On 30 Nov 2018, the NCLAT has held that insolvency can be triggered against an unincorporated joint venture between two companies. Effectively, insolvency will be triggered against both companies. It is a landmark judgement in several aspects. The most important aspect is that it gives relief to property buyers, where under the grab of tri-patry … Continue reading NCLAT triggers insolvency against an unincorporated Joint Venture IBC →

NCLT, Mumbai in the matter of Precision Fasteners Ltd vs. Employees Provident Fund Organisation, Thane, Vapi and Vashi Decision dated 12 Sept. 2018 M.A. 576 & 752 of 2018 in C.P. (IB) 1339 (MB) of 2017 Hon’ble NCLT holds that workmen’s due under the provident fund, pension fund and gratuity fund, even though remained unpaid … Continue reading Provident fund, Pension fund and Gratuity to have priority over waterfall u/s.53 of IBC →

Facts in brief: M/s Vijay Nirman Company Private Limited, being an operational creditor, had initiated the Corporate Insolvency Resolution Process against corporate debtor viz. M/s Ksheeraabad Constructions Private Limited by way of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”). The National Company Law Tribunal … Continue reading Proceedings pending u/s.34 of Arbitration Act whether constitute ‘dispute’ u/s.5(6) of IBC? →

Insolvency and Bankruptcy Code, 2016 (the Code) Consent of members of Corporate Debtor not required for approval of the resolution plan or for its implementation. It is clarified by the Ministry of Corporate Affairs (MCA) on 25th October 2017 (vide General Circular No. IBC/01/2017) that once the resolution plan is approved by the Adjudicating Authority i.e. National Company Law Tribunal (NCLT), no further approval of the resolution plan … Continue reading No approval of members for resolution plan under IBC – clarification by MCA →