Section 60 of the Insolvency and Bankruptcy Code empowers the Adjudicating Authority to entertain or dispose of any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate debtors under IBC. To that end, Subsection (5) of Section 60 of IBC…
TRADE UNION AS OPERATIONAL CREDITOR UNDER INSOLVENCY AND BANKRUPTCY CODE: CASE COMMENT ON JK JUTE MILL MAZDOOR MORCHA V. JUGGILAL KAMLAPAT JUTE MILLS
FACTS In a nutshell, Appellant ( Mill Mazdoor Morcha) issued a demand notice on behalf of roughly 3000 workers under Section 8 of the Code for outstanding dues of the workmen. The said demand notice was replied by the Respondent on 31.03.2017. Subsequently, NCLT vide its judgment dated 28.04.2017 held that a trade union cannot…
Right of access to resolution plan for the members of the Suspended Board of Director under IBC: Case Comment on Vijay Kumar Jain v. Standard Chartered Bank
This post analyzes the judgment of the Supreme Court of India in Vijay Kumar Jain v. Standard Chartered Bank dated 31/01/2019. The Petitioners approached SC aggrieved by the appellate tribunal’s judgment rejecting the appellant’s prayer for directions to the resolution professional to provide all relevant documents including the insolvency resolutions plans in question to members…
Parallel proceedings for the recovery of debt under RDBFI Act, 1993 and Companies Act, 1956: Case Comment on Swaraj Infrastructure Pvt. Ltd. v. Kotak Mahindra Bank Ltd.
[FIRST PUBLISHED BY TAXMANN.COM, CITATION: [2019] 102 taxmann.com 279 (Article)] Recently, in Swaraj Infrastructure Pvt Ltd. v. Kotak Mahindra Bank Ltd,[i] the Supreme Court of India (hereinafter “Court”) decided the question of whether a secured creditor can file a winding up petition under Companies Act, 2013 after having obtained a recovery certificate from the…
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