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Supreme Court IBC Quarterly Digest: March, 2023
Section 9 Petition is non-maintainable if Demand Notice u/S. 8 is not in prescribed format : NCLT, Hyderabad
Corporate Debtor cannot take any benefit of Criminal Proceedings initiated by filing an application u/s 156 of CrPC which was filed subsequent to the receipt of Demand Notice u/s 8 of IBC : NCLAT
The factum of litigation by Writ Petition in High Court by a third party and suit by certain parties in the property cannot be ground for the Successful Bidder of not making payment of balance amount : NCLAT
Section 74 of Indian Contract Act, 1872, has no application in the case of an Auction conducted by the Liquidator under the Liquidation Process Regulations, 2016 : NCLAT
The hierarchy of the waterfall mechanism is based on a structured mathematical formula, and that striking down any of the provisions or rearranging the hierarchy of the waterfall mechanism would lead to cascading effects : Supreme Court
Any settlement after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC : NCLAT
Once a property is part of liquidation estate of the Corporate Debtor, the provisions of IBC are applicable : NCLAT
The expenses incurred by IRP and RP for the purpose of CIRP is bound to be reimbursed and included as CIRP Cost : NCLT
Whether is it not mandatory on the part of the RP to issue notice to all the Operational Creditors in terms of Section 24(3)(c) of the Code if it is found by him that their admitted claim is more than 10%?
The NCLT does not have any residuary jurisdiction to entertain the contractual dispute which has arisen dehors the insolvency of the Corporate Debtor : Supreme Court
It is mandatory for the Creditor to file Information of Default with the Information Utility before filing an Application under Section 7 or 9 of IBC to initiate CIRP.
Delhi High Court have revoked the powers of the Metropolitan Magistrate conferred under Section 18 (1) of Cr.P.C.
Claimants cannot be allowed to claim any further amount in addition to the amount which they have claimed in their Form D : NCLAT
Threshold limit of Rs. 1 crore under Section 4 of IBC is applicable from the date of filing and not from the date of Registration : NCLAT
Whether ‘Resolution Professional’ as defined under Section 22 of the I&B Code will come within the meaning of ‘Public Servant’ under Section 2 (c) of the Prevention of Corruption Act?
Whether an application filed under Section 65 of IBC is maintainable after the filing of the application under Section 7, 9 or 10 of IBC or could be maintainable only after the admission of such an application?
In case of multiple invoices, Section 9 Petition is not to be dismissed if few invoices are not timed barred : SC
NCLT is required to issue a seven days notice where the Application u/S. 7 of IBC is incomplete : NCLAT
Section 9 Proceedings under IBC are not the proceedings where the dispute raised by the parties arising out of contract between the parties can be gone into and adjudicated : NCLAT
Whether Section 12A of IBC, 2016 is in conflict with Regulation 30A of IBBI Regulation?
NCLAT upholds CCI's ₹1,337.76 crores penalty on Google
Once the Resolution Plan stands approved, no alterations/modifications are permissible : SC
The Criminal Proceedings under Section 138 of NI Act initiated against Corporate Debtor will stand terminated after passing of the Resolution Plan : SC
It is mandatory for the applicant to provide a copy of the application for initiating CIRP against a corporate debtor to IBBI before filing the same with the Adjudicating Authority : IBBI
Foreign Lawyers and Firms are permitted to practice in India: BCI
Whether after the closure of Challenge Process, the AA could consider the revised Resolution Plan?
The Courts are meant to do justice and cannot compel a person to do something which was impossible for him to do: SC
In event conditions under Section 65, IBCode are fulfilled, Section 10, application can be rejected, even if debt and default is proved.
Whether Regulation 30A of CIRP Regulations, 2016 is inconsistent with section 12A of IBCode which allow withdrawal of application post initiation of CIRP?
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