Shivangi Nawalkha & Shreshtha Saha Ray In Part I, we examined how recall jurisdiction, though conceived as a narrow corrective safeguard, has increasingly been deployed as a strategic instrument of delay in insolvency proceedings. Part II builds on that diagnosis by examining the jurisprudential boundaries of recall and articulating a principled reform framework. Case Studies […]
Category: Insolvency
Shivangi Nawalkha & Shreshtha Saha Ray Introduction The power of the National Company Law Tribunal’s (“NCLT”) and National Company Law Appellate Tribunal’s (“NCLAT”) power to recall their own orders is a blunt yet indispensable judicial instrument. It operates as a corrective safeguard to prevent the miscarriage of justice, to nullify orders procured by fraud or […]
Mahadev Krishnan and Nitin Pradhan Introduction In sports, a false start occurs when a runner jumps the gun (i.e., starts before the whistle) and is penalized accordingly. This principle is easy to understand: nobody should gain an unfair advantage by jumping the gun. The same logic applies in the realm of competition law. Gun jumping […]
Divey Pratap Singh Rana Introduction In the case of Independent Sugar Corporation Ltd v. Girish Sriram Juneja, three judge bench of supreme court pronounced a judgement in ratio 2:1 which ruled that the approval of a Resolution Plan (RP) from the Competition Commission of India (CCI) must be taken prior to the approval of the […]
Abhishek Kumar & Aditya Singh Raghuvanshi Introduction The burgeoning real estate sector in India, one of the most sought-after sectors for investment, has been a double-edged sword for homebuyers, with many enduring endless delays in receiving possession of their dream homes on account of failure by the real estate developers to promptly complete the project […]
Sanya Khera Introduction Countries across the globe seek to establish a secure judicial system that can serve impartial and just decisions amidst times of crises amongst individuals. Not just insolvency, but the judicial system that caters to it has evolved over time to efficaciously resolve disputes by adopting modern approaches. The establishment of quasi-judicial forums […]
Sampriti & Sugi Malati Murmu Introduction and Background With the decision of Lalit Kumar Jain v. Union of India, the Supreme Court has dealt a death blow to the personal guarantor’s right of subrogation arising after the approval of the resolution plan. The bench upheld the constitutional validity of the notification dated November 15, 2019, […]
In this Article, the authors analyse the rationale and consequences of the recent judgment passed by the Supreme Court, in Lalit Kumar Jain v. Union of India, where it was held that approval of a resolution plan relating to a corporate debtor does not operate to discharge the liabilities of personal guarantors.
Vishesh Jain and K.Amoghavarsha Introduction On 5th June 2020, the Government of India promulgated an ordinance for the Insolvency and Bankruptcy Code, 2016 as a closing move to what was a series of steps to protect Corporate Debtors from initiation of insolvency proceedings in these unprecedented times. It has inserted Section 10A which has effectively […]
Saumya Agarwal and Sakshi Ajmera The National Company Law Appellate Tribunal (NCLAT) on 22 May 2020, in the case of State Bank of India v. M/s. Metenere Limited adjudicated upon the issue of independence of an interim resolution professional (IRP)/ resolution professional (IRP) during a corporate insolvency resolution process (CIRP). Though in the instant case, […]
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