Constitutional Validity of Section 327(7) of the Companies Act, ...

Supreme Court upholds Section 327(7) of Companies Act, 2013; affirms IBC's precedence in insolvency cases, no Article 21 breach.

May 4, 2023

Case Laws Insolvency and Bankruptcy SC

Constitutional Validity of Section 327(7) of the Companies Act, 2013 - statutory claims of the “workmen’s dues” - Overriding effect of the provisions of IBC - As sub-section (7) of Section 327 of the Act, 2013 provides that Sections 326 and 327 of the Act, 2013 shall not be applicable in the event of liquidation under the IBC, which has been necessitated in view of the enactment of IBC and it applies with respect to the liquidation of a company under the IBC, Section 327(7) of the Act, 2013 cannot be said to be arbitrary and/or violative of Article 21 of the Constitution of India - SC

View Source

← Previous Next →

Constitutional Validity of Section 327(7) of the Companies Act, ...

Supreme Court upholds Section 327(7) of Companies Act, 2013; affirms IBC's precedence in insolvency cases, no Article 21 breach.

May 4, 2023

Case Laws Insolvency and Bankruptcy SC

You may also like:

This case pertains to the precedence and priority of consideration between an application filed u/s 54(C) and Section 7 of the Insolvency and Bankruptcy Code (IBC)...

Refusal to stay the proceedings initiated by the Respondent, Axis Bank Limited against the Appellant - The title “Insolvency and Bankruptcy Code” makes it amply clear...

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...

NCLAT upheld dismissal of Section 7 application as barred under Section 10A of IBC, 2016. The tribunal found that IDBI Bank's guarantee invocation on 05.03.2021 falls...

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.,...

The Appellant (SIDBI) had established a clear case of continuous defaults by the Respondent (Sambandh Finserve Private Limited) in loan repayment post the suspension...

This case deals with the extinguishment of demands due to the non-filing of claims by the revenue during the Corporate Insolvency Resolution Process (CIRP) under the...

Maintainability of application u/s 7 - time limitation - The Appellate Tribunal referenced recent Supreme Court judgments, affirming that a liability arising from a...

The High Court ruled that security interests over assets of a corporate debtor to secure amounts due under a judgment or decree must give way to the provisions of the...

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...

The Tribunal examined the maintainability of an application for initiating the Corporate Insolvency Resolution Process (CIRP) u/s 7 of the Insolvency and Bankruptcy Code...

This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor....

The NCLAT dismissed the appeal filed by the corporate debtor against the order admitting the application u/s 7 of the Insolvency and Bankruptcy Code (IBC) filed by the...

Refund sought by home-buyers due to an inordinate delay in the completion of the project and failure to handover possession within the stipulated time - application was...

Amendment of section 7 application - time limitation - date of default - The Supreme Court addressed a case involving the correction of a date mentioned in a previous...

Quick Updates: