NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs
1 year, 2 months ago

NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs

Live Law  

The National Company Law Tribunal Kolkata Bench comprising Bidisha Banerjee and D. Arvind allowed the application filed in Radhasiriya Properties Pvt. The Tribunal held that when scheme of compromise and arrangement proposed by Applicant is rejected at its first motion by Creditors, Proviso to Rule 2B of Liquidation Process Regulations 2016 does not apply and Liquidator is not entitled to claim his fees and other costs from the Applicant. NCLT Verdict: The NCLT Kolkata allowed the application and held that when scheme of compromise and arrangement proposed by Applicant is rejected at its first motion by Creditors, Proviso to Rule 2B of Liquidation Process Regulations 2016 does not apply and Liquidator is not entitled to claim his fees and other costs from the Applicant. Proviso to Rule 2B of the Liquidation Process Regulations 2016, provides for bearing of cost by the parties who proposed compromise or arrangement only when such a scheme is not sanctioned by the Tribunal under sub section of Section 230 of the Companies Act. Thus the Tribunal observed that since the proposed scheme was rejected unanimously at its first motion of compromise or arrangement and that the NCLT did not have any scope to sanction the scheme and therefore the Liquidator cannot invoke proviso to Rule 2B of Liquidation Process Regulations 2016.

Applicant Process Tribunal Nclt Scheme Liquidator Creditors Compromise Liquidation Arrangement Nclt Kolkata Liquidation Process Regulations First Motion Scheme Of Compromise And Arrangement Jai Narayan Gupta Its First Motion Proviso To Other Costs Kolkata Dismissal Radhasiriya Properties Pvt  kolkata  dismissal  applicant  liquidation  creditors  fees  costs  rs  scheme  nclt  liquidator  compromise  arrangement  tribunal  entitled  motion  process

History of this topic

'Judicial Time & Resources Abused': Punjab & Haryana HC Imposes Rs.5 Lakh Cost On Litigant For Supressing Facts, Filing Repeated Pleas
3 days, 12 hours ago

'Judicial Time & Resources Abused': Punjab & Haryana HC Imposes Rs.5 Lakh Cost On Litigant For Supressing Facts, Filing Repeated Pleas

Live Law  

The Punjab & Haryana High Court imposed a cost of Rs.5 lakh on litigant who repeatedly abused the process of court by filing successive pleas and suppressed “crucial fact.” The plea was filed challenging the resumption order of a land which was allotted to the petitioner subject to certain conditions. A bench of Justice Arun Palli and Justice Vikram Aggarwal …

Official Liquidator Cannot Institute S. 61 Proceedings To Challenge Directions Issued To IBBI: NCLAT Chennai
1 month ago

Official Liquidator Cannot Institute S. 61 Proceedings To Challenge Directions Issued To IBBI: NCLAT Chennai

Live Law  

The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma and Jatindranath Swain dismissed an appeal filed by the Liquidator of the Corporate Debtor M/s RLS Alloys Pvt. Facts of the Case The appellant who is the official liquidator of the Corporate Debtor M/s RLS Alloys Pvt. Judgement of the Court The NCLAT stated that the Liquidator cannot …

Single Transaction Of Assignment Of Debt Not 'Commercial Dispute': Bombay HC Imposes Cost Of ₹5 Lakh On Plea For Return Of Plaint In Summary Suit
1 month, 1 week ago

Single Transaction Of Assignment Of Debt Not 'Commercial Dispute': Bombay HC Imposes Cost Of ₹5 Lakh On Plea For Return Of Plaint In Summary Suit

Live Law  

The Bombay High Court has observed that a dispute arising out of a singular transaction of assignment of debt cannot be considered a 'commercial dispute' under Section 2 of the Commercial Courts Act, 2015. Varanium Cloud Ltd filed an interim application for return of plaint on the ground that the suit was incorrectly instituted by Rolta Private Ltd as an …

Liquidator's Reliance On Transaction Audit Report Sufficient To File Application For Avoidance Of Preferential Transactions U/S 43 Of IBC: NCLAT
1 month, 2 weeks ago

Liquidator's Reliance On Transaction Audit Report Sufficient To File Application For Avoidance Of Preferential Transactions U/S 43 Of IBC: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that when the Liquidator has got a Transaction Audit Report done and on the basis of which has come to a conclusion that this is a preferential transaction, it cannot be said that he has not formed an independent opinion before filing an application for …

Refunded Amount Should Be Paid From Date Of Deposit To Ensure Restitution: NCDRC
3 months, 2 weeks ago

Refunded Amount Should Be Paid From Date Of Deposit To Ensure Restitution: NCDRC

Live Law  

The National Consumer Disputes Redressal Commission, presided by Mr. Subhash Chandra and AVM J. Rajendra, held that the refunded amount should be paid from the date of deposit and should be both restitutionary and compensatory. Brief Facts of the Case The complainant booked a flat with the Punjab Urban Planning & Development Authority/developer and paid ₹3,00,000 as earnest money. The …

Preferential Transaction Under Section 43 Of IBC, Fraudulent Intent Need Not To Be Proved : NCLT Mumbai
6 months, 2 weeks ago

Preferential Transaction Under Section 43 Of IBC, Fraudulent Intent Need Not To Be Proved : NCLT Mumbai

Live Law  

The National Company Law Tribunal Mumbai Bench-I of Justice Shri V.G. Accordingly, these transactions squarely falls within the deeming fiction provided in section 43 of the Code.” Brief Facts: The matter pertained to several applications filed by the Resolution Professional, Mr. Ankur Kumar, of M/s Mahavir Roads and Infrastructure Private Limited. It was contended that transactions between the Corporate Debtor …

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC
6 months, 3 weeks ago

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the set-off/adjustment of demand with refund by Income Tax Department during the intervening period when the Corporate Insolvency Resolution Process timeline period has expired but before passing of Liquidation Order under Section 33 of Insolvency and Bankruptcy Code, 2016 amounts …

When Claims And Counter Claims Are Involved, Liquidator Cannot Decide The Same: NCLAT Chennai
7 months, 1 week ago

When Claims And Counter Claims Are Involved, Liquidator Cannot Decide The Same: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising Shri Justice Venugopal M. and Shri Jatindranath Swain, while adjudicating an application under Section 61 of Insolvency and Bankruptcy Code, 2016 in M/s. FLSmidth Private Limited vs Lanco Infratech Ltd. has held that when claim and counter claims are involved Liquidator cannot decide the same. Background Facts Lanco Infratech issued a …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 1 week ago

Weekly Digest Of IBC Cases: 5th To 11th February 2024

Live Law  

NCLAT NCLAT Delhi: Adjudicating Authority Should Grant Extension Of Time To Consider Resolution Plan Crucial To Fulfill Object Of IBC Case Title: Nimai Gautam Shah, Resolution Professional of Sintex Plastics Technology Ltd. vs. RBL Bank Ltd. Case No. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and …

NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations
11 months, 2 weeks ago

NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising Justice Ashok Bhushan and Barun Mitra has held that the Liquidator is entitled to his fee under Section 34 of the Insolvency and Bankruptcy Code, 2016 and Regulation 4 of Insolvency and Bankruptcy Board of India Regulations, 2016 and Cost under Regulation 2B of Liquidation Regulations. NCLAT Verdict: The NCLAT …

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator
1 year ago

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Ms. Bidisha Banerjee and Shri Balraj Joshi, has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI Regulations 2016. In 2022, the Liquidator filed an application under Section 54 of IBC seeking dissolution of Corporate Debtor. The liquidator shall …

Liquidator Can’t Reject A Rectified Claim For Being Time Barred: NCLT Mumbai
1 year, 1 month ago

Liquidator Can’t Reject A Rectified Claim For Being Time Barred: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan, has held that when a creditor submits a claim before Liquidator within stipulated timeline though not in proper Form, then the Liquidator cannot reject such creditor’s claim on the premise that rectified claim was submitted after due date. NCLT Verdict The Bench …

NCLAT Delhi: Benefit Under Section 17 Of Limitation Act Is Not Available When Fraud Was Played In Creditor Company And Not In Company Of Corporate Debtor
1 year, 1 month ago

NCLAT Delhi: Benefit Under Section 17 Of Limitation Act Is Not Available When Fraud Was Played In Creditor Company And Not In Company Of Corporate Debtor

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan, Mr Barun Mitra and Mr Arun Baroka has rejected an appeal and held that benefits under Section 17 of the Limitation Act, 1963 for filing a belated claim is not available when the fraud was played in the Creditor Company and not in the company of the …

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...
1 year, 1 month ago

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha dismissed the appeal filed against the order of the National Company Law Tribunal Kolkata Bench dated 23.02.2023. The Appellate Tribunal held that the Liquidator is required to follow the terms and conditions of Clause 12 of Schedule 1 of the Liquidation …

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted
1 year, 3 months ago

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted

Live Law  

The National Company Law Tribunal, Bangalore Bench comprising of Justice T. Krishnavalli and Shri. The Tribunal held that the claim against additional cost and interest imposed by the Commercial Court post the commencement of CIRP cannot be admitted by the RP in a CIRP during the moratorium period. The RP contended that that the Applicant’s claim was based on the …

NCLT Chandigarh: Suspended Directors Have No Vested Right In The Removal Of Liquidator
1 year, 3 months ago

NCLT Chandigarh: Suspended Directors Have No Vested Right In The Removal Of Liquidator

Live Law  

The National Company Law Tribunal, Chandigarh comprising of Mr. Harnam Singh Thakur and Mr. Subrata Kumar Dash dismissed an application filed by Kulwinder Singh Makhni for the removal of Mr. Sanjay Kumar Aggarwal and for appointment of a new Liquidator of the Corporate Debtor. It held that the suspended director does not have the authority to recommend the liquidator's removal …

Court Under Section 29A Of The A&C Act Would Not Consider Issue Regarding Fees Of Arbitral Tribunal: Delhi High Court
1 year, 5 months ago

Court Under Section 29A Of The A&C Act Would Not Consider Issue Regarding Fees Of Arbitral Tribunal: Delhi High Court

Live Law  

The High Court of Delhi has held the Court exercising power under Section 29A of the A&C Act, which provides for extension of time to conclude arbitral proceedings, is only concerned with the issue as to whether the arbitrator has acted with expedition in the matter and would not consider any issue regarding the conduct of the arbitration or the …

Delhi High Court Allows Court Fee Refund Application In Commercial Suit After NCLT Imposes Interim Moratorium On Defendants
1 year, 7 months ago

Delhi High Court Allows Court Fee Refund Application In Commercial Suit After NCLT Imposes Interim Moratorium On Defendants

Live Law  

The Delhi High Court has ordered to refund court fee to a plaintiff in a commercial suit after interim moratorium was imposed on the defendants by National Company Law Tribunal in Mumbai under Insolvency and Bankruptcy Code, 2016.Expanding the scope of section 16 of Court Fees Act, 1870, Justice Yashwant Varma said:“The Court notes that once personal insolvency has commenced …

Weekly Digest Of IBC Cases: 30 January To 5 February 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 30 January To 5 February 2023

Live Law  

Supreme Court Jet Airways Insolvency: Supreme Court Affirms NCLAT Order Directing Successful Bidder To Clear PF, Gratuity Dues Of Employees Case Title: Jalan Fritsch Consortium v Regional Provident Fund Commissioner and Anr. 1423 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, has held the nature of financial debt would …

‘Filed Only For Recovery Of Balance Interest Amount’: NCLAT Delhi Upholds Dismissal Of Section 9 Petition
1 year, 11 months ago

‘Filed Only For Recovery Of Balance Interest Amount’: NCLAT Delhi Upholds Dismissal Of Section 9 Petition

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Permali Wallace Pvt. Ltd., has held upheld the Adjudicating Authority’s dismissal of a Section 9 petition, which was filed merely for recovery of balance interest amount in view of a settlement agreement and not for resolution of …

Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD
2 years ago

Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Bankey Bihari Infrahomes Pvt. Ltd. v Mr. Alok Kumar Kuchchal & Anr., has upheld the Adjudicating Authority's decision to proceed with liquidation of Corporate Debtor as the Scheme of Compromise & Arrangement submitted by …

IBC Cases Weekly Round Up: July 10 To 17 July, 2022
2 years, 5 months ago

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

Live Law  

Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 for recommending approval or rejection of insolvency …

NCLT Have The Power To Replace Liquidator Under Insolvency And Bankruptcy Code, 2016: NCLT Chennai
2 years, 5 months ago

NCLT Have The Power To Replace Liquidator Under Insolvency And Bankruptcy Code, 2016: NCLT Chennai

Live Law  

National Company Law Tribunal, Chennai comprising of Justice S Ramathilagam and Mr. Anil B Kumar held that the NCLT have the power to replace the liquidator during the liquidation process of a Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. NCLT initiated the Corporate Insolvency Resolution Process of Jeypore Sugar Company Limited on 25.02.2019 and thereafter initiated the liquidation …

'Abuse Of Process, Frivolous Litigation' : Supreme Court Affirms Cost Of Rs 5 Lakhs Imposed On Litigant
2 years, 5 months ago

'Abuse Of Process, Frivolous Litigation' : Supreme Court Affirms Cost Of Rs 5 Lakhs Imposed On Litigant

Live Law  

Strongly criticising the filing of numerous proceedings before the tiers of forums upto the Supreme Court itself and the deliberate non-disclosure of absolutely relevant facts, the Apex Court went on to record that it was initially persuaded to initiate contempt proceedings against the Petitioner, but it is not doing so purely due to the age of the Petitioner as she …

'Desperate Attempt To Keep Claims In Limbo': Calcutta High Court Rejects Unsecured Creditor's Plea To Stay Dunlop E-Auction With ₹2 Lakh Cost
2 years, 6 months ago

'Desperate Attempt To Keep Claims In Limbo': Calcutta High Court Rejects Unsecured Creditor's Plea To Stay Dunlop E-Auction With ₹2 Lakh Cost

Live Law  

The Calcutta High Court on Monday came down heavily on an unsecured creditor seeking a stay of the e-auction process to liquidate plant and machinery of Dunlop India Ltd, opining that it is a desperate attempt to keep the claims of the creditors and workers uncertain and in a limbo for all times to come.Justice Moushumi Bhattacharya was adjudicating upon …

Committee Of Creditors Are Competent To Revise The Approved Fees Of Resolution Professional: NCLAT
2 years, 7 months ago

Committee Of Creditors Are Competent To Revise The Approved Fees Of Resolution Professional: NCLAT

Live Law  

National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan and Ms. Shresha Merla in the case of Kushwinder Singhal versus Reena Tiwari held that the Committee of Creditors is fully competent to revise its earlier approval of the fees of the Resolution Professional. The erstwhile Resolution Professional of Bestways Transport India Pvt Ltd. Mr. Kushwinder Singhal was …

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata
2 years, 8 months ago

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising of Mr. V K Rajasekhar and Balraj Joshi held that an application for preferential transactions cannot be pursued either by the erstwhile Resolution Professional or the new Management of the Corporate Debtor after the approval of the Resolution Plan by NCLT. Resolution Professional received the transaction audit report on 26.06.2020 wherein certain …

Discover Related