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 May 2025 Year 2025 This

NCLAT analyzed a complex insolvency resolution case involving an ...


Insolvency Resolution: Assignment Agreement Partially Void, Section 7 Application Upheld Despite Debt Acknowledgment Complexities

May 3, 2025

Case Laws     IBC     AT

NCLAT analyzed a complex insolvency resolution case involving an assignment agreement and Section 7 application. The Tribunal held that the assignment agreement is partially void regarding immovable property in Tamil Nadu under Section 28 of the Registration Act, but remains valid for other financial assets. The Section 7 application was deemed not time-barred due to continuous debt acknowledgment in balance sheets. The appellant's deposit of principal amount did not discharge the financial creditor's debt, as the amount was not reflective of the debt at the time of application. The Tribunal ultimately upheld the adjudicating authority's order admitting the Section 7 application and disposed of the appeal accordingly.

View Source

 


 

You may also like:

  1. NCLAT rejected appellants' challenge to IBC Section 7 application for corporate insolvency resolution. The tribunal found appellants were direct borrowers, not...

  2. Corporate Insolvency Resolution Process - The presence of an arbitration clause in the share purchase agreement would not cause any impediment with regard to initiation...

  3. The NCLAT dismissed the appeal, holding that the Resolution Plan submitted by the Resolution Applicant did not violate any provisions of law, including Regulation 37(ba)...

  4. Rejection of Application for Pre-Packaged Insolvency Resolution Process (PPIRP) based on Ineligibility or Deficiency in Application - The NCLAT found the application was...

  5. The High Court held that the Execution Application filed by the Applicant against the Respondent does not survive due to the approved Resolution Plan under the...

  6. Admission of Section 7 application - Assignment Agreement - Proper stamping of the agreement - Existence of Debt and Default - Corporate Guarantee - The Appellate...

  7. Approval of a resolution plan - The Tribunal dismissed objections raised by dissenting homebuyers, citing that since the homebuyers as a class assented to the plans,...

  8. External Commercial Borrowings (ECB) Policy – ECB facility for Resolution Applicants under Corporate Insolvency Resolution Process

  9. Inability on the part of Liquidator to take up the assignment - corporate insolvency resolution process (CIRP) - Interim Resolution Professional (IRP) - Penalty equal to...

  10. Resolution professional doesn’t require nod of shareholders/members for insolvency resolution

  11. Non-compliance with submission of Performance Bank Guarantee by the Appellant as per the Request for Resolution Plan's clause obliging the Resolution Applicant to...

  12. NCLAT addressed an insolvency resolution case involving submission of resolution plans after recall of a previous approved plan. The Tribunal held that the Committee of...

  13. The appeal challenges the admission of an unstamped Assignment Agreement dated 29.03.2022 under the Maharashtra Stamp Act, 1958. The court held that the Assignment...

  14. The IBBI has issued a notification amending the Insolvency Resolution Process for Corporate Persons Regulations, 2016, specifically modifying Schedule-I, Form H...

  15. NCLAT analyzed the procedural requirements for initiating insolvency resolution process for personal guarantors under the Insolvency and Bankruptcy Code. The Tribunal...

 

Quick Updates:Latest Updates