WHEN A PERSON’S ACCOUNT IS CLASSIFIED AS A NON-PERFORMING ASSET The SC has clarified the ingredients for attracting the bar under Section 29A(c), which relate to accounts which have been declared as non-performing assets (NPA). The ineligibility under clause (c) attaches when a person has an account which has been classified as NPA, for a… Continue reading Who can be a resolution applicant?-part 2
WHEN A PERSON IS INVOLVED IN A PREFERENTIAL / UNDERVALUED OR AN EXTORTIONATE TRANSACTION RELATING TO ANY CORPORATE DEBTOR While dealing with the interpretation of Section 29A(c), the SC has also clarified the provisions of Section 29A(g). Under clause (g), ineligibility to submit a resolution plan is attached to a person who has either been… Continue reading Who can be a resolution applicant?-part 4
Once the Resolution Professional makes an invitation for expression of interest, as per the criteria decided by the CoC under Section 25(2)(h), Resolution Applicants submit their respective resolution plans to the RP as per the conditions laid down in the invitation for Expression of Interest. While a resolution plan is made to conform with the… Continue reading Other points to consider to devise a resolution plan
Recently, the Supreme Court of India in Gujarat Urja Vikas Nigam Limited v. Mr. Amit Gupta & Ors.[i] had the occasion to determine the jurisdiction of National Company Law Tribunal (“NCLT”) in adjudicating contractual disputes pertaining to termination of Power Purchase Agreement (“PPAS”) during the operative period of moratorium on the corporate debtor under Insolvency… Continue reading Sole prerogative of nclt over contractual disputes during moratorium period
In a recent order by the NCLAT in the case Lakshmi Narayan Shukla v Punjab National Bank & Other, an appeal was preferred by the ‘Appellant’ as an ‘Aggrieved person’ against the order of Adjudicating Authority. The issue before the NCLAT was whether “acknowledgement of debt” by the Corporate Debtor (CD) extends the period of… Continue reading Nclat opines on the limitation period rule: a routine balance and security confirmation letter from the cd to financial creditor extends the limitation period
In an appeal preferred by the Appellant in the case Regional Provident Commissioner Employees Provident Fund Organisation v Vandana Garg & Ors., the Corporate Debtor (CD), “GVR Infra Projects Limited” defaulted in payment of dues/damages/interest, including the employees share of contribution, since 2014, which were deducted from employees’ wages. The issue before the Tribunal was… Continue reading Nclat reaffirms the primacy of the resolution plan
At a time when data is the new oil, the Competition Commission of India (CCI) has passed an order on March 24, 2021.