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Settling an incertitude conundrum: Whether the Adjudicating Authority is mandated to admit the application under Section 7 of the IBC without considering the extraneous matters involved?
Introduction To start a Corporate Insolvency Resolution (CIRP) against a Corporate Debtor, the Financial Debtor must file an application before the Adjudicating Authority under Section 7 of the Insolvency & Bankruptcy Code (IBC). The highlight of this section is that the Adjudicating Authority, after admitting the application, shall give an order within seven days of … Continue reading Settling an incertitude conundrum: Whether the Adjudicating Authority is mandated to admit the application under Section 7 of the IBC without considering the extraneous matters involved?
Read more »TATA Consultancy Services Limitedv.Vishal Ghisulal Jain, Resolution Professional, SkWheels Private Limited
(Supreme Court of India) Civil Appeal No 3045 of 2020 The appeal stemmed from a ruling given on June 24, 2020 by the National Company Law Appellate Tribunal (“NCLAT”). The NCLAT affirmed an interim order issued by the National Company Law Tribunal (“NCLT” or “Adjudicating Authority”) on December 18, 2019, preventing the appellant from terminating … Continue reading TATA Consultancy Services Limitedv.Vishal Ghisulal Jain, Resolution Professional, SkWheels Private Limited
Read more »Scope Of NCLT & NCLAT’s Powers Under Section 7 Of IBC, 2016
INTRODUCTION The NCLT was established under Section 408 of the Companies Act, 2013 18 of 2013 w.e.f 01st June 2016 to exercise and discharge all duties and functions conferred on it by or under this Act or any other law in force at the time. The IBC’s institutional foundation called for the creation of a … Continue reading Scope Of NCLT & NCLAT’s Powers Under Section 7 Of IBC, 2016
Read more »Mobilox Innovations Private limited vs. Kirusa Software Private Limited
The much debated question with respect to the interpretation of what amounts to “existence of a dispute” has been finally answered by the Supreme Court in the (Mobilox vs. Kirusa) judgment. The interpretation of “existence of dispute” was seen in the context of initiation of CIRP of corporate debtors under the Insolvency and Bankruptcy Code, … Continue reading Mobilox Innovations Private limited vs. Kirusa Software Private Limited
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