Surendra Trading Co. Vs. Juggilal Kamlapant Jute Mill Co. Ltd. & Ors. [Supreme Court] Civil Appeal No. 8400 Of 2017

The timeline given under Sec. 9 of the code lays down the time period for the National Company Law Tribunal to give the order after the application is filed with them. This time period is of fourteen days. Within these fourteen days the tribunal after satisfying that the application is filed as per the conditions laid down under the Code, can appoint the interim resolution professional to carry out the insolvency proceedings as per the rules laid down under the code.

Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software Pvt. Ltd. [Supreme Court] Civil Appeal No. 9405 Of 2017

The Hon’ble Supreme Court held that one of the main objectives of enactment of the Insolvency and Bankruptcy Code 2016 was to finish the legal proceedings in a time bound manner. Hence holding this objective, the court held that if there is any delay in the filing of the appeal or filing of the application under the provisions of the code, then in that case the adjudicating authority shall not accept the application and reject the same.

Macquarie Bank Ltd. Vs. Shilpi Cable Technologies Ltd. (Supreme Court) Civil Appeal No. 15135 Of 2017

As in the present case, the court protected the rights of the operational debtor by using literal approach towards the provision of section 9 of the Code. Also, to not to deprive the Advocates from practice of their profession, the Court held that depriving them for such practice will attract the violation of Article 19 of the Constitution of India.

Fresh Start Process

This article studies the functions of resolution professional, adjudicating authority, board, creditors, and debtors. The appointment and the replacement of the resolution professional is also discussed in this article.

Alchemist Asset Reconstruction Co. Ltd. v. M/S Hotel Gaudavan Pvt. Ltd. [Supreme Court] Civil Appeal No. 16929 Of 2017

When the moratorium period is imposed then in such case certain activities as prescribed under the Act has been kept on stay i.e., during this time the corporate debtor shall not initiate the arbitration proceeding. In other words, that when the imposition of moratorium takes place then during that time the corporate debtor will not be allowed to invoke the provisions of remedy available under various different provisions.