NCLAT Held That RP Should Investigate The Veracity And Genuineness Of Claims In The Light Of Provisions Of IBC And Regulations 13 And 14 Of CIRP Regulations
2 years, 6 months ago

NCLAT Held That RP Should Investigate The Veracity And Genuineness Of Claims In The Light Of Provisions Of IBC And Regulations 13 And 14 Of CIRP Regulations

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In a significant development, while setting aside the order dated 17.06.2020 of Ld.' NCLT dismissed the application of the P.M. Ltd., having considered various documents submitted by New Hind Silk House Private Limited regarding its claim along with Form C and held that RP has considered and screened all the documents properly as per the provisions of IBC, and CIRP Regulations and further the allegations made by the Applicant have not been substantiated, the Hon'ble NCLAT, Bench- IV, New Delhi, vide its order dated 14.09.2022 in the Appeal filed by P.M. RP, in its counter affidavit, had also stated that "the directors of the corporate debtor have also confirmed the genuineness of the balance confirmations', The Learned Counsel for Appellant challenged the signatures of the representatives of the corporate debtor on both these documents and stated that the corporate debtor has shied away from disclosing the identity of directors, who have signed the balance of statement acknowledging the said debt and the name or identity of such directors has nowhere been disclosed. The Counsel for Appellant produced before the Hon'ble NCLAT the record relating to the Corporate Debtor uploaded on the Ministry of Corporate Affairs website to show that the name of directors who were on the board of Corporate Debtor as on 1.4.2016 and also 1.4.2017, their signatures as they appear on Form DIR-12 filed by the Corporate Debtor with the Registrar of Companies to show that the signatures, as they appear in the balance confirmations given by the Corporate Debtor's directors and the signatures of the Corporate Debtor's directors, who were part of the board of Corporate Debtor on the relevant dates do not match at all. The Hon'ble NCLAT, after hearing the arguments of the Counsel for Appellant, note of the fact that the said directors, namely Shrestha Jha resigned on 30.3.2019 and Sandeep Agarwal and Dhruv Agarwal resigned on 8.1.2019 from the position of directorship of Corporate Debtor and the new directors Atul Kumar Mandal and Nilay Swarnakar were inducted into the board of directors on 5.1.2019.

Appeal Corporate Corporate Debtor Documents Held Nclat Directors Appellant Coc Cirp Debtor Nhsh Ledger Account Confirmations  debtor  nhsh  appeal  honble  regulations  veracity  documents  appellant  light  investigate  genuineness  corporate  ibc  rp  held  directors  provisions  nclat

History of this topic

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
2 weeks, 5 days ago

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

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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 …

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's
1 month, 3 weeks ago

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's

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Justice Sharad Kumar Sharma, Judicial Member of of the National Company Law Appellate Tribunal Chennai bench, has recused from hearing ed-tech start-up, Byjus' founder, Riju Raveendran's appeal against the order of the National Company Law Tribunal Bengaluru, which allowed Glas Trust and Aditya Birla Finance to be included in the Committee of Creditors as Financial Creditors of Think & Learn. …

NCLAT Upholds Rejection Of Application U/S 9 Of IBC Against Hindustan Unilever Limited
1 month, 3 weeks ago

NCLAT Upholds Rejection Of Application U/S 9 Of IBC Against Hindustan Unilever Limited

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The National Company Law Appellate Tribunal bench of Justice Ashok Bhushan and Arun Baroka has dismissed the appeal against the order rejecting the application under section 9 of the Insolvency and Bankruptcy Code filed against Hindustan Unilever Limited on the ground that the claims were below the threshold limit, time-barred and there was a pre-existing dispute. Background Facts The Appellant-Operational …

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT
1 month, 3 weeks ago

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that when the CoC has already taken decision to file an application for extension of CIRP time period and granting permission to publish Form G for third time, withdrawal of liquidation application by Adjudicating Authority can be permitted. The Adjudicating Authority dismissed …

Authorised Representative Can Be Replaced By Following Procedure Provided Under Regulation 16(3A) Of CIRP Regulations: NCLAT
2 months, 1 week ago

Authorised Representative Can Be Replaced By Following Procedure Provided Under Regulation 16(3A) Of CIRP Regulations: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that the Authorised Representative can be replaced by following the procedure engrafted under Regulation 16 of the CIRP Regulations therefore the application of an individual homebuyer seeking replacement of the Authorised Representative before the Adjudicating Authority cannot be entertained. Subsequently, the appellant …

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
3 months ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

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The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT
3 months, 1 week ago

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that non admission of claim in the Resolution Plan by the Resolution Plan if not challenged before the Adjudicating Authority cannot be challenged in the appeal before the NCLAT. The same Resolution Plan of Respondent Nos.2 and 3 approved by the Adjudicating Authority on 28.11.2019 …

IBC Weekly Round Up [2nd December To 8th December, 2024]
3 months, 2 weeks ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

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Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi
3 months, 4 weeks ago

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi

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The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey has held that fraudulent initiation of the CIRP can be set aside by the NCLT or as a corollary by NCLAT also as they have jurisdiction to decide whether any proceeding under the code has been initiated fraudulently or not. 3 who happened to …

IBC Weekly Round-Up [18th November To 24th November 2024]
4 months ago

IBC Weekly Round-Up [18th November To 24th November 2024]

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Nominal Index Siti Networks Ltd. vs. Rajiv Suri NO. Versus Shri Sutanu Sinha Case Reference: Company Appeal No.1927 of 2024 The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that no interest on principal amount can be claimed if there is no clause to this effect in the agreement executed between the parties. The Tribunal further …

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

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

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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 …

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

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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 …

Petition U/S 7 Of IBC Is Maintainable For Default Which Occurred Post Consent Decree: NCLAT
4 months, 2 weeks ago

Petition U/S 7 Of IBC Is Maintainable For Default Which Occurred Post Consent Decree: NCLAT

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The NLCAT New Delhi bench of Justices Ashok Bhushan, Barun Mitra and Arun Baroka affirmed that a final judgment and/or decree of any Court or Tribunal or any Arbitral Award for payment of money, if not satisfied, would fall within the ambit of a financial debt for which the creditor is entitled to initiate proceedings under Section 7 of the …

NCLAT Rejects Counter Claim by Corporate Debtor: No Threshold Limit Violation
5 months, 1 week ago

NCLAT Rejects Counter Claim by Corporate Debtor: No Threshold Limit Violation

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The NCLAT held that unilateral entries made by the corporate debtor to make a counter claim cannot be considered. The tribunal noted that the claims of the appellants were acknowledged in the balance sheet of the corporate debtor including for the financial year 2021-2022 therefore they were within limitation. The tribunal further observed that counter claim of the corporate debtor …

Half Yearly Digest Of IBC Cases : January To June,2024
8 months, 1 week ago

Half Yearly Digest Of IBC Cases : January To June,2024

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Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. 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 …

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

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

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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 …

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

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

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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 …

NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence
11 months, 3 weeks ago

NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence

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The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held the Resolution Professional can always ask for additional information from creditors to substantiate the claim and exercise due diligence. NCLAT Verdict: The NCLAT Delhi affirmed NCLT's Delhi Order and held that RP can always ask for additional information from creditors to …

NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC
11 months, 4 weeks ago

NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC

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The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that Any attachment of tainted assets of a Corporate Debtor before the Corporate Insolvency Resolution Process commencement would always be available to fulfill the object and goal of the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held …

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
11 months, 4 weeks ago

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC

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The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors. The NCLT Mumbai, in its order dated 06.10.2023, dismissed the application filed by the appellant and approved …

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951
1 year ago

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951

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The National Company Law Tribunal Kolkata, comprising Justice Ms. Bidisha Banerjee and Shri Arvind Devanathan held that the Insolvency and Bankruptcy Code, 2016 prevails over State Financial Corporation Act, 1951. Mr. Rajesh Lahila was appointed as the Resolution Professional on 17.02.2022 to manage the CIRP of the Corporate Debtor and to take custody of all the assets of the Corporate …

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

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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 …

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts
1 year ago

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts

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The National Company Law Appellate Tribunal New Delhi, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that Section 29A of Insolvency and Bankruptcy Code, 2016 disqualifies not only those in management and control of the Corporate Debtor when its account was declared Non-Performing Asset but also those in management and control of the Corporate Debtor in close proximity …

NCLAT Delhi: NCLT Has Jurisdiction To Decide The Issue Of Trademark U/S 60(5)(c) Of IBC
1 year, 1 month ago

NCLAT Delhi: NCLT Has Jurisdiction To Decide The Issue Of Trademark U/S 60(5)(c) Of IBC

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The National Company Law Appellate Tribunal New Delhi, comprising Mr. Justice Rakesh Kumar Jain and Mr. Naresh Salecha held that NCLT has the jurisdiction to decide the whether Trademark forms part of the assets of the Corporate Debtor under Section 60 of Insolvency and Bankruptcy Code, 2016. NCLAT Verdict: The NCLAT Delhi allowed the application and held that NCLT has …

NCLAT Delhi: Definition Of Financial Debt U/S 5(8) Does Not Provide Disbursal To Be Made To Corporate Debtor Only
1 year, 1 month ago

NCLAT Delhi: Definition Of Financial Debt U/S 5(8) Does Not Provide Disbursal To Be Made To Corporate Debtor Only

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The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Naresh Salecha held that the definition of Financial Debt under Section 5 of Insolvency and Bankruptcy Code, 2016 does not use the expression that disbursal should be made to the Corporate Debtor only. A Business Support Agreement was entered into between the Corporate Debtor and its …

NCLAT Delhi: Security Of Refund Of Advance Amount Can't Change Nature Of Transaction Into Financial Debt
1 year, 1 month ago

NCLAT Delhi: Security Of Refund Of Advance Amount Can't Change Nature Of Transaction Into Financial Debt

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The National Company Law Appellate Tribunal New Delhi Bench, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Security of refund of the advance amount cannot change the nature of transaction into financial debt. NCLAT Verdict: The NCLAT New Delhi dismissed the appeal and held that the Security of refund of advance amount cannot change …

NCLAT Delhi: Optionally Convertible Debentures Constitute 'Financial Debt' U/s 5(8)(c) Of IBC
1 year, 2 months ago

NCLAT Delhi: Optionally Convertible Debentures Constitute 'Financial Debt' U/s 5(8)(c) Of IBC

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The National Company Law Appellate Tribunal New Delhi Bench, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Optionally Convertible Debentures are Financial Debt within the meaning of Section 5 of Insolvency and Bankruptcy Code, 2016. A Corporate Insolvency Resolution Process application was filed by Respondent 1 under Section 7 of IBC against the Corporate …

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management
1 year, 2 months ago

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management

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The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra allowed the appeals and held that RP cannot be directed to hand over the charge of Corporate Debtor to the Ex-management, once CIRP has stayed. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that RP cannot be directed to …

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

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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 …

NCLT Mumbai: Substance Of A Transaction Is Important Over Its Form, Accounting Entries Can Not Determine Character And Nature Of Transaction
1 year, 3 months ago

NCLT Mumbai: Substance Of A Transaction Is Important Over Its Form, Accounting Entries Can Not Determine Character And Nature Of Transaction

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The National Company Law Tribunal, Mumbai Bench, comprising of Justice Shri V.G. The Applicant had paid the invoices raised upon Maharashtra State Electricity Distribution Company Ltd. against the Corporate Debtor and the payment of the same was to by the Applicant. There is acknowledgment of debt since the Corporate Debtor had paid the interest to the Applicant in the past …

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

Monthly Digest Of IBC Cases: November 2023

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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 …

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance
1 year, 4 months ago

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance

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The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan and Mr Barun Mitra has dismissed an appeal and held that the scope of enquiry of the National Company Law Tribunal as per Section 31 of Insolvency and Bankruptcy Code, 2016 is confined to scrutinising whether Section 30 IBC has been complied with. Sita Chaudhary, the suspended …

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

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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

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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 …

Weekly Digest Of IBC Cases: 30th October To 5th November 2023
1 year, 4 months ago

Weekly Digest Of IBC Cases: 30th October To 5th 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 …

Monthly Digest Of IBC Cases: October 2023
1 year, 4 months ago

Monthly Digest Of IBC Cases: October 2023

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Supreme Court The Supreme Court bench comprising Justices S Ravindra Bhat and Aravind Kumar, has held that homebuyers cannot be treated differently from other "financial creditors" under the Insolvency and Bankruptcy Code 2016 just because they have secured orders from the authority under the Real Estate Act 2016. 799 of 2023 The National Company Law Appellate Tribunal, Principal Bench, New …

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

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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 Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
1 year, 5 months ago

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

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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 New Delhi: Limitation To File Appeal Commences On The Order Pronouncement Date And Not When Aggrieved Party Becomes Aware Of Its Content
1 year, 5 months ago

NCLAT New Delhi: Limitation To File Appeal Commences On The Order Pronouncement Date And Not When Aggrieved Party Becomes Aware Of Its Content

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The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan, Barun Mitra, and Arun Baroka, dismissed the two applications filed in Raiyan Hotels and Resorts Pvt. The Appellate Tribunal held that the Limitation for filing of the Appeal does not commence on the date when the Appellant became aware of the contents but it shall …

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

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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 …

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi
1 year, 5 months ago

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi

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The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in NTT Data Business Solutions Pvt. When disputes arose between the Parties, the Corporate Debtor issued a notice invoking arbitration dated 14.06.2021 to the Operational Creditor, under Section 21 of Arbitration and Conciliation Act, 1996. Subsequently, the …

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC
1 year, 5 months ago

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC

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The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice Rakesh Kumar Jain and Shreesha Merla, dismissed the appeal filed in State Bank of India vs. India Power Corporation Ltd. The Appellate Tribunal held that a Petitioner cannot set up a new case/additional factual altogether that has not been set up in the main application filed either u/s 7, …

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
1 year, 5 months ago

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction

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The National Company Law Appellate Tribunal, Jaipur Bench comprising of Justice Ashok Bhushan and Barun Mitra, dismissed the appeal filed in Rakesh Kumar vs. The appeal has been preferred by Rakesh Kumar of Suchi Paper Mills Ltd. against the National Company Law Tribunal New Delhi’s order admitting the Corporate Debtor into Corporate Insolvency Resolution Process under Section 9 of the …

Monthly Digest Of IBC Cases: September 2023
1 year, 5 months ago

Monthly Digest Of IBC Cases: September 2023

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Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required …

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists
1 year, 5 months ago

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists

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The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed in Mayuras Industrial Services vs. S R Shriraam Shekher & Anr. Background Facts: The RP had filed an application seeking an order of withdrawal of the Corporate Insolvency Resolution Process resting upon the Resolution passed by the Committee of Creditors …

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi
1 year, 6 months ago

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Engineering Mazdoor Parishad Devas Through Its General Secretary v Teena Saraswat Pandey, has held that a Claimant is obliged to substantiate its claim, failing which, the Resolution Professional’s decision to admit the claim based on the …

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted
1 year, 6 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 …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 6 months ago

Weekly Digest Of IBC Cases: 11th To 17th September 2023

Live Law  

Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016, once the Resolution Plan stands approved by the National Company Law Tribunal, the Electricity Department cannot demand payment of arrears, which were payable by the Corporate …

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