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VListen

By VListen

VListen is an audio podcast channel of VirtuaLaw an internet based start up which publishes various articles, case studies and case summaries on www.virtualaw.in and also has a YouTube channel in the name of VirtuaLaw with 2000+ followers.

VListen is an initiative from VirtuaLaw to summarise complex concepts of economic legislations like Insolvency and Bankruptcy Code, 2016, Companies Act, 2013, Competition Act, 2002 and other corporate laws in India.

VListen through its network of speakers from various fields provides insights on critical aspects.
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Episode 1 - What went wrong with SICA? by Mr Sarthak Ohri, Chartered Accountant

VListenNov 17, 2019

00:00
17:41
S02E15 - Amendments to CIRP Regulations | February 2024

S02E15 - Amendments to CIRP Regulations | February 2024

In this episode, Sarthika summarises the amendments made to CIRP Regulations by IBBI.

Mar 01, 202403:22
S02E14 - Directors' Liability prevails during CIRP | Regardless of IBC Moratorium

S02E14 - Directors' Liability prevails during CIRP | Regardless of IBC Moratorium

In this insightful episode of VListen, we unravel the intricacies of directorial liability amidst the protective shield of moratorium provided under the Insolvency and Bankruptcy Code (IBC). The Hon'ble Supreme Court's rulings in pivotal cases shed light on the nuanced legal landscape, challenging the common perception that directors are immune during a company's Corporate Insolvency Resolution Process (CIRP).

Join us as we delve into key judgments, including the landmark P. Mohanraj vs. Shah Bros. Ispat (P) Ltd., where the Supreme Court clarified the scope of the moratorium and its impact on individual liability. We explore how these legal principles were reiterated in cases like Anjali Rathi and others vs. Today Homes and Infrastructure Pvt. Ltd. and Others, and most recently, Ansal Crown Heights Flat Buyers Association v/s. M/s. Ansal Crown Infrabuild Pvt. Ltd. & Ors.

The episode also unravels a compelling case where homebuyers sought justice before the National Consumer Disputes Redressal Commission (NCDRC), highlighting the practical implications of the Supreme Court's rulings.

Tune in to gain a comprehensive understanding of how the Supreme Court navigates directorial liability beyond the IBC moratorium, providing clarity on the legal dynamics within insolvency proceedings.

For legal enthusiasts, professionals, and anyone intrigued by the intersection of law and business, this episode is a must-listen.

Subscribe now and stay informed on the latest legal insights. Thank you for choosing VListen.

If VListen... We Learn!

Jan 28, 202403:11
S02E13 - Remedies against Third Parties u/s. 66 of IBC | Analysis of the current legal position

S02E13 - Remedies against Third Parties u/s. 66 of IBC | Analysis of the current legal position

In this episode, Katyayni touches upon an important aspect of avoidance transactions covering the Supreme Court's take on availing remedies against third parties under Section 66 of the Insolvency and Bankruptcy Code, 2016.

Aug 11, 202304:42
S02E12 - CIRP Application against Co-Borrower | Position of Law on Maintainability

S02E12 - CIRP Application against Co-Borrower | Position of Law on Maintainability

Welcome to another enlightening episode of our podcast!

In this episode CS Ankita Pugalia delves into the position of law on maintainability of CIRP Applications against Co-Borrowers.

Aug 03, 202303:25
S02E11 - Treatment of PF dues in a Resolution Plan | Analysis of NCLAT order in Jet Airways

S02E11 - Treatment of PF dues in a Resolution Plan | Analysis of NCLAT order in Jet Airways

In this episode, we discuss the NCLAT order in Jet Airways wherein the treatment of PF dues in a resolution plan is examined.

Mar 31, 202307:52
S02E10 - Slump Sale cannot be converted into Sale as a Going Concern during Liquidation

S02E10 - Slump Sale cannot be converted into Sale as a Going Concern during Liquidation

In this episode, Sravya provides case brief of a NCLT order disallowing conversion of slump sale into sale as a going concern.

Oct 02, 202202:41
S02E9 - Amendments to CIRP Regulations | Effective September 16, 2022

S02E9 - Amendments to CIRP Regulations | Effective September 16, 2022

IBC is dynamic legislation with amendments made to the Act and the Regulations thereof at regular intervals. The IBBI had, on September 16, 2022, made vital amendments to the CIRP Regulations. In this video, Mr. Bendi Raviteja, Partner at VIRA Legal LLP discusses the said amendments.

Sep 24, 202208:25
S02E08 - Future Retail into CIRP | The Unending Saga of Amazon & Reliance over Future Group

S02E08 - Future Retail into CIRP | The Unending Saga of Amazon & Reliance over Future Group

In this episode, Aditya explains the unending saga of Amazon & Reliance over acquiring future group and the recent ruling of NCLT admitting Future Retail in to CIRP.

Sep 14, 202208:03
S02E07 - Compulsorily Convertible Debentures - Analysis of Claims | Part-I

S02E07 - Compulsorily Convertible Debentures - Analysis of Claims | Part-I

In this episode Aditya analyses the complexities in claims of Compulsorily Debenture Holders.

Jul 10, 202204:24
S02E06 - Commercial Wisdom of CoC under Section 12A of IBC | Vallal RCK vs. Siva Industries and Holdings Ltd. & Ors.

S02E06 - Commercial Wisdom of CoC under Section 12A of IBC | Vallal RCK vs. Siva Industries and Holdings Ltd. & Ors.

In this episode, Prakul presents the case brief of the recent Supreme Court ruling in the matter of Siva Industries and Holdings Limited upholding the commercial wisdom of CoC in considering withdrawal of CIRP under Section 12 of Insolvency and Bankruptcy Code, 2016.

Jun 26, 202203:17
S02E05 - Approval of CCI | For Combinations proposed in Resolution Plans

S02E05 - Approval of CCI | For Combinations proposed in Resolution Plans

In this episode, we talk about the requirement of obtaining approval from CCI for combinations proposed under resolution plans and more importantly as to the timing of obtaining such approval.

Jun 16, 202201:51
S02E04 - Status of Insufficiently Stamped Documents | Admission of Section 7 Application

S02E04 - Status of Insufficiently Stamped Documents | Admission of Section 7 Application

In this episode of VListen, Mr Shivam Singhal explains the status of insufficiently stamped documents for admission of Section 7 Application under IBC especially where the existence of debt and default can be proven without relying on such documents.

Feb 18, 202203:45
S02E03 - Non-Registration of Charge | Status of such creditors under IBC

S02E03 - Non-Registration of Charge | Status of such creditors under IBC

In this brand new episode, Mr Prakul quickly analyses the current position of law in treating the creditors whose security interest has not been registered as charge with the RoC. 

Feb 11, 202204:05
S02E02 - Interest portion of Operational Debt | A tale of shadow interpretations

S02E02 - Interest portion of Operational Debt | A tale of shadow interpretations

In this episode, Mr Bendi Raviteja touches upon the contentious issue of interest portion of operational debt highlighting the contradictory rulings of the NCLTs in India.

Feb 04, 202205:20
S02E01 - Appropriate Jurisdiction | Personal Guarantors to Corporate Debtor

S02E01 - Appropriate Jurisdiction | Personal Guarantors to Corporate Debtor

It is still a matter of debate as to whether NCLT or DRT exercises jurisdiction for initiation of Insolvency Resolution Process or Bankruptcy Process against the Personal Guarantor to the Corporate Debtor when there is no pending CIRP or Liquidation Process against such Corporate Debtor.

In this episode Mr Kunwarpreet Singh, Partner at Prakul & Kunwarpreet LLP (P&K) explains the current position of law in this regard!

Jan 27, 202204:15
Episode 53 - Violation of S. 186 of Companies Act, 2013 leads to dismissal of CIRP Application

Episode 53 - Violation of S. 186 of Companies Act, 2013 leads to dismissal of CIRP Application

The Hon'ble NCLT, Principal Bench in the matter of UKG Steel Private Limited Vs. M/s. Erotic Buildcon Private Limited held that loan advanced by Financial Creditor in violation of Section 186 of Companies Act, 2013 leads to a debt which cannot be legally enforceable and thereby dismissed the CIRP Application filed under Section 7 of IBC, 2016.

Mr Yashraj Singh summarised the order and its rationale and leaves us with a food for thought as to whether this order is a wakeup call for companies who are advancing loans by violating section 186 of Companies Act 2013.

Jun 25, 202102:46
Episode 52 - Invocation of Section 66 of IBC for Contravention of Moratorium

Episode 52 - Invocation of Section 66 of IBC for Contravention of Moratorium

In this episode, Mr Raymond Albyness discusses an interesting ruling by NCLT, Chennai wherein the Hon'ble NCLT invoked its powers under Section 66 of the Insolvency and Bankruptcy Code, 2016 for contravention of moratorium.

Jun 18, 202105:22
Episode 51 - Ringfencing Successor Liability : Protection offered to distressed acquisitions under India's Insolvency Code

Episode 51 - Ringfencing Successor Liability : Protection offered to distressed acquisitions under India's Insolvency Code

Mr Divyansh Dev delved into the ingredients of Section 32A of the Insolvency and Bankruptcy Code, 2016 which provides for immunity from any criminal prosecution against the Corporate Debtor and protection to the properties of the Corporate Debtor for the offences committed before the Insolvency Commencement Date. 

Keep listening to VListen!

If VListen... We Learn!

Jun 11, 202104:26
Episode 50 - Indian Variant of Pre-Packs : A Focused Discussion with Ms. Shreya Prakash

Episode 50 - Indian Variant of Pre-Packs : A Focused Discussion with Ms. Shreya Prakash

The Indian Variant of Pre-Packs is designed specifically for MSMEs and there are certain key areas which need focused discussion. In our special episode we had the privilege of hosting Ms. Shreya Prakash who shared her views on the key issues highlighted by VL team. 

Keep Listening to VListen.

If VListen... We Learn!

Jun 03, 202120:33
Episode 49 - Personal Guarantors to Corporate Debtor

Episode 49 - Personal Guarantors to Corporate Debtor

The issue on whether limiting the application of provisions of Part-III to Personal Guarantors to Corporate Debtor is valid, has come to a conclusion with the recent order of the Hon'ble Supreme Court in Lalit Kumar Jain vs. UoI & Ors.

Listen to our Podcast for the case study on Lalit Kumar Jain vs. UoI & Ors.

May 28, 202104:24
Episode 48 - Feasibility and Viability of Resolution Plan

Episode 48 - Feasibility and Viability of Resolution Plan

Does the proposal of the Resolution Applicant to change the business of the Corporate Debtor fail the feasibility and viability test under the Code? What exactly is "feasibility and viability"? 

To know more on this, listen to this episode by Aditya.

May 20, 202104:29
Episode 47 - Treatment of Provident Fund Dues under IBC, 2016

Episode 47 - Treatment of Provident Fund Dues under IBC, 2016

In this Episode, Mr Vineeth attempts to address an important issue as to whether PF dues are considered as Statutory Dues i.e. Operational Debt or as third-party assets which have super priority charge over the estate of the Corporate Debtor? 

May 14, 202104:37
Episode 46 - Treatment of Dissenting Financial Creditors

Episode 46 - Treatment of Dissenting Financial Creditors

In this episode, we will take you through a significant ruling by the Hon'ble Supreme Court clarifying the issue as to whether minimum payment payable to Dissenting Financial Creditors shall be in cash or monetary terms or in any other manner apart from cash?

May 07, 202104:39
Episode 45 - Is Priority Rights not a Priority?

Episode 45 - Is Priority Rights not a Priority?

In a recent ruling of NCLAT in the matter of Indian Renewable Energy Development Agency Ltd. Vs. Bhuvesh Maheshwari and Ors., it was observed that in the event the Secured Creditor holding priority charge elects to relinquish its security interest then the priority status of such secured creditor is lost and shall rank equally with other Secured Creditors. The Podcast attempts to capture the existing position and the need for protection of priority rights inter-se Secured Creditors.

Apr 30, 202105:49
Episode 44 - Contours of inherent powers vested upon High Court under S.482 Cr.P.C vis-à-vis IBC

Episode 44 - Contours of inherent powers vested upon High Court under S.482 Cr.P.C vis-à-vis IBC

In the instant case, the Hon'ble Supreme Court addressed an important issue as to whether inherent powers of the High Court u/s 482 Cr.P.C. can countenance the breach of a statuary provision?
In this podcast, Mr Bendi Raviteja will take you through the facts of the case and the rationale behind the ruling of SC.
Apr 28, 202106:12
Episode 43 - Entries in Balance Sheet tantamount to Acknowledgment of Debt

Episode 43 - Entries in Balance Sheet tantamount to Acknowledgment of Debt

The Hon'ble Supreme Court of India, in the matter of ARCIL vs. Bishal Jaiswal & Anr., after referring to a plethora of judgements, ruled that the entries in balance sheet shall be regarded as Acknowledgement of Debt for the purpose of Section 18 of the Limitation Act, 1963 read with Section 7 & 9 of the IBC, 2016 for initiation of CIRP. In this Podcast Mr Vakiti Vineeth Reddy explained the rationale of the SC order in the instant case and the views of Full Bench of the NCLAT which had contrary views.
Apr 23, 202109:54
Episode 42 - Beneficial Liquidation - Gujarat Urja Vikas Nigam Ltd vs. Yes Bank Limited

Episode 42 - Beneficial Liquidation - Gujarat Urja Vikas Nigam Ltd vs. Yes Bank Limited

The Hon'ble NCLAT in the matter of GUVNL vs. Yes Bank directed GUVNL not to terminate the PPA during Liquidation on the ground that Beneficial Liquidation aimed at maximising the value of assets of the Corporate Debtor is the norm of IBC which cannot be defeated. Listen to this Podcast by Vineeth, to learn the facts and the rationale behind such order.
Keep Listening to VListen!
If VListen... We Learn!
Nov 05, 202005:52
Episode 41 - Analysing Sectors of Indian Economy under Covid-19 Environment - An Indication for likely spike in cases under IBC

Episode 41 - Analysing Sectors of Indian Economy under Covid-19 Environment - An Indication for likely spike in cases under IBC

The impact of COVID-19 can be felt across various sectors in the Indian economy leading to stress in large number of businesses in India and thereby indicating a spike in cases under IBC once the suspension is shifted.
In this week's podcast, CA Vibhor Gupta analyses the performance of various sectors in India like that of Aviation, Tourism, Real Estate etc. under COVID-19 environment.
Oct 02, 202012:41
Episode 40 - Arcelor Mittal India Pvt. Ltd. vs. Satish Kumar Gupta - SC Landmark Ruling on Section 29A of IBC

Episode 40 - Arcelor Mittal India Pvt. Ltd. vs. Satish Kumar Gupta - SC Landmark Ruling on Section 29A of IBC

The Hon'ble Supreme Court in the matter of Arcelor Mittal India Pvt. Ltd. vs. Satish Kumar Gupta, pronounced a landmark ruling on the interpretation of Section 29A of the Insolvency and Bankruptcy Code, 2016. In this podcast, Mr Ojas Pimparkar discusses in detail the facts of the case and the rationale behind the Supreme Court's Ruling.

Sep 19, 202014:28
Episode 39 - Interplay of IBC and Limitation Act - Challenges and Contentious Issues

Episode 39 - Interplay of IBC and Limitation Act - Challenges and Contentious Issues

In this episode, Mr Vineeth Reddy deliberates on the challenges in the interplay between IBC and Limitation Act.

Sep 10, 202006:13
Episode 38 - Supreme Court's Verdict on Payment of AGR Dues and Sale of Spectrum by Insolvent Telcos

Episode 38 - Supreme Court's Verdict on Payment of AGR Dues and Sale of Spectrum by Insolvent Telcos

In this podcast we discuss the Supreme Court's Verdict on the payment of AGR dues by Indian Telcos and whether Spectrum can be subject to proceedings under the Insolvency and Bankruptcy Code, 2016 ("IBC")

Sep 01, 202009:12
Episode 37 - UVARC's resolution plan for AIRCEL- Salient Features

Episode 37 - UVARC's resolution plan for AIRCEL- Salient Features

In this podcast, CA Aditya Gupta discusses the salient features of the resolution plan submitted by UVARC for AIRCEL, which was duly approved by the NCLT.

Sep 01, 202006:45
Episode 36 - Does Classification of Account as NPA necessarily mean default under IBC?

Episode 36 - Does Classification of Account as NPA necessarily mean default under IBC?

Where a Bank classifies an account as NPA, it need not mean default under IBC is what CA Aditya Gupta argues and CS Prakul Thadi disagrees with him. Listen to the podcast to understand their respective arguments.

Aug 30, 202010:51
Episode 35 - Attachment of properties become void under Section 32A of IBC

Episode 35 - Attachment of properties become void under Section 32A of IBC

In this podcast, Mr Araventhan takes you through the order passed by NCLT, Kolkata Bench, in the matter of Anil Goel vs. Deputy Director, Directorate of Enforcement, Delhi wherein it was observed that the attachment and confiscation of properties of a CD undergoing CIRP or liquidation become void under section 32-A of the Code.

Aug 27, 202005:44
Episode 34 - Babulal Vardharji Gurjar vs. Veer Gurjar Aluminium Industries - Supreme Court on the Applicability of Limitation Act to IBC

Episode 34 - Babulal Vardharji Gurjar vs. Veer Gurjar Aluminium Industries - Supreme Court on the Applicability of Limitation Act to IBC

In Babulal Vardharji Gurjar vs. Veer Gurjar Aluminium Industries, both NCLT and NCLAT had admitted CIRP application even when the date of initiation of CIRP Application is more than 3 years from the date of default. The real fight is between Article 137 and Article 62 of the Limitation Act, 1963 and whether the decision of NCLT and NCLAT to admit the application upon invocation of Article 62  of the Limitation Act, 1963 is valid?

The matter landed before the Supreme Court and in this podcast Mr Vineeth Vakiti explained the decision of the Supreme Court and the rationale thereof.

If VListen... We Learn!

Aug 23, 202004:26
Episode 33 - SBI vs. Anil Dhirajlal Ambani - Insolvency Resolution Process against Personal Guarantor

Episode 33 - SBI vs. Anil Dhirajlal Ambani - Insolvency Resolution Process against Personal Guarantor

In this Podcast, CA Aditya Gupta gives a quick overview of the order passed by NCLT, Mumbai in the matter of SBI vs. Anil Dhirajlal Ambani pursuant to its powers under the IBC and I & B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors) Rules, 2019.

Aug 21, 202005:48
Episode 32 - RBI - Resolution Framework for COVID-19-related Stress

Episode 32 - RBI - Resolution Framework for COVID-19-related Stress

In this Podcast, CA Aditya Gupta explains the one-time restructuring opportunity provided by RBI through Resolution Framework for COVID-19-related stress, release by RBI on August 6, 2020.

Aug 16, 202006:11
Episode 31 - IBBI amends Liquidation Process and Voluntary Liquidation Process Regulations on August 5, 2020

Episode 31 - IBBI amends Liquidation Process and Voluntary Liquidation Process Regulations on August 5, 2020

In this podcast we update our listeners on the amendments brought forward by IBBI to the IBBI (Liquidation Process) Regulations, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017.

Aug 10, 202001:49
Episode 30 - IBBI amends the Insolvency Resolution Process Regulations on August 7, 2020

Episode 30 - IBBI amends the Insolvency Resolution Process Regulations on August 7, 2020

The IBBI amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. We believe that these amendments will help in uniformity in the practices adopted by Insolvency Professionals for selection of and voting by Authorised Representatives and voting on resolution plans by CoC.

Listen to our Podcast to know the amendments.

Aug 08, 202002:51
Episode 29 - IBBI is empowered to levy fee as a percentage of annual remuneration drawn as an IP: Madras HC

Episode 29 - IBBI is empowered to levy fee as a percentage of annual remuneration drawn as an IP: Madras HC

The power of the Insolvency and Bankruptcy Board (the "IBBI") to levy fee of 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year and also 0.25% of the turnover of an IPE in the preceding financial year and the regulations thereof were challenged before the Hon'ble High Court of Judicature at Madras.

In this case we will quickly discuss how the Hon'ble High Court addressed this case.

Aug 07, 202004:22
Episode 28 - State Bank of India vs. Ushdev International Ltd - An Interesting Debate on Commercial Wisdom of the CoC

Episode 28 - State Bank of India vs. Ushdev International Ltd - An Interesting Debate on Commercial Wisdom of the CoC

In this podcast we discuss an interesting case where the Adjudicating Authority made critical comments on the so-called Commercial Wisdom of the Committee of Creditors. It emphasised that the CoC has not at all applied its mind and that there was no element of wisdom displayed, leave alone the 'commercial wisdom'. Having said so it rejected the decision of the CoC to liquidate the Corporate Debtor and approved the resolution plan which was originally rejected by the CoC. Am not sure if it surprised you, but it did surprise me to a large extent. But, how in the world can this happen? Listen to our Podcast to know that!

Jul 24, 202006:07
Episode 27 - Raninga Ispat Private Limited (RIPL) | CIRP | Case Study | Insolvency & Bankruptcy Code, 2016 (IBC)

Episode 27 - Raninga Ispat Private Limited (RIPL) | CIRP | Case Study | Insolvency & Bankruptcy Code, 2016 (IBC)

The Adjudicating Authority admitted an application filed under S.7 of the Insolvency & Bankruptcy Code, 2016 (IBC) which was later set-aside by the NCLAT. Before it is set-aside the corporate debtor had incurred certain CIRP Cost. Who shall bear these expenses? Is it the Applicant FC alone or proportionately by the members of CoC? Listen to our podcast to know the answer.
Jul 23, 202003:50
Episode 26 - Albanna Engineering (India) Pvt. Ltd. | Group Insolvency | Case Study | Insolvency & Bankruptcy Code, 2016

Episode 26 - Albanna Engineering (India) Pvt. Ltd. | Group Insolvency | Case Study | Insolvency & Bankruptcy Code, 2016

Case Studies are always fun and we want to make it much easier. Mr Vineeth Vakiti, an alumni of NLU, Visakhapatnam and currently pursuing Graduate Insolvency Programme worked on this case brief and narrated the same.
Albanna Engineering is a critical case on Group Insolvency where the Parent Company is incorporated in Dubai.
Jul 21, 202004:54
Episode 25 - Liquidator of Surana Power Ltd. Vs. BHEL - Lien vs. Hypothecation

Episode 25 - Liquidator of Surana Power Ltd. Vs. BHEL - Lien vs. Hypothecation

In this podcast we will brief you on the NCLAT order in the matter of liquidation of Surana Power Ltd., the Corporate Debtor.

The Adjudicating Authority had admitted application filed by operational creditor under Section 9 of the Code for initiation of CIRP against Surana Power Ltd. With non-receipt of any resolution plan, the corporate debtor was ordered to be liquidated.

One of the operational creditors Bharath Heavy Electricals Ltd. (BHEL) had succeeded in an arbitration proceeding against the corporate debtor. The Arbitral Award declared BHEL as an unpaid seller and accordingly granted lien over the equipment and goods lying at the site of the Corporate Debtor.

Pursuant to S. 52 of the Code, the Respondent i.e. BHEL informed the liquidator about its willingness to realise the security interest in the Asset of the Corporate Debtor.

However, the liquidator filed an application before the Adjudicating Authority seeking directions against BHEL to permit the liquidator to cause sale of assets of the corporate debtor under Regulation 32 of the IBBI (Liquidation Process) Regulations, 2016.

Strange right? Are we missing something? Yes.

Let me take you back to 2010.

On September 24, 2010, the assets for which BHEL had been granted lien, were already hypothecated to 10 Secured Creditors. Unlike BHEL, these creditors constituting 73.76% have relinquished their Security Interest into the liquidation estate of the Corporate Debtor.

The liquidator argued that the charge of hypothecation is paripassu in nature to that of lien granted in favour of BHEL and hence, the liquidator filed application before the Adjudicating Authority for liberty to sell those assets so as to distribute it among all the Secured Creditors of the Corporate Debtor.

The Adjudicating Authority, having established the differences between lien and pledge, observed that

"Whenever any lien is created, the person having right of lien has a right to enforce the same against the asset in preference to charge of hypothecation."

Accordingly, the Adjudicating Authority dismissed the application filed by liquidator and considered that BHEL is a secured creditor entitled to proceed under S.52 of the Code to realise its security interest.

Aggrieved by this order of the Adjudicating Authority, the current appeal was preferred before the NCLAT.

The liquidator argued that ten out of eleven Secured Creditors, representing together 73.76% of the total secured assets have relinquished their Security Interest into the liquidation estate and only because of the Respondent, i.e. BHEL, the Liquidator is unable to proceed any further with the sale of assets.

In this context, the NCLAT invoked S.13(9) of the SARFAESI Act, 2002 and observed that any steps about the realization of assets by the Secured Creditors requires confirmation from the Creditors having at least 60% of the value of total debt. However, since in the present case, secured creditors having 73.76% of the value of total debt, i.e. more than the required 60% as per SARFAESI, are unwilling to exercise security interest, the same decision shall also be binding on BHEL.

The NCLAT further observed that BHEL does not hold a superior charge and hence, it would be prejudicial to stall the liquidation process at the instance of such creditor having only 26.24% share in the secured assets which would also be detrimental to the interest of the remaining ten Secured Creditors.

With this rationale, the NCLAT allowed the appeal and had set-aside the order passed by the Adjudicating Authority and directed the Appellant/Liquidator to complete the Liquidation Process in the light of this decision.

Jul 16, 202004:04
Episode 24 - Immunity from Criminal Prosecution - Section 32A of IBC

Episode 24 - Immunity from Criminal Prosecution - Section 32A of IBC

In this podcast Mr Ali discussed on the Immunity provided to corporate debtors from criminal prosecution after approval of resolution plan.

Jun 26, 202004:51
Episode 23 - Judicial Intervention and IBC

Episode 23 - Judicial Intervention and IBC

In this podcast we discuss as to how the judicial intervention of NCLT, NCLAT and Supreme Court helped establish the objective of the Insolvency and Bankruptcy Code, 2016.

Jun 16, 202005:30
Episode 22 - Cardinal Principles of Corporate Insolvency Law

Episode 22 - Cardinal Principles of Corporate Insolvency Law

In this week's podcast we quickly summarise the five cardinal principles of Corporate Insolvency Law.

Jun 12, 202002:36
Episode 21 - Ex-Employee of Financial Creditor cannot act as IRP: NCLAT in SBI vs. Metenere Ltd

Episode 21 - Ex-Employee of Financial Creditor cannot act as IRP: NCLAT in SBI vs. Metenere Ltd

A quick summary of the decision taken by the NCLAT in the matter of SBI vs. Metenere Ltd .

Jun 11, 202002:31
Episode 20 - Overview on Pre-Packs by CA Archit Gupta

Episode 20 - Overview on Pre-Packs by CA Archit Gupta

With the suspension of IBC due to the COVID-19 pandemic, introduction of Pre-Packaged insolvency mechanism in India seems to be inevitable. In this week's podcast we give a quick overview on the pre-packs.

Speaker:
CA Archit Gupta, is a chartered accountant, having experience of more than 3 years in various fields of the profession including forensic audit, valuation, indirect taxation, statutory audit, etc. He is DISA qualified and holds a certificate on forensic audit and fraud prevention issued by ICAI. He has also cleared the exam for registered valuer for asset class of securities and financial assets, held by IBBI and will soon be a registered valuer.

Jun 05, 202004:01
Episode 19 - So Close Yet So Far - A Comparison of Schemes with Resolution Plan and Liquidation as Going Concern
May 28, 202007:11