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family trusts: How amendments in IBC could put Family Trusts in the dock


Synopsis
It is for the creditors to prove that transfer to the trust fund has been done with mala fide intentions. Such transactions are termed as PUFE (Preferential, Undervalued, Fraudulent and Extortionate) transactions. At this juncture it is pertinent to note that the Code provides a look-back period only for PUE transactions and not for fraudulent transactions. For this, we will need to refer to S17 of the Limitation Act.
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The recent Supreme Court ruling, confirming the amendment to Insolvency Bankruptcy Code allowing creditors to proceed against personal guarantors of defaulting companies to recover debt has not only opened up a new dimension in the corporate insolvency resolution, but also caused a furor among the promoter families. ....

Lalit Kumar Jain , Supreme Court , Parag Gupta Associates , Court Or Tribunal , Union Of India , Bk Educational Servicesp Ltd , Insolvency Bankruptcy Code , Bankruptcy Rules , Indian Government , Bankruptcy Code , Personal Guarantors , Asset Protection , Asset Protection Trusts , Limitations Act , Limitation Act , லாலிட் குமார் ஜெயின் , உச்ச நீதிமன்றம் , பராக் குப்தா கூட்டாளிகள் , நீதிமன்றம் அல்லது தீர்ப்பாயம் , தொழிற்சங்கம் ஆஃப் இந்தியா , நொடித்துப்போனது திவால்நிலை குறியீடு , திவால்நிலை விதிகள் , இந்தியன் அரசு , திவால்நிலை குறியீடு , சொத்து ப்ரொடெக்ஶந் , சொத்து ப்ரொடெக்ஶந் அறக்கட்டளைகள் ,

Supreme Court Monthly Digest: March 2021 [74 SC Judgments] [Citation LL 2021 SC 118 To LL 2021 SC 192]


A Bench comprising of
Navin Sinha and
KM Joseph observed that an application under Section 34 of the Arbitration and Conciliation Act to set aside an award is covered by moratorium under Section 14 of the Insolvency and Bankruptcy Code.
Section 34 proceeding is a proceeding against the corporate debtor in a court of law pertaining to a challenge to an arbitral award and would be covered just as an appellate proceeding in a decree from a suit would be covered, the bench headed by Justice RF Nariman observed in the judgment titled P Mohanraj & Ors. v. M/s Shah Brothers Ispat Ltd. ....

New Delhi , Jammu And Kashmir , Uttar Pradesh , State Of West Bengal , West Bengal , Andhra Pradesh , Madhya Pradesh , Himachal Pradesh , State Of Rajasthan , Tamil Nadu , State Of Assam , State Of Andhra Pradesh , State Of Kerala , Chaganti Satyanarayan , Surya Kant , Lalita Kumari , Evam Vikas Parishad , Sanjay Kishan Kaul , Indira Banerjee , Abuzar Hossain Ghulam , Pramod Suryabhan Pawar , Aniruddha Bose , Mohan Shantanagoudar , L Nageswara Rao , Patricia Mukhim , Sushila Aggarwal ,