Initiation of CIRP proceedings - In the order of NCLT, there was ...

NCLT to Reconsider Status of Third-Party Payment as 'Financial Debt' and Party as 'Financial Creditor' Without Debt.

October 16, 2020

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP proceedings - In the order of NCLT, there was no finding rendered by the ‘Adjudicating Authority’ as to how a third party payment became a ‘Financial Debt’ or how a ‘Financial Creditor’ had become a ‘Financial Creditor’, in the absence of any ‘Financial Debt’ - Matter restored back - AT

View Source

← Previous Next →

Initiation of CIRP proceedings - In the order of NCLT, there was ...

NCLT to Reconsider Status of Third-Party Payment as 'Financial Debt' and Party as 'Financial Creditor' Without Debt.

October 16, 2020

Case Laws Insolvency and Bankruptcy AT

You may also like:

Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

Initiation of CIRP u/s 7 of the IBC - financial debt or not - Period of limitation - Advance paid subject to execution of the share purchase agreement - NCLT rejected...

The Appellate Tribunal affirmed the decision to exclude the Appellant and other unsecured Financial Creditors from the Committee of Creditors (CoC). The key issues were...

Financial Debt or not - related parties - Approval of Resolution Plan - The basic element of the Financial Debt that such disbursement should be for consideration of...

Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the...

Maintainability of Section 7 application under Insolvency and Bankruptcy Code (IBC) for non-payment of debt analyzed. Financial contract not mandatory for establishing...

Initiation of CIRP - Financial Debt or Operational Debt - existence of ‘Default’ or not - The contra views arrived at by the ‘Adjudicating Authority’ that the ‘Loan’ was...

Stay of recovery - recovery of tax from its debtors - Tribunal could not have directed recovery of tax from its debtor, who was not a party to the proceedings before the...

Initiation of CIRP - NCLT rejected the application - Financial Creditors - non-disbursement of part of financial assistance sanctioned by the Financial Creditors -...

Addition made u/s 69C of the Income Tax Act for alleged cash payments based on a WhatsApp message and statement of a third party. The key points are: The WhatsApp...

CIRP process - security deposit and/or intercorporate deposit - Whether this ‘Security Deposit’ and the interest thereon would fall within the ambit of the definition of...

Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

TP Adjustment - Adjustment in the transaction of payment of royalty - Royalty payments made by the subsidiary for using certain intangible properties and services. - The...

The NCLAT allowed the approval of the New Board's decision to collapse/unwind transactions whereby IFIN provided loans to third parties, except for certain respondents...

Quick Updates: