Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights November 2024 Year 2024 This

The Adjudicating Authority erred by dismissing the Section 95 ...


Corporate Insolvency Dispute: Court Overrules Premature Dismissal, Orders Resolution Process.

Case Laws     IBC

November 13, 2024

The Adjudicating Authority erred by dismissing the Section 95 application without appointing a Resolution Professional and following the statutory process under the Insolvency and Bankruptcy Code. The principle of waiver is inapplicable as the Appellant did not consciously abandon any existing legal right. The Adjudicating Authority lacks jurisdiction to consider objections on the merits of the Section 95 application before appointing a Resolution Professional, as clarified by the Supreme Court in Dilip B. Jiwrajka's case. The order dismissing the Section 95 application is set aside, and the appeal is allowed.

View Source

 


 

You may also like:

  1. Corporate Insolvency Resolution Process - The presence of an arbitration clause in the share purchase agreement would not cause any impediment with regard to initiation...

  2. External Commercial Borrowings (ECB) Policy – ECB facility for Resolution Applicants under Corporate Insolvency Resolution Process

  3. CIRP Proceedings against the Personal Guarantors - the ‘Adjudicating Authority’ / ‘Tribunal’, has ‘jurisdiction’, to ‘entertain’/’initiate’, the ‘Insolvency Proceedings’...

  4. Initiation of insolvency resolution of a personal guarantor of the Corporate debtors - The law doesn't envisage that the insolvency resolution of the personal guarantor...

  5. Without initiating any ‘Corporate Insolvency Resolution Process’ against the ‘Principal Borrower’, it is always open to the ‘Financial Creditor’ to initiate ‘Corporate...

  6. Without initiating any ‘Corporate Insolvency Resolution Process’ against the ‘Principal Borrower’, it is always open to the ‘Financial Creditor’ to initiate ‘Corporate...

  7. IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board...

  8. Corporate Insolvency Resolution Process - consortium finance - Application by lead banker - no bar for the applicant to approach this Hon'ble Tribunal for initiating...

  9. Corporate Insolvency Resolution Process - mala fide intention - the corporate applicant filed the application with mala fide intention and with ulterior motive for...

  10. Approval of resolution plan - Amendments in the Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons)...

  11. Resolution plan. - Amendments in the Regulation 37 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

  12. Invitation of Resolution Plans - Insertion of New Regulation 36A to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons)...

  13. Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016....

  14. The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the...

  15. Corporate insolvency process - steps for ‘Corporate Insolvency Resolution Process’ against the ‘Corporate Debtor’ - The Adjudicating Authority is required to satisfy...

 

Quick Updates:Latest Updates