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SATISH CHANDRA SHARMA, SUBRAMONIUM PRASAD
Tata Steel Bsl Limited – Appellant
Versus
Venus Recruiter Private Limited – Respondent
| Table of Content |
|---|
| 1. appeals filed concerning the cirp process. (Para 1 , 2) |
| 2. key questions regarding continuation of avoidance applications. (Para 3) |
| 3. court’s analysis of maintainability of writ petitions. (Para 4 , 5 , 6) |
| 4. rp's authority ends post cirp conclusion. (Para 7 , 8 , 9) |
| 5. need for timelines in determining avoidance applications. (Para 10 , 11 , 12) |
| 6. examining reliance on a specific ibc report. (Para 13) |
| 7. arguments from tata steel regarding efficacy of nclt. (Para 14 , 15 , 16 , 17 , 18 , 19 , 20) |
| 8. union of india’s stance on jurisdictional matters. (Para 21 , 22 , 23 , 24 , 25 , 26 , 27) |
| 9. concurrence of rp with tata steel and union. (Para 28) |
| 10. counterarguments from venus recruiters on jurisdiction. (Para 29 , 30 , 31 , 32 , 33) |
| 11. the overarching purpose of the ibc. (Para 36) |
| 12. nature and purpose of avoidable transactions. (Para 42 , 46) |
| 13. final observations on the handling of avoidance applications. (Para 74 , 79 , 90) |
JUDGMENT
1. The present Letters Patent Appeals, being LPA No. 37 & 43 of 2021 have been filed by Tata Steel BSL Ltd. (hereafter, "TSBL") and the Union of India (hereafter, "UoI") (collectively, "Appellants") respectively, impugning the Judgment
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 ....
Resolution plan approved despite 99.92% haircut; unclaimed pre-CIRP claims extinguished upon section 31 approval; NCLT limits reliefs to IBC/Companies Act; new management shielded under section 32A; ....
The court emphasized compliance with mandatory timelines and statutory provisions during insolvency resolutions, finding NCLT failures in approving a plan, ruling it invalid and initiating liquidatio....
The court ruled that non-compliance with mandatory provisions of the Insolvency and Bankruptcy Code rendered the Resolution Plan invalid, necessitating liquidation of the Corporate Debtor.
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