Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
The Tribunal dismissed the application filed by companies holding units in the Corporate Debtor's project, seeking to intervene and proposing a scheme of compromise and arrangement u/s 230 of the Companies Act, 2013. The Tribunal held that there are no provisions in the Insolvency and Bankruptcy Code (IBC) for intervention by a third party at the pre-admission stage. The Tribunal's role is limited to ascertaining the existence of financial debt and its default on an application filed u/s 7 of the IBC. The Financial Creditors had already opposed the issuance of notice in the Intervention Petitions and pressed for dismissal, arguing that the IBC does not allow intervention at the pre-admission stage. The Tribunal concluded that entertaining the application would severely impact and prejudice the rights of the individual allottees who filed the main company petition, leading to unnecessary delay in the proceedings.
The Tribunal dismissed the application filed by companies holding units in the Corporate Debtor's project, seeking to intervene and proposing a scheme of compromise and arrangement u/s 230 of the Companies Act, 2013. The Tribunal held that there are no provisions in the Insolvency and Bankruptcy Code (IBC) for intervention by a third party at the pre-admission stage. The Tribunal's role is limited to ascertaining the existence of financial debt and its default on an application filed u/s 7 of the IBC. The Financial Creditors had already opposed the issuance of notice in the Intervention Petitions and pressed for dismissal, arguing that the IBC does not allow intervention at the pre-admission stage. The Tribunal concluded that entertaining the application would severely impact and prejudice the rights of the individual allottees who filed the main company petition, leading to unnecessary delay in the proceedings.
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