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PRATHIBA M. SINGH
Insolvency And Bankruptcy Board Of India – Appellant
Versus
State Bank Of India – Respondent
JUDGMENT :
Prathiba M. Singh, J.
1. This hearing has been done through hybrid mode.
2. The present writ petition has been filed by the Petitioner - Insolvency and Bankruptcy Board of India (hereinafter, “IBBI”) challenging the impugned order dated 5th September, 2018 passed by the NCLT in CA-809(PB)/2018 titled State Bank of India v. Su Kam Power Systems Ltd. Vide the said impugned order, the NCLT has held that Regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“Regulation 36A”) is ultra vires Section 240(1) of the Insolvency and Bankruptcy Code, 2016 (“IBC”). The said provision reads:
(1) The resolution professional shall issue an invitation, including evaluation matrix, to the prospective resolution applicants in accordance with clause (h) of sub-section (2) of section 25, to submit resolution plans at least thirty days before the last date of submission of resolution plans.
(2) Where the invitation does not contain the evaluation matrix, the resolution professional shall issue, with the approval of the committee, the evaluation matrix to the prospective resolution
Rules and regulations which are framed by Central Government or IBBI are to be placed before Parliament in terms of Section 241 of IBC.
The main legal point established in the judgment is that Regulation 23A and Section 204 (a) (b) (c) (d) and (e) of the Insolvency and Bankruptcy Code, 2016, were found to be constitutional and not vi....
NCLT has jurisdiction under IBC Section 60(5)(c) to defreeze demat accounts holding corporate debtor's undisputed shares, frozen for crystallized listing fee dues, as issue relates to insolvency proc....
The court ruled that the NCLAT erred in approving a settlement without adhering to the procedural requirements of the Insolvency and Bankruptcy Code, emphasizing the collective nature of insolvency p....
The court ruled that Section 66(1) of the IBC is constitutional, ensuring proper jurisdiction over fraudulent conduct without violating Article 14.
(1) Plea of alternative remedy is a self-imposed restriction by superior Courts and is never an absolute bar unless barred by statute.(2) Application under Section 12A of Insolvency and Bankruptcy Co....
The NCLT has jurisdiction to adjudicate insolvency petitions against personal guarantors even in the absence of pending CIRP against the corporate debtor, as per the provisions of the Insolvency and ....
The court affirmed that the IBBI's issuance of show cause notices and the suspension of the Authorization for Assignment were valid under the Insolvency and Bankruptcy Code, 2016 and its regulations.
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