Tag: NCLT

Winding Up/ Liquidation process under the Companies Act, 2013 vis-à-vis Insolvency And Bankruptcy Code, 2016

A firm (for convenience sake called “CD”) regularly supplies certain raw materials to a partnership firm (for convenience sake called “QR”) carrying out its business of manufacturing geysers. After 6 months of regular supply of goods, QR fails to clear the outstanding dues of “CD” amounting to principal amount of Rs.1,25,00/- with interest accrued thereon. … Continue reading Winding Up/ Liquidation process under the Companies Act, 2013 vis-à-vis Insolvency And Bankruptcy Code, 2016

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Amtek Auto Ltd. Restarts Insolvency Proceedings- Did Liberty House escape the Liability?

IBC encompasses the provision of an early insolvency process, the process for insolvency of a company which can be initiated at the time when an alarm is raised as to the default in repayment of loans by the Company. The provision is a boon to the creditors as they can claim for a resolution for … Continue reading Amtek Auto Ltd. Restarts Insolvency Proceedings- Did Liberty House escape the Liability?

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The Companies Act (Amendment) Ordinance 2019 Highlights and Analysis

INTRODUCTION A Committee under the chairmanship of Mr. Injeti Srinivas formed by the Ministry of the Company Affairs (“MCA”) gave their recommendations to relook the offences under the Companies Act, 2013 (“Act”). Consequently ,The Ministry of Law and Justice had came out with an Ordinance dated 2nd November, 2018, further amending 31 provisions of the Act. … Continue reading The Companies Act (Amendment) Ordinance 2019 Highlights and Analysis

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Macquarie Bank Limited vs. Shilpi Cable Technologies

Facts of the Case The Corporate Debtor/Respondent (Uttam Galva Metallics) defaulted in the payment to the Operational Creditor/Appellant (Macquarie Bank) amounting to USD 6,321,337 equivalent to Rs. 43,11,15,190. Although repeated reminders as to the payment of the debt via emails were made, but such communications could not influence the Debtor to make the payment, pursuant … Continue reading Macquarie Bank Limited vs. Shilpi Cable Technologies

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M/s. Sunwhite Infrastructure Pvt Ltd. V. Kindle Developers Pvt Ltd, CP No. 40 (ND)/17 (decided on 23.08.2017)

Facts The petition was filed by M/s Sunwhite Infrastructure Pvt Ltd (hereinafter referred to as “the petitioners”) against Kindle Developers Pvt Ltd (hereinafter referred to as “the respondents”) Sec 241[1] and Sec 242[2] of the Companies Act, 2013 alleging acts of mismanagement and oppression prejudicial to the interests of the company as well as the … Continue reading M/s. Sunwhite Infrastructure Pvt Ltd. V. Kindle Developers Pvt Ltd, CP No. 40 (ND)/17 (decided on 23.08.2017)

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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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