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ARTICLE · 22 NOVEMBER 2022

Between The Lines...

Vaish Associates Advocates
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The National Company Law Tribunal, Cuttack ("NCLT"), in the case of Trimex Industries Private Limited v. M/s. Sathavahana Ispat Limited and Others [I.A. No. 791/2021 in CP. (IB) No.179/HDB/2020],...

IndiaCorporate/Commercial Law
Gaurav Jain
Gaurav Jain
Navya Shukla
Navya Shukla
Pritika Shetty
Pritika Shetty
Rishabh Chandra
Rishabh Chandra
Supriya Majumdar
Supriya Majumdar
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KEY HIGHLIGHTS

  • CLT: A related party of the financial creditor is not barred under Section 29A of the IBC to submit a resolution plan.
  • NCLAT: Attachment of Corporate Debtor's bank account by the Employees' Provident Fund Organization cannot continue during Moratorium.
  • NCLT: Indemnity of obligations under an agreement is not a 'financial debt' under Section 5(8) of the Insolvency and Bankruptcy Code, 2016.
  • Supreme Court: Appeals and Applications under the Arbitration & Conciliation Act, 1996 relating to commercial dispute of specified value, other than the international commercial arbitration, shall lie before the commercial courts established under the Commercial Courts Act, 2015 even though they are subordinate to the rank of the Principal Civil Judge in the District.

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