February 2022

Judgment Summaries (Supreme Court) Anuj Jain, IRP for Jaypee Infratech

Case Summary: Anuj Jain, Interim Resolution Professional for Jaypee Infratech Ltd. v. Axis Bank Ltd. & Ors. {Supreme Court of India; February 26, 2020} ABBREVIATIONS & ACRONYMS USED Committee of Creditors CoC Corporate Debtor CD Corporate Insolvency Resolution Process CIRP Financial Creditor FC The Insolvency and Bankruptcy Board of India IBBI Insolvency and Bankruptcy Code, […]

February 27, 2022

Supreme Court Summaries

Supreme Court Summaries B K Educational Services Pvt. Ltd. v Parag Gupta and Associates (Civil Appeal No.23988/2017 and other appeals) Supreme Court of India, Decided on – 11 October 2018 This case was concerned with Section 238A of the Code, which was inserted by the Insolvency and Bankruptcy Code (Second Amendment) Act 2018 with effect […]

February 27, 2022

Judgment Summaries (Supreme Court) Essar Steel

Case‌ ‌Summary:‌ ‌ Committee of Creditors of Essar Steel India Limited Through Authorised Signatory‌ ‌v.‌ ‌Union‌ ‌of‌ ‌India‌ ‌&‌ ‌Ors.‌‌ ‌‌ {Supreme‌ ‌Court‌ ‌of‌ ‌India;‌ ‌November ‌15,‌ ‌2019}‌ ABBREVIATIONS & ACRONYMS USED Committee of Creditors CoC Corporate Debtor CD Corporate Insolvency Resolution Process CIRP Financial Creditor FC The Insolvency and Bankruptcy Board of India IBBI […]

February 27, 2022

Judgment Summaries (Supreme Court) Sagar Sharma v. Phoenix ARC

Case Summary: Sagar Sharma & Anr. v. Phoenix Arc Pvt. Ltd. & Anr. {Supreme Court of India; September 30, 2019} ABBREVIATIONS & ACRONYMS USED Committee of Creditors CoC Corporate Debtor CD Corporate Insolvency Resolution Process CIRP Financial Creditor FC The Insolvency and Bankruptcy Board of India IBBI Insolvency and Bankruptcy Code, 2016 the Code National […]

February 27, 2022

Judgment Summaries (Supreme Court) Innoventive Industries v. ICICI Bank

Case Summary Innoventive Industries Ltd. v. ICICI Bank & Anr. 1 SCC 407 (2018) Supreme Court of India, Decided on 31.08.2017 “…this is the very first application that has been moved under the Code, we thought it necessary to deliver a detailed judgment so that all Courts and Tribunals may take notice of a paradigm […]

February 27, 2022

Judgment Summaries (Supreme Court) Chitra Sharma

Chitra Sharma & Ors. v. Union of India & Ors. {Supreme Court of India; August 09, 2018} FACTS: The case was filed for protecting the home-buyers of Jaypee Infratech Limited (“JIL”) which is a holding company of Jaiprakash Associates Limited (“JAL”). CIRP was initiated against JIL by its FC, the IDBI Bank. The petition under […]

February 27, 2022

Judgment Summaries (NCLT) Bharati Defense

In the matter of Bharati Defense and Infrastructure Ltd. [CP 292/I&B/NCLT/MAH/2017] Mumbai Bench 14.01.2019 An application was filed by the RP seeking approval of the resolution plan submitted by an RA, which was duly approved by the CoC by a vote share of 94.3%. The tribunal analysed the plan thoroughly and observed that the amounts […]

February 27, 2022

Judgment Summaries (Supreme Court) – Hitro Energy Solutions

CASE SUMMARY In the matter of M/s Consolidated Construction Consortium Limited v. M/s Hitro Energy Solutions Private Limited {Supreme Court; February 04, 2022} FACTS: To understand the facts of the matter in brief refer to the following- Sr. No. Party Remarks 1. Chennai Metro Rail Limited (“CMRL”) – 2. M/s Consolidated Construction Consortium Limited (“Appellant”) […]

February 16, 2022

Judgment Summaries (NCLT) – Union Bank of India v. Dheeraj Wadhawan

CASE SUMMARY In the matter of Union Bank of India v. Dheeraj Wadhawan {NCLT, Mumbai; February 01, 2022} FACTS: The Petition was filed by the Financial Creditor under Section 95 of the Insolvency and Bankruptcy Code, 2016 (“Code”) against Mr. Dheeraj Wadhawan, Personal Guarantor to Dewan Housing Finance Corporation Limited (“DHFL”). By and under an […]

February 15, 2022

Judgment Summaries (NCLAT) – Union Bank of India v. Kapil Wadhawan

CASE SUMMARY In the matter of Union Bank of India v. Kapil Wadhawan and Others {NCLAT, Principal Bench, New Delhi; January 27, 2022} FACTS: The appeals were filed against the order dated May 19, 2021, passed by the NCLT, Mumbai directing the Administrator of Dewan Housing Finance Limited (“DHFL”) to place the Second Settlement Proposal […]

February 10, 2022

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Month: February 2022