IBC, 2016 : Important Decisions of May 2024 (Part 1)

IBC : Important Decisions of May 2024 (Part 1) 

Insolvency and Bankruptcy Code, 2016 was enacted with a purpose. There are few interesting decisions pronounced some years ago which explained the contours of IBC, 2016. Innoventive Industries Ltd v. ICICI Bank [2017] GCtR 1171 (SC), Pioneer Urban Land and Infrastructure Limited & Anr v Union of India [2019] GCtR 628 (SC) and Swiss Ribbons Pvt Ltd v. Union of India[2019] GCtR 1313 (SC) are some of those older but interesting decisions dealing with aspects of IBC, 2016.

IBC, 2016 claims to be "an Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto."

S.238 of IBC, 2016 states that "the provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law".

In the month of May 2024, few interesting decisions dealing with IBC, 2016 have been pronounced.

In this Part 1, a list of some important decisions dealing with issues of IBC pronounced in the month of May 2024 are given below : -

1. Sanjay Sharma v. Super Iron Foundry Pvt. Ltd. [2024] GCtR 1246 (NCLAT)

2. Optinova AB v. Bio-Med Health Care Products Private Ltd [2024] GCtR 1247 (NCLAT)

3. Rajesh Lallubhai Chitalia v. Brijendra Kumar Mishra & Anr [2024] GCtR 1248 (NCLAT)

4. Sumer Radius Realty Pvt. Ltd. v. Avenue 54 Welfare Association & Ors. [2024] GCtR 1249 (NCLAT)

5. Jagdish Prasad Chokhani v. IDBI Bank Ltd. [2024] GCtR 1250 (NCLAT)

Written by 

Vishal

Delhi

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