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 January 2022 Year 2022 This

Validity of Winding up order - Antrix, which initiated the ...

Case Laws     Insolvency and Bankruptcy

January 20, 2022

Validity of Winding up order - Antrix, which initiated the proceedings for winding up, is neither a financial creditor nor an operational creditor nor a corporate applicant. This is why Antrix have not and could not have gone for insolvency resolution process, under the IBC, but taken recourse to Section 271(c) of the Companies Act, 2013. Hence the ratio in Jignesh Shah, as applicable to debts, whose recovery in any case should not have been time barred on the date of initiation of the proceedings for winding up/insolvency resolution process, cannot have any application to the case on hand. - SC

View Source

 


 

You may also like:

  1. 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...

  2. Initiation of CIRP - Assignment of debt during pendency of the proceeding u/s 7 - there is no prohibition in the IBC or any of the Regulations from continuing the...

  3. Liquidation proceedings - Scope of the term "Party" - the proceedings for winding up of a company are actually proceedings in rem to which the entire body of creditors...

  4. Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

  5. Initiation of CIRP - pre-admission stage - home buyers and creditors - corporate debtor has initiated the process of settlement with the financial creditors - whether,...

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

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

  8. CIRP proceedings - Financial Creditors - Related party - while the default rule under the first proviso to Section 21(2) is that only those financial creditors that are...

  9. Threshold limit for triggering CIRP - Validity of Section 7 of the Insolvency and Bankruptcy Code, 2016 - Initiation of CIRP by Financial Creditors - The statute i.e.,...

  10. 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...

  11. The court held that Section 6(2)(b) of the Act treats the empowered officers under the SGST/UGST Act at the central level to be at par and does not prescribe for...

  12. Initiation of CIRP - Financial creditor within the meaning of sub-section (7) of Section 5 of the IBC - The Supreme Court affirmed the NCLAT’s judgment, holding that the...

  13. Initiation of CIRP - Flat Buyer is a Financial Creditor or not - Whether ‘HBPL’ falls within the ambit of the definition of ‘Corporate Debtor’, as defined under Section...

  14. CIRP proceedings - on the basis of parity being deployed by the RP in admitting claims of both category of financial creditors, there remains no reason to be aggrieved....

  15. 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...

 

Quick Updates:Latest Updates