NCLAT dismisses DoT’s plea in Aircel licence moratorium matter citing delay in appeal
5 years ago

NCLAT dismisses DoT’s plea in Aircel licence moratorium matter citing delay in appeal

Live Mint  

The National Company Law Appellate Tribunal has dismissed the telecom department's plea citing delay in appeal against the NCLT order which held that the spectrum and licence of debt-ridden Aircel cannot be taken away during the insolvency resolution period. Under the IBC, any appeal against order passed by the NCLT could be filed before the appellate tribunal within 30 days and the delay which can be condoned for reasonable cause in the NCLAT is only 15 days. The NCLT order had come over the plea filed by the resolution professional of the company over apprehension that its license and spectrum could be suspended after DoT issued demand notice Though, the NCLT in its order accepted that licence and spectrum is an asset of DoT and Aircel has no right of ownership but said that clauses of moratorium are "squarely applicable on this Corporate Insolvency Resolution Process Proceedings, hence need not be interrupted or hampered by any authority." within the scope and ambit of Insolvency and Bankruptcy Code, 2016 hereby instruct the concerned DoT authority not to make any attempt to cancel the impugned license issued in favour of the debtor company," it said.

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History of this topic

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
1 week, 4 days ago

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra and Arun Baroka disposed an appeal filed by a majority shareholder of the corporate debtor stating that the Section 7 application filed by financial creditors was fraudulently filed in collusion with the corporate debtors' promoters. NCLAT Judgement The National Company Law Appellate …

NCLAT dismisses plea against resolution plan approval for Duncans Ind
2 weeks, 1 day ago

NCLAT dismisses plea against resolution plan approval for Duncans Ind

Live Mint  

New Delhi, Mar 9 Appellate tribunal NCLAT has set aside petitions against the NCLT order that approved the resolution plan for Duncans Industries. The National Company Law Appellate Tribunal also clarified that while approving the resolution plan for Duncans Industries, the NCLT has not made any observations regarding the "grant or non-grant of renewal of leases" of tea gardens. The …

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
2 weeks, 1 day ago

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan, Barun Mitra and Arun Baroka, dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights with the prescribed timelines. NCLAT Judgement The National Company Law …

Supreme Court Wonders Why NCLAT Wrote Long Order On Delay Condonation Application Despite High Pendency
2 weeks, 5 days ago

Supreme Court Wonders Why NCLAT Wrote Long Order On Delay Condonation Application Despite High Pendency

Live Law  

The Supreme Court recently expressed surprise that the National Company Law Appellate Tribunal, despite having a high pendency of cases, devoted extensive time and effort to writing a 17-page order on a delay condonation application. “We wonder why the NCLAT which has a high pendency should devote so much of time and energy in writing an order running into 17 …

Coffee Day Enterprises rallies 18% as NCLAT sets aside insolvency proceedings; up over 40% in 2 days
3 weeks ago

Coffee Day Enterprises rallies 18% as NCLAT sets aside insolvency proceedings; up over 40% in 2 days

Live Mint  

Shares of Coffee Day Enterprises Ltd surged nearly 18 percent in intraday trading on Tuesday, March 4, marking their second consecutive session of strong gains. This follows a 20 percent surge in the previous session after the National Company Law Appellate Tribunal dismissed insolvency proceedings against the company, boosting investor sentiment. The case, filed by IDBI Trusteeship Services over an …

NCLAT sets aside Insolvency order against Coffee Day Enterprises
3 weeks, 3 days ago

NCLAT sets aside Insolvency order against Coffee Day Enterprises

The Hindu  

National Company Law Appellate Tribunal, Chennai, on Thursday set aside the insolvency proceedings against Coffee Day Enterprises Limited, which runs Cafe Coffee Day chain. In a stock exchange announcement, the company said the NCLAT allowed its appeal and set said the National Company Law Tribunal last year’s order initiating the insolvency proceedings. Siddhartha’s and Café Coffee Day’s rise through the …

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week
1 month, 2 weeks ago

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week

Live Law  

The National Company Law Appellate Tribunal, Chennai bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain have directed the National Company Law Tribunal to decide the application filed by Board of Control for Cricket in India to withdraw the corporate insolvency resolution process against Byju's within a week's time. The Tribunal disposed of Riju Raveendran's appeal challenging the reinstatement of …

NCLT terminates insolvency resolution process against Logix Infra
1 month, 2 weeks ago

NCLT terminates insolvency resolution process against Logix Infra

Hindustan Times  

NOIDA: The national company law tribunal has terminated the ongoing corporate insolvency resolution process against the realty firm - Logix Infrastructure private limited - that was facing the proceedings since 2023. The February 6 order also termed all decisions taken by resolution professional Pawan Kumar Goyal after his appointment as “null and void”. The NCLT order that came in response …

Delay Beyond 15 Days In Filing Appeal Cannot Be Condoned As Per Proviso To Section 61(2) Of IBC: NCLAT
1 month, 3 weeks ago

Delay Beyond 15 Days In Filing Appeal Cannot Be Condoned As Per Proviso To Section 61(2) Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that delay in filing an appeal beyond 15 days as per section 61 proviso of the Insolvency and Bankruptcy Code cannot be condoned. The appellant submitted that the appeal has been filed within a period of limitation that is within 45 days …

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT
2 months, 1 week ago

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT

Live Law  

The National Company Law Appellate Tribunal has recently held that an appeal under Section 421 of the Companies Act, 2013, against an interlocutory order permitting holding of an Annual General Meeting without affecting the substantive rights of the appellants is not maintainable. The NCLAT bench presided over by Justice Sharad Kumar Sharma and Jatindranatha Swain], observed, "In fact, looking at …

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power
2 months, 1 week ago

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power

Live Mint  

New Delhi, Jan 12 The National Company Law Appellate Tribunal has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal, while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes …

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution
2 months, 2 weeks ago

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain, considering the peculiar situation where the civil suit was dismissed as withdrawn three days after the company petition under section 59 of the Companies Act was dismissed, directed the revival of company petition. The appellant also filed another civil suit in Civil Court Senior Division, Pune in RCS …

‘Why should Govt of India not adhere to timelines’: Supreme Court slams Centre over delay in appeal filings
2 months, 2 weeks ago

‘Why should Govt of India not adhere to timelines’: Supreme Court slams Centre over delay in appeal filings

Hindustan Times  

The Supreme Court on Friday slammed the central government, including the National Highways Authority of India, for excessive delays in filing of appeals. Hearing a plea filed by the NHAI, Chief Justice Of India Sanjiv Khanna observed that everyone is adhering to the time schedule for filing appeals in almost 95 per cent of the cases, asking, “Why should the …

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network
3 months ago

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network

Live Mint  

New Delhi, Dec 23 The NCLAT on Monday set aside a batch of appeals filed against the NCLT order approving bids of Sapphire Media for Reliance Broadcast Network Ltd. The National Company Law Appellate Tribunal upheld the order of the Mumbai Bench of the NCLT, which had on May 6, 2024 approved the resolution plan of Sapphire Media for Reliance …

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT
4 months ago

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey affirmed that a shareholder of the company is not the “aggrieved party” as per the provisions of the Code therefore appeal filed by him under section 61 of the Code would not be maintainable. In the aforesaid Company matter, the Respondent no.1 submitted copy …

Raheja Developers moves NCLAT against insolvency
4 months ago

Raheja Developers moves NCLAT against insolvency

Live Mint  

New Delhi, Nov 20 Raheja Developers on Wednesday moved before the appellate tribunal NCLAT to challenge the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. The said order has been now challenged by Navin Raheja, Chairman & Managing Director of the suspended board of the realty firm before the National Company …

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
4 months, 1 week ago

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection

Live Law  

The NCLAT bench comprising Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has allowed the refund of pre-Corporate Insolvency Resolution Process electricity dues paid by the Successful Resolution Applicant. Thus the pre-CIRP dues by the appellant were paid under protest and under protection of the order of NCLT and thus it related to the revival of the Corporate Debtor in …

BCCI seeks withdrawal of insolvency proceedings against Byju’s
4 months, 1 week ago

BCCI seeks withdrawal of insolvency proceedings against Byju’s

Live Mint  

The Board of Control for Cricket in India on Tuesday sought an urgent hearing for its plea to withdraw an insolvency case against edtech firm Byju’s. The BCCI’s counsel requested that the NCLT in Bengaluru prioritize the withdrawal application, arguing that if the withdrawal is granted, it would render other pleas, such as those by US-based Glas Trust and Aditya …

'No Political Appointments' : Supreme Court Decries Poor Functioning Of NCLTs/NCLAT, Says Members Often Lack Domain Knowledge
4 months, 2 weeks ago

'No Political Appointments' : Supreme Court Decries Poor Functioning Of NCLTs/NCLAT, Says Members Often Lack Domain Knowledge

Live Law  

In the judgment ordering the liquidation of Jet Airways, the Supreme Court made several critical remarks against the abysmal functioning of the National Company Law Tribunals and the National Company Law Appellate Tribunal benches.Slamming the "growing tendency" of the NCLT and NCLAT members to ignore the orders of the Supreme Court, the Court stated that only persons of impeccable. In …

No political appointments in NCLT, NCLAT: SC
4 months, 2 weeks ago

No political appointments in NCLT, NCLAT: SC

Hindustan Times  

The Supreme Court on Thursday emphasised that appointments to the National Company Law Tribunal and the National Company Law Appellate Tribunal must not be “political”, even as it voiced serious concerns over delays and inefficiencies affecting India’s insolvency process. In its judgment that ordered the liquidation of debt-ridden Jet Airways, the top court addressed a raft of issues regarding the …

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
5 months, 3 weeks ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
7 months ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law  

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

Supreme Court Stays NCLAT Order Allowing BCCI-BYJU's Settlement Worth Rs 158 Crore
7 months, 1 week ago

Supreme Court Stays NCLAT Order Allowing BCCI-BYJU's Settlement Worth Rs 158 Crore

ABP News  

Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal order that allowed Board of Control for Cricket in India to settle its dues with Byju on latter paying Rs 158 crore. On August 2, the NCLAT Chennai Bench allowed settlement between BCCI and Byju which involves the repayment of Rs 158 crores to the BCCI. Folllowing this order …

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement
7 months, 1 week ago

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement

India Today  

The Supreme Court on Wednesday put a hold on the National Company Law Appellate Tribunal's decision to approve the Rs 158.9 crore settlement between edtech giant Byju's and the Board of Control for Cricket in India. Solicitor General Tushar Mehta, representing the BCCI, expressed concerns that the stay would impact the BCCI's settlement with Byju's. Despite this, the court directed …

Byju’s, BCCI in settlement talks to avoid insolvency proceedings
7 months, 3 weeks ago

Byju’s, BCCI in settlement talks to avoid insolvency proceedings

New Indian Express  

BENGALURU: Edtech firm Byju’s and the Board of Control for Cricket in India are in ‘discussions’ to settle their dispute. Meanwhile, the Karnataka High Court disposed of the petition filed by Byju Raveendran seeking the insolvency proceedings to be suspended. On July 16, the NCLT, Bengaluru bench, admitted an insolvency plea filed by the BCCI against Byju’s over a Rs …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
7 months, 3 weeks ago

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings

Live Law  

The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal order, which admitted his parent company Think and Learn Private Limited, into the insolvency resolution process. A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench …

NCLT admits insolvency proceedings against Byju’s
8 months, 1 week ago

NCLT admits insolvency proceedings against Byju’s

New Indian Express  

BENGALURU: The National Company Law Tribunal, Bengaluru bench, on Tuesday admitted an insolvency petition filed by the Board of Control for Cricket in India against edtech firm Byju’s over a Rs 158 crore debt. Byju’s, reached its peak valuation of $22 billion in 2022, has to face insolvency proceedings. According to sources, Byju’s is planning to challenge the order at …

Monthly Digest Of IBC Cases: May 2024
9 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

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 …

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC
10 months, 1 week ago

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that if no Goods and Services Tax refund/ Input Tax Credit claim has been included in the Demand Notice under Section 8 of Insolvency and Bankruptcy Code, 2016 or in Form 5 by the Operational Creditor, the same cannot become a …

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
10 months, 1 week ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC
10 months, 1 week ago

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Arun Baroka held that the Adjudicating Authority can extend payment timelines under the Resolution Plan without the express concurrence of the Committee of Creditors. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that the Adjudicating Authority can extend payment timelines under the Resolution Plan …

Jet Airways’ lenders move SC against NCLAT decision to uphold resolution plan
11 months ago

Jet Airways’ lenders move SC against NCLAT decision to uphold resolution plan

Live Mint  

New Delhi: The lenders of Jet Airways, led by State Bank of India, have challenged a National Company Law Appellate Tribunal's decision that upheld the resolution plan proposed by the Jalan-Kalrock consortium for the bankrupt airline. Additionally, the appellate tribunal instructed JKC to settle dues towards the airline’s workmen, employees, creditors, and other costs of the resolution process from the …

NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'
11 months, 1 week ago

NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal, Justice Sharad Kumar Sharma and Jatindranath Swain, has stayed the insolvency proceedings initiated against Deccan Charters Pvt. On 04.05.2022, the Financial Creditor filed an application under Section 7 of IBC seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, over a default of Rs. On …

IBC Cases Quarterly Digest : January To March 2024
11 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

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 …

Weekly Digest Of IBC Cases: 25th To 31st March 2024
11 months, 3 weeks ago

Weekly Digest Of IBC Cases: 25th To 31st March 2024

Live Law  

Supreme Court Case Title: Deccan Value Investors L.P. & Anr. The Bench Comprising Justices Sanjiv Khanna and Dipankar Datta referred to the Judgment of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Another, where the Supreme Court elaborated and set out several reasons why the resolution applicant cannot be permitted to withdraw or modify the …

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai
11 months, 3 weeks ago

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Justice Sharad Kumar Sharma and Shri Jatindranath Swain, has held that the Tribunal cannot hear a case de-novo while adjudicating an application filed for recall of an order. In addition, the Power to Recall an Order / Judgment, earlier passed by this Tribunal, is not the …

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law
1 year ago

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that non-grant of any reliefs and concessions by NCLT does not have any adverse effect on the validity of the Resolution Plan and is not a violation of the law. JAL and Manoj Gaur erstwhile Managing Director and personal guarantor of Corporate Debtor's loan …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
1 year, 1 month 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 …

IBC | Inappropriate For NCLAT To Direct NCLT To Admit Petition Under Section 7 Without Evaluating Rival Contentions On Merits: Supreme Court
1 year, 2 months ago

IBC | Inappropriate For NCLAT To Direct NCLT To Admit Petition Under Section 7 Without Evaluating Rival Contentions On Merits: Supreme Court

Live Law  

The Supreme Court has set aside an order passed by the National Company Law Appellate Tribunal whereby the National Company Law Tribunal was directed to admit a petition under Section 7 of Insolvency and Bankruptcy Code, 2016. The Bench comprising Chief Justice of India Dr. Dhananjaya Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra, has held that it …

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
1 year, 2 months ago

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra held that decisions of the Committee of Creditors to liquidate under Section 33 of Insolvency and Bankruptcy Code, 2016 have to be with reasons and the liquidation cannot be decided arbitrarily. Background Facts: On 10.08.2023, the Adjudicating Authority admitted the application of …

IBC | When Matter Heard On A Particular Date But Order Pronounced Later, NCLT Not To Affix Date Of Hearing On Order: Supreme Court
1 year, 3 months ago

IBC | When Matter Heard On A Particular Date But Order Pronounced Later, NCLT Not To Affix Date Of Hearing On Order: Supreme Court

Live Law  

The Supreme Court has held that when a matter is heard by the National Company Law Tribunal on a particular date but the order is pronounced on another date, then NCLT must refrain from affixing the date of hearing on the order. The Appellant filed an appeal against the NCLT order before National Company Law Appellate Tribunal under Section 61 …

Monthly Digest Of IBC Cases: November 2023
1 year, 3 months ago

Monthly Digest Of IBC Cases: November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

SC advises NCLT against routine asset revaluation orders
1 year, 4 months ago

SC advises NCLT against routine asset revaluation orders

Live Mint  

New Delhi: The Supreme Court has advised the National Company Law Tribunal against routinely issuing directions for a revaluation of a corporate debtor’s assets A bench comprising Justices Vikram Nath and Ahsanuddin Amanullah emphasized that the tribunal has limited powers for such directions and should exercise them only in exceptional circumstances. Citing relevant provisions of Insolvency and Bankruptcy Code, the …

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, 4 months 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 Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT
1 year, 4 months ago

NCLAT Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT

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 claims cannot be entertained after approval of the Resolution Plan by Committee of Creditors even if the Resolution Plan is still pending for approval of the National Company Law Tribunal. Contentions of Appellant …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 4 months ago

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

Live Law  

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 Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
1 year, 4 months ago

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal filed by Jitendra Virmani against Mro-Tek Realty Limited. The Appellate Tribunal held that the Board of Directors has the onus to take decisions for the Company’s business or negotiations with the parties concerned and not the shareholders of the company. …

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT
1 year, 4 months ago

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed by Jitendra Virmani against the National Company Law Tribunal Bangalore order dated 27.11.2019. The Appellate Tribunal held that the grounds not taken on jurisdiction before the NCLT, cannot be contested afresh on appeal as the parties have exercised acquiescence and …

'Got down to a rot': Supreme Court issues contempt notices to NCLAT members
1 year, 5 months ago

'Got down to a rot': Supreme Court issues contempt notices to NCLAT members

Hindustan Times  

New Delhi: The National Company Law Appellate Tribunal has got down to a rot, Chief Justice of India DY Chandrachud observed on Wednesday, issuing contempt notices to judicial member Rakesh Kumar and technical member Alok Shrivastava in connection with the Finolex Cables case. The court also set aside the NCLAT bench's October 13 judgment ordering the company to release the …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 5 months ago

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

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 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 …

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