NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
1 year, 9 months ago

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Punit Goenka v Indusind Bank Ltd. & Anr., has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process was initiated against Zee Entertainment Enterprises Ltd. Background Facts Zee Entertainment Enterprises Ltd. is an Indian media conglomerate owned by Essel Group, engaged in media and entertainment business. The Adjudicating Authority vide an order dated 11.07.2022 granted the Financial Creditor time to file Reply to the interim application within 2 weeks, failing which the opportunity would stand forfeited. When the Section 7 petition was heard on 22.02.2023, the Adjudicating Authority mistakenly observed that the Corporate Debtor did not file any Reply and its opportunity stood closed in view of Order dated 11.07.2022. The Appellant argued that the Adjudicating Authority incorrectly interpreted the Order dated 11.07.2022 and ought to have granted the Corporate Debtor an opportunity to file Reply.

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History of this topic

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network
1 day, 3 hours 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 …

No Provision In IBC To Issue Multiple Demand Notices Before Filing Petition U/S 9 Of IBC: NCLT New Delhi
1 day, 10 hours ago

No Provision In IBC To Issue Multiple Demand Notices Before Filing Petition U/S 9 Of IBC: NCLT New Delhi

Live Law  

The NCLT New Delhi bench of Justice Shri Bachu Venkat Balaram Das and Shri Atul Chaturvedi has held that there is no such provision in the IBC, 2016 and in the Regulation made thereunder that allows the Operational Creditor to issue multiple demand notices to the Corporate Debtor. This fact is itself enough to draw an inference that the Corporate …

NCLAT Sets Aside Admission Of S.7 Application Upon Finding Transaction Was In Nature Of 'Operational Debt'
1 day, 11 hours ago

NCLAT Sets Aside Admission Of S.7 Application Upon Finding Transaction Was In Nature Of 'Operational Debt'

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey has held that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was not maintainable as the transaction in question constituted an 'operational debt' and was not covered under Section 5 but was governed by Section 5 and Section 21 …

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
1 day, 12 hours ago

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

Live Law  

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
6 days, 2 hours ago

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

Live Law  

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 …

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
1 week ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

IBC Weekly Round Up [2nd December To 8th December, 2024]
2 weeks, 1 day ago

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

Live Law  

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 …

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT
2 weeks, 3 days ago

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that approval of Resolution Plan by the Committee Of Creditors cannot be interfered with unless it is violative of section 30 of the Code. It further argued that SRA has not implemented the Resolution Plan and matter is pending consideration before the Adjudicating Authority therefore this …

NCLT member crunch slows down bankruptcy resolution
2 weeks, 4 days ago

NCLT member crunch slows down bankruptcy resolution

Live Mint  

New Delhi: A 30% shortage of key members at India’s bankruptcy courts is slowing the process of debt resolution, according to official data. Twenty-two businesses have found debt resolution under the Insolvency and Bankruptcy Code in October-November period of this year, against 47 in the year-ago period, provisional public data from Insolvency and Bankruptcy Board of India showed. And in …

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad
3 weeks, 1 day ago

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad

Live Law  

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has affirmed that the decision to consolidate, or not, rests with the CoCs, who are not only better equipped to make such determinations but also have a vested interest in the outcome, and whose commercial wisdom is paramount in insolvency matters and beyond judicial review Brief Facts This …

Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT
3 weeks, 1 day ago

Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Rakesh Kumar Jain and Mr. Ajai Das Mehrotra has held that pre-CIRP dues cannot be recovered once the corporate debtor is admitted into insolvency due to moratorium under section 14 of the code. 108.44 Crores was deposited by the Corporate Debtor as payment security mechanism and the same is for transmission charges dues payable …

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

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

Live Law  

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 …

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi
3 weeks, 5 days ago

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that application under section 7 of the IBC cannot be admitted in absence of any debt and consequent default on the part of the corporate debtor. Payments having already been received by Thakkars of the balance amount for payment to the Investors, there was no …

Once Plausibility Of Pre-Existing Dispute Is Established, Application U/S 9 Of IBC Must Be Rejected: NCLAT
3 weeks, 5 days ago

Once Plausibility Of Pre-Existing Dispute Is Established, Application U/S 9 Of IBC Must Be Rejected: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Barun Mitra and Indevar Pandey has held that IBC bestows only summary jurisdiction upon the Adjudicating Authority. It was further submitted that there is no genuine foundation of pre-existing dispute since all the pump sets were supplied after third party inspection which agency had certified the goods at the time …

Application U/S 95 Cannot Be Rejected On Grounds Of Pendency Of One Time Settlement Proposal: NCLAT
4 weeks ago

Application U/S 95 Cannot Be Rejected On Grounds Of Pendency Of One Time Settlement Proposal: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that pendency of One Time Settlement Proposal which is yet to be accepted, cannot be a ground to refuse initiation of insolvency process against the personal guarantors. Brief Facts These two appeals have been filed challenging the order passed by National …

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

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

Live Law  

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 …

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT
4 weeks, 1 day ago

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the Adjudicating Authority is not the right forum to decide whether closure of the factory was in accordance with law. Liquidator vide e-mail dated 25.02.2019 asked the Appellants to submit the proof of employment in the company in the period of two years …

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT
4 weeks, 1 day ago

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain has held that property that is sold which was in possession of the corporate debtor immediately before the judgment in a petition under section 7 of the IBC was reserved cannot be excluded from the purview of the assets of the corporate debtor. An IA was filed by …

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 …

Filing Petition U/S 10 Of IBC Subsequent To Action Taken Under SARFAESI Act Cannot Be Termed Malicious Or Fraudulent: NCLAT
1 month ago

Filing Petition U/S 10 Of IBC Subsequent To Action Taken Under SARFAESI Act Cannot Be Termed Malicious Or Fraudulent: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Arun Baroka has held that merely because proceeding under Section 13, sub-section and of the SARFAESI Act has been initiated by the creditor prior to filing of Section 10 application, cannot be a ground to hold that Section 10 application is filed with malicious and fraudulent intent to be rejected …

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

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai
1 month ago

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench, comprising Justice V. G. Bisht and Sh. The Tribunal reiterated that the existence of an arbitral award in favour of the Corporate Debtor did not bar the admission of the CIRP petition. When initiation of CIRP is resisted on the ground of existence of an award in favour of corporate debtor whose amount …

Section 19(2) Application Can Be Preferred For Effective Conduct Of CIRP Despite Challenge To Admission Of CIRP: NCLAT
1 month, 1 week ago

Section 19(2) Application Can Be Preferred For Effective Conduct Of CIRP Despite Challenge To Admission Of CIRP: NCLAT

Live Law  

The NCLAT, Chennai bench comprising Justice Sharad Kumar Sharma and Jatindranath Swain has held that an application under section 19 of the Insolvency & Bankruptcy Code is maintainable when the Corporate Insolvency Resolution Process is admitted. The Tribunal observed that section 60 will not have a superseding effect to the provisions contained under section 19 read with section 14 for …

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

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT
1 month, 1 week ago

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain affirmed that the sale of the Corporate Debtor as a going concern under Regulations 32 & 32A of the Liquidation Regulations is more transparent and effective; therefore, the sale of the Corporate Debtor as a going concern will have precedence, rather than resorting to the Scheme of Compromise …

BCCI seeks withdrawal of insolvency proceedings against Byju’s
1 month, 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 …

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT
1 month, 1 week ago

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that any amount proposed in the settlement plan under section 12A of the IBC cannot be refunded if the plan is later approved and the CIRP is closed. As per the revised MoU, Corporate Insolvency Resolution Process of the Corporate Debtor as well as related …

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 …

No political appointments in NCLT, NCLAT: SC
1 month, 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 …

Resolution Professional Has Authority To Determine Creditor's Related Party Status: NCLAT
1 month, 2 weeks ago

Resolution Professional Has Authority To Determine Creditor's Related Party Status: NCLAT

Live Law  

The NCLAT bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the Resolution Professional has the authority to determine the related party status of a creditor. On 31.12.2021, the RP notified the Appellant of its classification as a related party under section 5 of IBC due to its connection with Kanoria Foundation, which …

NCLAT Rejects Section 7 Application Despite Clear Binding Precedent: Canara Bank vs. GTL
1 month, 3 weeks ago

NCLAT Rejects Section 7 Application Despite Clear Binding Precedent: Canara Bank vs. GTL

Live Law  

The NCLAT bench affirmed that a petition under section 7 of the IBC cannot be rejected merely on the ground that there are chances of the amount being recovered from other proceedings which will satisfy the entire debt of the creditors. The tribunal further observed that the ratio of the Vidharbha ruling cannot be applied mechanically without satisfying itself as …

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case
1 month, 3 weeks ago

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case

Live Law  

The National Company Law Tribunal Kolkata bench has ruled that income tax notices, demand notices, and payments for past dues that accrued prior to the date of approval of the resolution plan stand extinguished. The Tribunal observed that the successful resolution applicant takes over the corporate debtor on a fresh slate principal and assets, and any past dues or claims, …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
1 month, 3 weeks ago

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that the eligibility/ineligibility of Successful Resolution Applicant under section 29A of the Insolvency and Bankruptcy Code (IBC) has to be seen on the date of submission of Resolution Plan. The tribunal found that when the Corporate Debtor was registered as MSME on 22.05.2022, the benefit of Section …

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi
2 months ago

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that a written financial contract is not a pre-condition or an exclusive requirement for proving existence of debt. It has been further amplified that the Application to Adjudicating Authority Rules, 2016 and CIRP Regulations makes it clear that financial debt can be proven from other relevant documents …

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

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

Live Law  

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 …

NCLAT grants two weeks time for Supertech township's settlement proposal
2 months, 3 weeks ago

NCLAT grants two weeks time for Supertech township's settlement proposal

Hindustan Times  

New Delhi, Sep 27 The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore …

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
2 months, 4 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 …

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's
3 months, 2 weeks ago

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J …

SC refuses to stay CoC operations in Byju’s insolvency case
4 months ago

SC refuses to stay CoC operations in Byju’s insolvency case

Hindustan Times  

The Supreme Court on Thursday declined to stay the operations of a recently formed Committee of Creditors overseeing the corporate insolvency resolution process initiated against the embattled ed-tech giant Byju’s, stating that the court would examine the merits of the case before issuing any further orders. By an order on August 14, the top court suspended the National Company Law …

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
4 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 …

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata
4 months, 2 weeks ago

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench of Bidisha Banerjee and Balraj Joshi has held that the liquidation of a corporate debtor should be a measure of last resort. Five applicants expressed their interest in the Corporate Debtor: Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Intra Finance Private Limited, Navneet Garg, and Mideast Pipeline Products. On February 20, …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
4 months, 3 weeks ago

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024

Live Law  

Supreme Court IBC | CIRP Of Holding Company Cannot Include Subsidiary's Assets: Supreme Court Case no. Insolvency Resolution Of Corporate Guarantor Won't Bar Creditor From Filing CIRP Against Corporate Debtor For Balance Debt : Supreme Court Case Title: BRS Ventures Investments Ltd. 313 of 2024 The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
4 months, 3 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI
4 months, 3 weeks ago

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI

The Hindu  

National Company Law Appellate Tribunal Chennai on Wednesday told Byju Raveendran to file details of the source of funds through which he is proposing to settle the dues to Board of Control for Cricket in India. Byju Raveendran, the suspended director, shareholder and promoter of the edtech company had moved an appeal against NCLAT, after the National Company Law Tribunal, …

Byju’s, BCCI in settlement talks to avoid insolvency proceedings
4 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
4 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 …

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest
4 months, 3 weeks ago

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest

Live Law  

Justice Sharad Kumar Sharma, a Judicial Member of the National Company Law Appellate Tribunal Chennai, has recused himself from hearing Byju Raveendran's appeal against the insolvency proceedings initiated against Think & Learn Private Limited, which operates Byju's. The insolvency proceedings were initiated against Think & Learn Private Limited by the National Company Law Tribunal in Bengaluru. Justice Sharma stated that …

NCLT begins insolvency resolution process against Supertech
5 months ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

NCLT admits insolvency proceedings against Byju’s
5 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 …

NCLT starts insolvency proceedings against Byju's
5 months, 1 week ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

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