REEDLAW

NCLAT Upholds "Development Rights" as Corporate Debtor's Property and Asserts Jurisdiction Over Possession Disputes in CIRP The National Company Law Appellate Tribunal (NCLAT), Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Technical Member Mr. Barun Mitra, reviewed multiple appeals and held that development rights constitute "property" under Section 3(27) of the Insolvency and Bankruptcy Code (IBC). Explore: https://lnkd.in/gukk45_E

Central Government Appoints 24 New Members to NCLTs The Central Government, on January 8, 2024, announced the appointment of 24 new members to the National Company Law Tribunal (NCLT), comprising 11 Judicial Members and 13 Technical Members. These appointments have been made for a tenure of five years or until the appointees reach the age of 65 years, whichever occurs earlier. Explore: https://lnkd.in/gujKDnBn

Moratorium under Section 14 Bars Enforcement Actions but Does Not Extinguish Claims; Supreme Court Clarifies Status of Deeds of Hypothecation The Supreme Court Bench of Justice Abhay S. Oka and Justice Pankaj Mithal reviewed multiple appeals and held that while the moratorium under Section 14 of the IBC bars enforcement actions, it does not extinguish claims and that the Deed of Hypothecation did not constitute a guarantee under Section 5(8) of the IBC. Explore: https://lnkd.in/gcSGQwhk

IBBI Issues New Guidelines for Appointment of Insolvency Professionals for Insolvency and Bankruptcy Processes The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency Professionals to Act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024. Effective from January 1, 2025, these guidelines aim to streamline the process of appointing Insolvency Professionals (IPs) by the National Company Law Tribunal (NCLT) and Debts Recovery Tribunals (DRT) for various insolvency and bankruptcy processes. Explore: https://lnkd.in/eJUb-pPT

Extension of Deadline for Filing Forms in Liquidation and Voluntary Liquidation Processes under the IBC The Insolvency and Bankruptcy Board of India (IBBI) has extended the deadline for filing forms related to the liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016 (IBC). Explore: https://lnkd.in/eB4PCNv8

Determination of Disputed Claims and Partial Settlements Lies with NCLT When Further Examination of Evidence is Required The National Company Law Appellate Tribunal (NCLAT), Chennai Bench led by Justice Sharad Kumar Sharma (Judicial Member and Mr. Jatindranath Swain (Technical Member) reviewed an appeal and observed that in cases involving disputed claims and partial settlements, the Adjudicating Authority (NCLT) holds the appropriate jurisdiction to determine the balance amount payable. Explore: https://lnkd.in/gBmJHzXK

CoC's Discretion to Opt for Liquidation Upheld by NCLAT: Judicial Review Limited in Absence of Irregularity The National Company Law Appellate Tribunal (NCLAT), Principal Bench ed by Justice Ashok Bhushan (Chairperson) and Technical Members Mr. Barun Mitra and Mr. Arun Baroka reviewed an appeal and observed that the Committee of Creditors (CoC) holds discretionary authority under Section 33(2) of the IBC to decide on liquidation at any point after its formation, prioritizing its commercial judgment over the revival of the corporate debtor, and this decision is beyond judicial scrutiny if... Explore: https://lnkd.in/g3GGTzCD

Admission of Debt and Lack of Credible Dispute Justify Initiation of CIRP: NCLAT Dismisses Appeal The National Company Law Appellate Tribunal (NCLAT), Principal Bench, led by Justice Ashok Bhushan (Chairperson) and Technical Member Mr. Barun Mitra, reviewed an appeal on Tuesday and held that the Corporate Debtor’s admission of debt in earlier communications, combined with the absence of credible evidence to establish a pre-existing dispute, justified the initiation of the Corporate Insolvency Resolution Process (CIRP).... Explore: https://lnkd.in/gH_nZx88

NCLAT Upholds Resolution Plan, Affirming RP's Lack of Powers to Reverse Pre-CIRP Cancellation of Allotments The National Company Law Appellate Tribunal (NCLAT), Principal Bench comprising Justice Ashok Bhushan (Chairperson) and Technical Members Mr. Barun Mitra and Mr. Arun Baroka reviewed an appeal on Monday, filed by the Six Homebuyers and observed that the Resolution Professional (RP) has no adjudicatory powers to reverse pre-CIRP actions, such as the cancellation of allotments... Explore: https://lnkd.in/g-6FUqTx

2nd International Conclave on Insolvency Resolution: A Global Evolution and India’s Path Forward The 2nd International Conclave on Insolvency Resolution: Evolution & Global Perspective, jointly organized by the Insolvency and Bankruptcy Board of India (IBBI) and INSOL India, will be a significant event exploring the evolution of insolvency resolution through a global lens. This year’s theme highlights the convergence of global practices with India’s insolvency landscape. Explore: https://lnkd.in/gXSDtvSV