The Supreme Court has ruled that lenders can start insolvency proceedings at the same time against both the main borrower and the corporate guarantor for the same loan under the IBC. The Court said there is no legal bar in the Code and each case must be examined independently on merits.
The Karnataka High Court has directed the preservation of all emails and communications related to Byju’s insolvency case, stating, “Preserve all emails.” The interim order came in response to a petition by Byju Raveendran, aiming to secure crucial digital evidence amid ongoing proceedings under the Insolvency and Bankruptcy Code (IBC).
The Supreme Court ruled that resolution plans under the Insolvency and Bankruptcy Code (IBC) involving mergers or acquisitions must get Competition Commission of India (CCI) approval before the Committee of Creditors (CoC) stage. However, Justice SVN Bhatti dissented, stating that CCI clearance could be obtained after CoC approval. This decision ensures regulatory compliance and prevents anti-competitive practices early in the insolvency process.
