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Financial Creditors

Proceedings u/s 7 of IBC not valid when Financial Creditor already Received Pending Amount: NCLAT [Read Order]

Yogitha S Yogesh

In a recent case, the New Delhi bench of the National Company Law Appellate Tribunal (NCLAT)has held that proceedings initiated under section 7 of...

Relief to SBI, Absence of Creditor's Name in Balance Sheet Does Not Vitiate Acknowledgment of Debt:...

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 sets aside Admission of S.7 Application upon Finding Transaction was in Nature of 'Operational Debt' [Read Order]

The New Delhi bench of National Company Law Appellate Tribunal ( NCLAT ) have set aside the admission of application under Section 7 of the Insolvency and Bankruptcy Code, 2016, being not...

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

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...