Category: Insolvency Law

[By Kanha Shrivastava] The author is a student of University of Petroleum and Energy Studies.   Introduction  The NCLT in SBI v. Teena Saraswat Pandey, IRP of Indison Agro Foods Ltd. effectively appointed the Interim Resolution Professional (hereinafter “IRP”) as the Deemed Resolution Professional by directing the IRP to continue performing the functions of a Resolution Professional…

[By Prathmesh Agrawal] The author is a student of WBNUJS, Kolkata.   Introduction A Set-off is a concept which basically refers to setting of monetary cross-claims between parties which produces a balance amount. It has wide application in different sections of law. In this article, we will deal with the concept of set-off in an…

[By Manisha Soni] The author is a student of Gujarat National Law University.   Introduction Recently, the Supreme Court of India, in the judgment of Bharti Airtel Ltd. vs Vijaykumar V. Iyer, solidified the position of the National Company Law Appellate Tribunal (NCLAT) that the arrears can not be set off when a Corporate Debtor…

[By Rahul Pandey] The author is a student of West Bengal National University of Juridical Sciences.   Introduction Based on a plain reading of provisions of the IBC, 2016, it would not be wrong to assume that the Resolution Professional (“RP”) is supposed to act as the backbone of the entire insolvency resolution process. He…

[By Himanshu Gupta & Nandika Seth] The authors are students of NMIMS School of Law, Mumbai.   INTRODUCTION  The concept of limitation provides a timely framework within which an aggrieved can file a suit, appeal or an application in court. It also empowers courts to dismiss any suit, appeal or application filed after the stipulated…

[By Isha Khurana] The author is a student of Jindal Global Law School.   Introduction   The NCLAT in a January 2023 decision, reiterated the need to lift the corporate veil in matters of group company insolvencies. In doing so, it followed the path laid down in the 2021 CBIRC-II (hereinafter, “CBIRC-II Report”). This subject has…

[By Kaustubh R Kulkarni & Harsh Pandey] The authors are students of National Law University Odisha.   Introduction  The Insolvency and Bankruptcy Code 2016 (Code) was enacted to bring about a framework which would bring down the complexity which was associated with the Insolvency framework for creditors. Be it, the multiplicity of applicable laws or…