Argus Partners (Solicitors & Advocates)’s Post

**Update:** Hon’ble NCLAT ruling sheds light on crucial aspect of settling debts during Insolvency proceedings - NCLAT emphasized the importance of upholding the integrity of settlement agreements in IBC cases - Irresponsible actions of Corporate Debtors manipulating settlement agreements could have severe consequences **Personal Insight:** As an Insolvency Professional, I find this ruling significant as it reinforces the need for accountability and good faith dealings in Insolvency proceedings. It highlights the potential risks involved when Corporate Debtors exploit loopholes for their advantage. **Call to Action:** What are your thoughts on the responsibility of Corporate Debtors in Insolvency cases? Join the conversation and share your insights in the comments below. **Hashtags:** #Insolvency #NCLAT #SettlementAgreement #CorporateResponsibility

NCLAT : Under IBC, it is obligatory to give notice to the Applicant to rectify the defect in the Sec 9 Application, within seven days from the date of receipt of such notice : https://lnkd.in/dJrX8ySN The Appellant filed Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC”) with the NCLT and on the first date of hearing of the Application under Section 9, the Adjudicating Authority dismissed the Application as defective. Aggrieved by the order, the Appellant preferred an Appeal with NCLAT. The NCLAT set aside the impugned order and revived the Section 9 Application filed by the Appellant before the Adjudicating Authority. “ 19. …… When the Adjudicating Authority has proceeded to dismiss the Application as defective, it was obligatory as per Proviso to Section 9, sub-section (ii) to give a notice to the Applicant to rectify the defect in the Application within seven days from the date of receipt of such notice. The Adjudicating Authority having not issued a notice under Proviso, the order impugned is unsustainable on this ground alone.” #royzzco #royzzattorneys #insolvencylawyers #bankruptcylawyers #companylawyers

❓Quick question. Let's say insolvency proceedings concerning personal guarantor to corporate debtor have commenced. Amount guaranteed: Rs. 10 lakhs Forum: DRT; minimum default threshold: Rs. 1000 Subsequently, CIRP of the CD has also begun. Forum: NCLT; minimum default threshold: Rs. 1 crore. As per the law, the insolvency proceedings of the PG shall be transferred to the NCLT once the CIRP has begun. Question: Can the PG's case be transferred to the NCLT even if the default is Rs. 10 lakhs? #ibc #cirp #insolvencyandbankruptcy

🔍 Deep Dive into the Insolvency and Bankruptcy Code! 📊 I had the opportunity to attend an insightful session on "Complexities of the Insolvency and Bankruptcy Code: Challenges and Opportunities," organized by Jus Corpus and led by the esteemed Dr. Parineeta Goswami . The session illuminated the core objective of the Code—time-bound resolution—and provided a comprehensive overview of its provisions. Dr. Goswami emphasized the importance of staying updated on insolvency matters and explored key aspects such as insolvency resolution, market credit, and the role of the NCLT. The discussion on landmark cases like M/S. Surendra Trading Company vs. M/S. J.K. Jute Mills Company and Quantum Limited vs. Indus Finance Corporation Ltd. added valuable context to the subject. A sincere thank you to Dr. Goswami and Jus Corpus for delivering such a thorough and enlightening session! 🌟 #InsolvencyAndBankruptcy #IBC #NCLT #ResolutionProcess #MarketCredit #LandmarkCases #JusCorpus #BankruptcyLaw #TimeBoundResolution #LegalEducation #LegalInsights #ProfessionalDevelopment

Securing Operational Creditor's Rights: NCLAT's Landmark Decision Grants Operational Creditors the Authority to Revive Insolvency Proceedings, Offering Remedial Measures in Cases of Corporate Debtor Default on Agreed Settlement Terms. To read the full judgment, click here. 👇 https://lnkd.in/dJrX8ySN #nclat #ibc #ibcnews #cirp #operationalcreditors #ibbi #insolvencyandbankruptcy #legalinsights #lawyers #lawstudents Rachit Mittal Parish Mishra Adarsh Srivastava

In the notable case of Mrs. Durdana Aabid Ali v. Vijay Kumar V Iyer, the NCLAT ruled that assets belonging to third parties, held by a corporate debtor, cannot be considered part of the debtor’s assets during the corporate insolvency resolution process (CIRP) without a valid contract. This decision underscores the protection of third-party rights and the limitation of a resolution professional’s (RP) authority under the Insolvency and Bankruptcy Code, 2016. For further details, please read the full article by our associate Mr. Aditya Gupta here: https://lnkd.in/gkPSq5xU #MetalegalAdvocates #MetalegalCourtRuling #NCLAT #CorporateInsolvency #ThirdPartyAssets #InsolvencyAndBankruptcyCode #CIRP #CorporateDebtor #LegalAnalysis

ANM Global is happy to share its September 2024 edition of the IBC Newsletter which is dedicated to provide you with insightful articles on key judgments and legal developments in the Insolvency and Bankruptcy Code (IBC). This edition encapsulates the most recent developments which has been authored by Shikha Goenka Ginodia, Partner, Gaurav Suryavanshi, Senior Associate, and Kartikeya A., Associate. Their collaborative effort sheds light on the recent rulings from the Delhi High Court and the NCLAT, including the limits of judicial review on CoC decisions and key distinctions between default dates and acknowledgments under IBC. Read the newsletter to stay updated with latest IBC developments by reading our newsletter. #IBC #InsolvencyLaw #BankruptcyLaw #LegalUpdates #DelhiHighCourt #NCLAT #LegalInsights #LegalDevelopments

This post series dives into the Supreme Court's decision in M.K. Rajagopalan v. Periasamy Palani Gounder, exploring whether a modified resolution plan can bypass the Committee of Creditors (CoC) and be directly presented to the NCLT for approval. The Court's ruling clarifies the critical role of the CoC in the Corporate Insolvency Resolution Process (CIRP) and the importance of adhering to established procedures. #CorporateLaw #Insolvency #Bankruptcy #CIRP #LegalInsights #SupremeCourt #IBC #ResolutionPlan #CoC #LegalAnalysis #NCLAT #LegalUpdates

Hey dear LinkedIn connection!!! Enhancing my knowledge in Insolvency and Bankruptcy! I Attended a insightful webinar on "Complexities of the Insolvency and Bankruptcy Code: Challenges and Opportunities" organized by Jus Corpus. Gained valuable insights from industry experts on: - Navigating IBC complexities - Recent amendments and judicial pronouncements - Practical challenges and solutions - Emerging opportunities in the insolvency landscape Thank you, Jus Corpus, for providing a platform to engage with experts and like-minded professionals. Key Takeaways: - IBC's evolving dynamics - Strategic approaches to resolution - Mitigating risks and maximizing outcomes Looking forward to applying these learnings in my professional endeavors! #InsolvencyAndBankruptcyCode #IBC #JusCorpus #Webinar #LegalLearning #ProfessionalDevelopment #Networking

RFMLR Insolvency & Bankruptcy News Update: In Deccan Value Investors L.P. & ANR. V. Dinkar Venkatasubramanian & ANR., a bench comprising Justices Sanjiv Khanna and Dipankar Datta observed that due to the absence of any statutory provision in the Insolvency and Bankruptcy Code, it is impermissible for a resolution plan to be withdrawn or changed by the applicant after its approval by the Committee of Creditors (CoC). This applies even if the applicant claims a lack of information or mistakes in the plan. The court pointed out that financial experts create these plans and should be aware of any risks or missing details. The CoC's approval makes ambiguities irrelevant unless there was intentional data hiding. The court enforced the CoC's decision highlighting the responsibility of resolution professionals to provide accurate financial information and set aside NCLAT’s order. Read More: https://lnkd.in/d3hNAD8q #rfmlr #rgnul #news #update #insolvency #bankruptcy #coc #nclat