Dispute Resolution

On 10 November 2022, a three Judge bench of the Supreme Court of India (“SC”) in Bank of Rajasthan Limited v. VCK Shares & Stock Broking Services Limited, 2022 SCC OnLine SC 1557, resolved the conflict regarding the position of a suit instituted by a borrower against a bank while a bank’s claim was pending before DRT. The conflict arose as there where varying judicial views and hence a reference was made to a three-judge bench.

The National Company Law Appellate Tribunal (NCLAT) in the case of P.M. Cold Store Pvt. Ltd. v Goouksheer Farm Fresh Pvt. Ltd. & Anr. (Company Appeal (AT) Insolvency No. 615 of 2020) urged the Insolvency and Bankruptcy Board of India (IBBI) to investigate the conduct of a Resolution Professional (RP).

Upon an application by the promoter in the case of Turf Estate Joint Venture LLP v Kesari Realty and Others (Regulatory Case No. 1 of 2022, erstwhile Suo-motu Case No. 218 of 2022), the Maharashtra Real Estate Regulatory Authority (Authority) has proceeded to de-register a real estate project despite the fact that there is no provision in the Real Estate (Regulation and Development) Act, 2016 (Act) providing for such de-registration.

A 3-Judge Bench of the Supreme Court (SC) in its judgment dated 26 August 2022, in M/s R.K. Industries (Unit-II) LLP v. M/s H.R. Commercials Private Limited & Anr., Civil Appeal Nos. 7722/2021 and 7731/2021, examined the provisions of the Insolvency and Bankruptcy Code (Code) and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations).

The 3-Judge Bench of the Supreme Court (“SC”) in its judgment dated 26 August 2022, in Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs, Civil Appeal No.

On 27 July 2022, the National Company Law Appellate Tribunal (NCLAT) in Zoom Communications Private Limited v Par Excellence Real Estate Private Limited, Company Appeal (AT) (Insolvency) No. 619 of 2022 upheld the order of the National Company Law Tribunal, New Delhi (NCLT) dated 17 May 2022 dismissing an application to initiate Corporate Insolvency Resolution Process (CIRP) on the ground that the debt appeared suspicious and collusive in nature.