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SANJAY KUMAR, K. VINOD CHANDRAN
Omkara Assets Reconstruction Private Limited – Appellant
Versus
Amit Chaturvedi – Respondent
| Table of Content |
|---|
| 1. moot question of judicial impropriety and financial rectitude. (Para 1) |
| 2. importance of compliance with statutory timeliness in insolvency proceedings. (Para 2 , 4 , 7 , 11 , 14 , 19 , 20) |
| 3. arguments concerning the validity of soa and its implications under ibc. (Para 3 , 5 , 10 , 17) |
| 4. legal precedents on ibc's overriding effect and context of applications. (Para 6 , 8 , 15 , 18) |
| 5. restoration of company law tribunal's order and implications for cirp. (Para 21 , 22 , 23) |
JUDGMENT :
K. VINOD CHANDRAN, J.
1. Judicial impropriety vis-a-vis financial rectitude is the moot question arising in this appeal in the context of the proceedings pending under the Companies Act, 1956 and that initiated under the Insolvency and Bankruptcy Code, 2016 (for short, the IBC). The Stressed Assets Stabilization Fund of the bank who financed respondent No.2, approached the Adjudicating Authority under the IBC, the Company Law Tribunal, for initiating Corporate Insolvency Resolution Proceedings (CIRP) for recovery of an amount of Rs.154,33,12,274/- with future interest; on the principal of Rs.10,60,00,000/- disbursed by way of two term loans on 05.04.1999 and 12.12.2000; the default hav
The IBC has overriding effect over the Companies Act, and failure to comply with statutory timelines renders a Scheme of Arrangement unenforceable, enabling initiation of Corporate Insolvency Resolut....
The proceedings under Section 7 of the Insolvency and Bankruptcy Code cannot be barred by the pendency of separate proceedings under the Debts Recovery Tribunal, given the overriding effect of IBC pr....
(1) Corporate Insolvency Resolution Process – Timeline starts ticking only from date of admission of application for initiation of CIRP and not from date of filing the same – There is no fixed time l....
The main legal point established in the judgment is the interpretation of the limitation period for filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, and the applicab....
Post-restructuring defaults outside Section 10A COVID window trigger CIRP admission under IBC Section 7; parallel SARFAESI/arbitration proceedings permitted.
(1) IBC is not just another statute for recovery of debts – Nor is it a statute which merely prescribes modalities of liquidation of a Corporate body, unable to pay its debts – It is essentially a st....
The Insolvency and Bankruptcy Code, 2016 prevails over the Companies Act, particularly in the context of stalling proceedings under section 7 of the Code. The court has the inherent power to recall/m....
Avoidance applications under the IBC can continue beyond the conclusion of corporate insolvency resolution process (CIRP), as they primarily benefit creditors and the resolution professional retains ....
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