insolvency

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Choosing the Correct Door: NCLAT Clarifies Jurisdiction for Insolvency of Personal Guarantors

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”), has clarified and resolved the ambiguity surrounding the question of jurisdiction of the National Company Law Tribunal (“NCLT”) to entertain insolvency applications against personal guarantors where no corporate insolvency resolution process (“CIRP”) is pending against the corporate debtor. The issue was addressed through a recent judgment dated January 23, 2025, in Anita Goyal vs. Vistra ITCL (India) Ltd. & Anr.[1] (“Judgement”).Continue Reading Choosing the Correct Door: NCLAT Clarifies Jurisdiction for Insolvency of Personal Guarantors

Pending Section 37 Appeal under Arbitration Act: Not a Legitimate Ground for Entertaining Belated Claim under IBC

The Hon’ble Supreme Court in the landmark RPS Infrastructure Ltd vs. Mukul Sharma[1] judgement, once again delved into the issue of claims being made beyond the statutorily prescribed timelines in a Corporate Insolvency Resolution Process (“CIRP”). In this case, an appeal under Section 37 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”), was pending against a Section 34 award and the Appellant submitted a claim for the same subsequent to the committee of creditors (“COC”) approving the resolution plan. Continue Reading Pending Section 37 Appeal under Arbitration Act: Not a Legitimate Ground for Entertaining Belated Claim under IBC

Group Insolvency: Introduction

Group means two or more enterprises, which directly or indirectly are in a position to exercise 26% or more voting rights in other enterprise or appoint more than 50% members of the Board of Directors in the other enterprise or control the management or affairs of the other enterprise.[1]Continue Reading High Time for Group Insolvency Framework?!