The Path of IBC – Steps or Slides?

Three years have passed since the enactment of Insolvency and Bankruptcy Code (“IBC”) and it has created a revolution in Financial Sector by settling a lot of cases with huge due amounts. But on keen observation it is to be noted that the cases settled fall under certain broad categories or mostly fall within homogenous groups. This shows that not all the cases are settled as expected from IBC. The rates, industrial sectors and debt value have a great influence over the cases that settled. This article will attempt to discuss the factors and their impact on effective functioning of IBC.

Distressed Relationship Between India inc. and Covid-19

The mother earth is currently going through a catastrophic climate as the novel Coronavirus has polluted the world with its cacophonic outbreak all around the globe. Coronavirus or Covid-19 is an infectious disease that attacks the respiratory system of a human being. It is contagious in nature and spreads through a chain-like reaction primarily through droplets of saliva or discharge from the nose when an infected person coughs or sneezes. With no specific vaccines or treatments for COVID-19 yet in the market, the aftermath of this has been not less than a global genocide.

Laxmi Steels v. Adjoin Built & Developers Private Limited 2691 / 2019

Moratorium ordered as there is no pre-existing dispute established

Panna Pragati Infrastructure & Anr. v. Mr. Amit Pareek, RP 13 / 2019

The Insolvency Application filed by the petitioners has been rejected by the Tribunal

Reverse CIRP- An Architecture of NCLAT

Insolvency and Bankruptcy code, 2016 has been brought into force to give an exit route to body corporates and has safeguarded the right to revive the project. Corporate Insolvency Resolution Process (hereinafter CIRP) under the Act and has been dealt with in part II, chapter II of the Code of the same Act. In this process, if a corporate body commits default as envisaged in the Code; a financial creditor or even an operational creditor, or at most the corporate itself may initiate this process to exhaust the safe exit plan.

Trafigura PTE Ltd. v. SLR Metaliks Ltd. 397 / 2019

Application dismissed for a pre-existing dispute’

Stonex India Pvt. Ltd. v. Zavitsa Realtors LLP 365 / 2019

CIRP ordered, as the claim of pre-existing dispute cannot be raised as a reply to the Section 8 notice

Mr. Abhishek Anand (Resolution Professional) & Gromax India v. SBO Exports Private Limited 560...

The respondent stands liquidated and directions are issued to the liquidator

Anuj Kumar Tiwari v. Debashis Nanda 1489 / 2018

Money given as advance to be used for profits and to give it back is a financial debt

K & A Organics v. Tamta Construction Co- Pvt. Ltd. 1121 / 2019

Plea of pre-existing dispute raised after Section 8 notice is not admissible’

Fine Group Corporation Limited v. Lemon Electronic Limited and Ors. 394 / 2019

Moratorium ordered as there is no pre-existing dispute established

Ayu Infrastructure Private Limited v. Samak Landscape Private Limited 1176 / 2019

Moratorium ordered, as the Respondent had not established a Pre-Existing dispute

Rakesh Kumar Pardeep Kumar v. Dash Export Private Limited 1388 / 2018

Pre-existing dispute should be raised only before the statutory demand notice

Gupta Ji Electric Company v. Straight Edge Contracts Private Limited 1071 / 2019

Transfer of liability to a third party, without the assent of the Applicant is not allowed

B.Chokshi Chem Private Limited v. Kemac Chem Private Limited 1752 / 2018

Corporate Insolvency Resolution Process is initiated because the respondent lost the right to file a reply

Quazar Infrastructure Private Limited v. Minarch Overseas Private Limited 615 / 2018

Any subsequent dispute raised, after demand notice cannot hold that there is a pre-existing dispute

Aditya Kumar Tibrewal v. Abhijit Paul & Another 28 / 2019

The application has been disposed off

IBBI Notifies Liquidation Process – An Amendment

The Corporate Tax Reduction that was implemented on the 20th September, 2019, by the Finance Ministry of India, has set the eyes of global investors, Multi-National Companies and other countries on us. By this reform, India makes herself to be a potential competitor in the Global market. But many criticisms were also placed that this move would not fetch any immediate positive results and in fact worsen the existing sluggish economic state.

Devghar ISPAT v. Rameshwaran Steel and Power Pvt Ltd. 123 / 2019

Settlement of due during pendence of proceedings

Shruti Implex v. N.R Commercials Pvt. Ltd. 36 / 2019

The company petition has been dismissed without any cost

Bank of India v. Agnipa Energy Pvt. Ltd. 37 / 2019

The company petition is allowed

Angel’s Fashions v. Arnit Retail Private Limited 771 / 2019

CIRP ordered, as the claim of pre-existing dispute cannot be raised as a reply to the Section 8 notice

Blue Star Limited v. Heaven Engineers & Contractors Private Limited 2173 / 2018

‘Moratorium ordered as the respondent had not established a pre-existing dispute’

Langlai Tea and Industries Ltd., Mr. Sanjay Kumar Agrawal v. State Bank of India...

The Application IA No. 03 of 2020 filed by RP for approval of Resolution Plan has been allowed by the Tribunal. Pvt Ltd. v. Ajanta Offset & Packaging Ltd. & Ors. 60 / 2020

Application disposed, as CIRP against the corporate debtor already initiated

Masonite Doors Private Limited 50 / 2020

NCLT order to dissolve the corporate person and disposed of the application

Grarantco Ltd. v. Calcom Cement India Ltd. 35 / 2019

The Application is filed for the initiation of insolvency resolution process

Total Logistics Pvt Ltd v. Headwin Exim Pvt Ltd. 222 / 2019

Application dismissed as the Debt was not proved beyond doubt