

January 15, 2019 EDITORIAL TEAM INSOL INDIA

In Lalit Mishra & Others vs Sharon Bio Medicine Limited & Others, the National Company Law Appellate Tribunal (“NCLAT”) has ruled that a personal guarantor’s right to subrogation against a corporate debtor can be taken away in a resolution plan..

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NCLAT triggers Insolvency against an unincorporated Joint Venture IBC

January 15, 2019 EDITORIAL TEAM INSOL INDIA

The National Company Law Appellate Tribunal (“NCLAT”) in Mrs. Mamatha vs AMB Infrabuild Private Limited and Others held that insolvency can be triggered against an unincorporated joint venture between two companies on the grounds that if two corporate debtors collaborate..

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Winding Up Proceedings under SICA are to continue in High Court and not in NCLT-Supreme Court

January 15, 2019 EDITORIAL TEAM INSOL INDIA

The Supreme Court in Jaipur Metal and Electricals Employees Organization vs Jaipur Metal and Electricals Limited allowed the appeal against the judgment of the Rajasthan High Court which refused to transfer the winding up proceedings to the NCLT.   The case pertains..

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Supreme Court allows withdrawal of CIRP after issue of invitation for expression of interest

January 15, 2019 EDITORIAL TEAM INSOL INDIA

In Brilliant Alloys Private Limited vs. Mr. S. Rajagopal and Others, the apex court in an appeal arising out of an impugned final judgment passed by the National Company Law Tribunal, Chennai bench (“NCLT”) allowed withdrawal of corporate insolvency resolution..

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Appointment of Authorised Representative for Classes of Creditors in ongoing CIRP

August 15, 2018 INSOL INDIA EDITORIAL TEAM

    As per Section 21 (6A) (b) of the Code read with Regulation 16A (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“the Regulations”), the IRP shall offer a choice of three IP where the corporate debtor..

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Amendment to Security Contracts (Regulations) Rules, 1957 (the “Rules”)

August 15, 2018 INSOL INDIA EDITORIAL TEAM

With a view to facilitate implementation of insolvency resolution of listed companies, the Security Contracts (Regulations) (Amendment) Rules, 2018 has been amended. The amendment introduces sub-rule (5) in rule 19A of the Rules which provides that additional time to listed..

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