Monthly Digest Of IBC Cases: February 2024

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 process was required to be considered to fulfill the object of the IBC. 217 of 2024 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has set aside an NCLT order whereby a petition under Section 9 of IBC was admitted and CIRP was initiated without serving a copy of petition to the Corporate Debtor. 349//2023 The National Company Law Tribunal New Delhi, comprising Shri Mahendra Khandelwal and Shri Rahul Bhatnagar, has declined Wilmington Trust's application to initiate the Corporate Insolvency Resolution Process against SpiceJet Limited. Instead of considering the application by the 2nd respondent for permission to file an appeal against the assessment order, the National Company Law Tribunal, Kochi Bench, has assumed the jurisdiction of the Constitutional Court to declare the assessment order as void ab initio.” Lender Banks Must Furnish Copy Of Audit Reports Before Classifying Loan Account As Fraud: Gujarat High Court Case Title: Amit Dineshchandra Patel vs. Reserve Bank of India Citation: 2024 LiveLaw 10 The Gujarat High Court bench comprising of Justice Sangeeta K. Vishen, has observed that the Lender Banks must provide a reasonable opportunity to the Borrower by furnishing a copy of Audit Reports and allowing him to submit a representation before classifying the account as fraud.