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Financial Creditors

Relief to SBI, Absence of Creditor's Name in Balance Sheet Does Not Vitiate Acknowledgment of Debt: NCLT [Read Order]

Yogitha S. Yogesh

In a ruling in favour of State Bank of India, the National Company Law Tribunal (NCLT), Kolkata, special bench observed that the absence of the...

Govt Dues are below secured creditors, workmen, employees, and unsecured financial creditors u/s 53...

S.10A of IBC Doesn't Bar CIRP Applications Where Default Continues Beyond Moratorium Period: Madras...

Liquidation of Corporate Debtor cannot be Faulted when Revival is not a Viable Option: NCLAT [Read...

NCLAT - Operational Debt - Delhi bench of NCLAT - admission of application under Section 7 - Section 7 of the Insolvency & Bankruptcy Code - Counsel for Appellant - Taxscan

NCLAT sets aside Admission of S.7 Application upon Finding Transaction was in Nature of 'Operational...

None appeared on behalf of Assessee for Hearing 33 Time Consecutively: ITAT dismisses Appeal [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal due to non-cooperative and non-appearance of the assessee for consecutively 33 hearings. The Assessee, P....

Application for Insolvency Proceedings against Corporate Debtor for Financial Debt and Default: NCLT admits Application [Read Order]

In a recent case, the National Company Law Tribunal ( NCLT ) admitted the has application for insolvency proceedings against a corporate debtor for financial debt and default. The Tribunal initiated...

Insolvency proceedings - Financial Debt - NCLT - Corporate Debtor - taxscan

Second Petition u/s 7 of IBC maintainable if CD Defaulted in Settlement Agreement pending Section 7 Petition: NCLAT [Read Order]

The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) held that the no bar in fling the second petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( IBC) if...

NCLAT - National company law appellate - tribunal national companies - company law CD - TAXSCAN

Delhi GST Dept Issues New Guidelines to Safeguard Government Revenue in GST and DVAT Refunds [Read Instruction]

The Delhi GST ( Goods and Services Tax ) department, vide instructions to safeguard the government revenue in the GST and DVAT ( Delhi Value Added Tax ) refunds. The Insolvency and Bankruptcy Code...

CIRP cannot be initiated by Financial Creditor against Successful Resolution applicant on Default of Payment on Resolution Plan: NCLT

The Mumbai Bench of the National Company Law Tribunal (NCLT) ruled that the Corporate Insolvency Resolution Process (CIRP) cannot be initiated by Financial Creditor against Successful Resolution...

CIRP - Financial Creditor - Resolution applicant - Payment on Resolution Plan - NCLT - taxscan

IBC: Recovery Certificate Holder can initiate CIRP as Financial Creditor, rules Supreme Court [Read Judgment]

A three-judge Bench of the Supreme Court comprising Justices L. Nageswara Rao, B.R. Gavai and A.S. Bopanna, on Monday, held that a liability in respect of a claim arising out of a Recovery...

Financial Creditors realises 221% of Liquidation Value and 51% of Admitted Claims through Corporate Insolvency Resolution Process

As per inputs received from the Ministry of Corporate Affairs (MCA), corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), was initiated by banks in the...