By Shivangi Pandia and Prateek Charan Background The word company has no technical meaning attached to it. It simply means a group of individuals who have come together for a common goal. The individuals may associate themselves either for an economic or for a non-economic cause. Chief Justice Marshall defines company to mean that a […]
Category: Insolvency
By Ranu Tiwari The Background The Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 has brought home buyers under the ambit of ‘financial creditors’. The Insolvency Law Committee (March 2018) concluded that the current definition of ‘financial debt’ is sufficient to include the amounts raised from home buyers/allottees under a real estate project, and hence, they […]
By Tanvi Prabhu and Saumya Agarwal In Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta &Ors, the Supreme Court on 15th November, 2019 dismissed the NCLAT order and upheld the approved Resolution Plan of ArcelorMittal in a joint venture with Japan’s Nippon Steel. It includes a payment of Rs. 42,000 cr. […]
By Dhiraj Yadav and Barkha Dwivedi It is a well settled principle that the liability of a Principal Debtor and a Guarantor is coextensive. The same is enshrined under section 128 of the Indian Contract Act, 1872. Despite this, the act of initiating simultaneous proceedings against Principal Debtor and Guarantor for the same amount of […]
By Shantanu Saharan & Shreyas Santra Introduction The Insolvency and Bankruptcy Code (Amendment) Act, 2019[1] was passed by the House of People without much contention unlike the previous Bills approved by the parliament on Insolvency Law. The Insolvency and Bankruptcy Code, 2016 [“IBC”], over the years, has precipitated from the efforts of Late Mr. Arun […]
NUALS Law Journal 