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A commercial contract can generate several monetary claims at once. An unpaid invoice may sit alongside idling charges, demobilisation costs, compensation for delay and other amounts claimed because contractual performance has broken down. They may all arise from the same agreement, but under the Insolvency and Bankruptcy Code, 20161, they do not necessarily carry the same legal character. The Supreme […]

Can a resolution plan, once set aside by the Supreme Court for statutory defects, return to the National Company Law Tribunal without reopening the commercial bargain approved by the Committee of Creditors? The NCLT, New Delhi, confronted this question in Prabhjit Singh Soni, Resolution Professional of JNC Constructions Pvt. Ltd. v. Gautam Builders with Rapid Contracts Pvt. Ltd. (in Consortium)1. […]

Until recently, the filing of an insolvency application against a personal guarantor to a corporate debtor produced an immediate consequence under Section 96 of the Insolvency and Bankruptcy Code, 20161. An interim moratorium commenced from the date of filing itself, staying pending legal proceedings in respect of the debt and preventing creditors from commencing fresh action. The Insolvency and Bankruptcy […]