NCLT Urges Petitioners To Comply With Regulation 20(1a) Of Information Utility Regulations
1 year, 9 months ago

NCLT Urges Petitioners To Comply With Regulation 20(1a) Of Information Utility Regulations

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The National Company Law Tribunal has released a Circular dated 03.04.2023, requesting the Petitioners in Sections 7 and 9 of IBC proceedings to produce the record of Information Utility for effective hearing of their case and comply with Regulation 20 of Insolvency and Bankruptcy Board of India Regulation, 2016. Brief background Regulation 20 was inserted in the Insolvency and Bankruptcy Board of India Regulations, 2016 on 14.06.2022, which reads as follows: “20. Before filing an application to initiate corporate insolvency resolution process under section 7 or 9, as the case may be, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default in accordance with regulation 21.” When a Petitioner files a petition under Section 7 or 9 of the Insolvency and Bankruptcy Code,, the Regulation 20 requires the Petitioners to produce the record of Information Utility at the earliest for effective hearing of their case. NCLT has released the Circular dated 03.04.2023 requesting the Petitioners to comply with Regulation 20 of Information Utility Regulations.

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History of this topic

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
6 months, 3 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

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The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months, 3 weeks ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

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The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

Monthly Digest Of IBC Cases: May 2024
7 months, 1 week ago

Monthly Digest Of IBC Cases: May 2024

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SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

IBC Cases Quarterly Digest : January To March 2024
9 months ago

IBC Cases Quarterly Digest : January To March 2024

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Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Monthly Digest Of IBC Cases: February 2024
10 months, 1 week ago

Monthly Digest Of IBC Cases: February 2024

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Supreme Court Case Title: Greater Noida Industrial Development Authority Versus Prabhjit Singh Soni & Anr. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Adjudicating Authority ought to have granted an exclusion/extension of time when the Resolution Plan received in the …

NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory
11 months, 1 week ago

NCLT Kolkata: Filing Of Default Information With Information Utility Under Rule 20(1A) Of IBBI (UI) Regulations 2017 Is Not Mandatory

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The National Company Law Tribunal Kolkata comprising Smt. Bidisha Banerjee and Shri D. Arvind held that the filing of default information with Information Utility in compliance with Rule 20 of IBBI Regulations 2017 is not mandatory compliance. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that the filing of default information with Information Utility in compliance with …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 2 months ago

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes

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The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Mr. Justice Ashok Bhushan and Mr. Barun Mitra dismissed an appeal filed by Vistra ITCL Ltd.. It held that the scope and jurisdiction of National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 being summary in nature is distinctly not as extensive as that of a …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 3 months ago

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings

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The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha, dismissed the appeal filed in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal Kolkata whereby an application by the IRP of McLeod Russel …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 5 months ago

Weekly Digest Of IBC Cases: 18 To 23 July 2023

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Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238 of the Insolvency and Bankruptcy Code, 2016 overrides the provisions of the Electricity Act, 2003. High Court Jharkhand High Court …

IBBI Amends Its Regulations On Information Utilities
2 years, 6 months ago

IBBI Amends Its Regulations On Information Utilities

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The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India Regulations, 2017 vide a notification dated 14.06.2022, bearing No. Few prominent amendments as per the Notification dated 14.06.2022 are listed as follows: Before filing an application to initiate Corporate Insolvency Resolution Process under Section 7 or 9 of the …

Monthly Digest Of IBC Cases: May 2022
2 years, 7 months ago

Monthly Digest Of IBC Cases: May 2022

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Supreme Court Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

Weekly Digest Of IBC Cases: 23rd May To 29th May, 2022
2 years, 7 months ago

Weekly Digest Of IBC Cases: 23rd May To 29th May, 2022

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NCLAT Urges Central Government And IBBI To Consider Legislative Change For Payment To Operational Creditor Under Resolution Plan Case Title: Damodar Valley Corporation v Dimension Steel and Alloys Case No. 62 of 2022 The National Company law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla has urged the Central Government and the Insolvency and Bankruptcy Board …

Look Back Period Under Section 46 Not Applicable To Section 66 Under Insolvency And Bankruptcy Code, 2016: NCLAT
2 years, 8 months ago

Look Back Period Under Section 46 Not Applicable To Section 66 Under Insolvency And Bankruptcy Code, 2016: NCLAT

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National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava, Ms. Shreesha Merla in the case of Aditya Kumar Tibrewal v. Om Prakash Pandey held that the look back period prescribed under Section 46 of Insolvency & Bankruptcy Code, 2016 does not apply to transactions under Section 66 of the code. Resolution Professional of M/s …

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp
4 years, 4 months ago

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp

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The National Company Law Appellate Tribunal has set aside an order passed by the National Company Law Tribunal, Mumbai bench which had dismissed an application for the initiation of corporate insolvency resolution process against Mittal Corp Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Member, Ms. Shreesha Merla Member directed the NCLT to reconsider the application and …

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]
4 years, 6 months ago

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]

Live Law  

The National Company Law Tribunal, Chennai Bench has ruled that Section 10A of the Insolvency and Bankruptcy Code, 2016, which bars the initiation of insolvency proceedings against a defaulter, will be applicable to pending applications with respect to defaults arising on or after March 25. "The date of filing cannot determine the rights of the parties in view of the …

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]
4 years, 7 months ago

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]

Live Law  

The Chennai Bench of National Company Law Tribunal has held that the Central Government's decision to enhance the minimum threshold for the initiation of insolvency proceedings is prospective in nature. In a plea filed by Rockwell Industries Ltd., the Operational Creditor, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, Arrowline Organic Products, NCLT passed an Order of Admission …

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