IBC | Inappropriate For NCLAT To Direct NCLT To Admit Petition Under Section 7 Without Evaluating Rival Contentions On Merits: Supreme Court
11 months, 2 weeks 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 was inappropriate for the NCLAT to direct the NCLT to admit the application under Section 7 of IBC straightaway without an evaluation of the rival contentions on merits. On 09.05.2023 the NCLAT set aside the NCLT order and held that the finding regarding debt being barred by limitation was “patently illegal”. The Respondents filed an appeal against NCLT order dated 25.10.2023, wherein the NCLAT on 06.12.2023 directed the NCLT to admit the Section 7 petition. Consequently, we are of the view that it was inappropriate for the NCLAT to direct the NCLT to admit the application under Section 7 straightaway without an evaluation of the rival contentions on merits.” The appeal has been allowed and the NCLAT order dated 06.12.2023 has been set aside.

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History of this topic

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT
6 days, 1 hour 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 …

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 …

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 …

Petition U/S 9 Of IBC Cannot Be Rejected On Grounds Of Raising Spurious Claim Of Pre-Existing Dispute: NCLAT
3 weeks, 6 days ago

Petition U/S 9 Of IBC Cannot Be Rejected On Grounds Of Raising Spurious Claim Of Pre-Existing Dispute: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan and Mr. Barun Mitra has held that making belated entries in the books of account to show that goods were misappropriated cannot escape the conclusion that the dispute raised by the corporate debtor was merely a moonshine just to avoid the liability. By the impugned order, the Adjudicating Authority has …

Petition U/S 9 Of IBC Cannot Be Rejected On Grounds Of Raising Spurious Claim Of Pre-Existing Dispute: NCLAT
3 weeks, 6 days ago

Petition U/S 9 Of IBC Cannot Be Rejected On Grounds Of Raising Spurious Claim Of Pre-Existing Dispute: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan and Mr. Barun Mitra has held that making belated entries in the books of account to show that goods were misappropriated cannot escape the conclusion that the dispute raised by the corporate debtor was merely a moonshine just to avoid the liability. By the impugned order, the Adjudicating Authority has …

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 …

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT
1 month ago

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT

Live Law  

The NCLAT has affirmed that the CoC is empowered to modify the resolution plan in order to comply with the directions issued by the Supreme Court. Hon'ble Supreme Court vide Order dated 22.01.2024 allowed the Civil Appeals filed by the Excise & Taxation Officer, Officer-Cum-Assessing Authority setting aside the Order dated 22.03.2022 passed by the Appellate Tribunal in view of …

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 …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

Live Law  

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 …

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification
7 months, 2 weeks ago

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification

Live Law  

The Supreme Court issued notice to the Insolvency and Bankruptcy Board of India, inter-alia, on the requirement to obtain a certified copy of the order and attach the same with the appeal. The Bench of Justices Sanjiv Khanna and Dipankar Datta has issued notice considering that there is “considerable ambiguity” in certain issues concerning the service of the orders passed …

Weekly Digest Of IBC Cases: 25th To 31st March 2024
8 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 …

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
9 months ago

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad

Live Law  

The National Company Law Tribunal Court-1, Hyderabad bench comprising Dr Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh held that a petition under Section 7 of the Insolvency and Bankruptcy Code cannot be filed by a 'power of attorney' holder unless duly authorized by a Board Resolution. Additionally, the Corporate Debtor referred to a notification issued by the Central Government …

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
9 months, 2 weeks 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
10 months, 1 week ago

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

Live Law  

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

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
11 months, 3 weeks 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 …

Weekly Digest Of IBC Cases: 11th To 17th December 2023
1 year ago

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

Live Law  

Supreme Court IBC | When Matter Heard But No Order Pronounced On The Same Day, Limitation To Commence From The Date When Order Gets Uploaded: Supreme Court Case Title: Sanjay Pandurang Kalate v Vistra ITCL Limited and Others Case No. : Civil Appeal Nos 7467-7468 of 2023 The Supreme Court bench comprising Chief Justice of India Dr Dhananjaya Y Chandrachud, …

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 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 …

Weekly Digest Of IBC Cases: 27th November To 3rd December 2023
1 year ago

Weekly Digest Of IBC Cases: 27th November To 3rd December 2023

Live Law  

Supreme Court IBC | For Rejection Of A Resolution Plan Under Section 31, NCLT Must Pass A Reasoned Order: Supreme Court Case Title: Ramkrishna Forgings Limited v Ravindra Loonkar & Anr. 692 of 2022 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, has upheld the order whereby the NCLT …

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

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

Live Law  

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

NCLT Kochi: Moratorium U/S 96 And 101 Of IBC Cannot Be Meant To Prohibit The Right To Action U/S 7, 9 Or 10 Of IBC
1 year, 1 month ago

NCLT Kochi: Moratorium U/S 96 And 101 Of IBC Cannot Be Meant To Prohibit The Right To Action U/S 7, 9 Or 10 Of IBC

Live Law  

The National Company Law Tribunal, Kochi Bench, comprising of Justice T Krishna Valli and Shri. Shyam Babu Gautam dismissed a stay application and has held that the moratorium under sections 96 and 101 of the Insolvency and Bankruptcy Code “ cannot be meant to prohibit the right to action under sections 7, 9 or 10 of IBC as it lies …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 1 month 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 New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 2 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 …

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi
1 year, 2 months ago

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : 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 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 New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
1 year, 2 months ago

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

Live Law  

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 …

NCLT Proceeded Ex-Parte Against CD On First Hearing After Notice, NCLAT Delhi Says Sufficient Opportunity Not Given As Per Rule 37(2) Of NCLT Rules
1 year, 3 months ago

NCLT Proceeded Ex-Parte Against CD On First Hearing After Notice, NCLAT Delhi Says Sufficient Opportunity Not Given As Per Rule 37(2) Of NCLT Rules

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, while adjudicating an appeal filed in Ami Ashutosh Majumdar v Omkara Assets Reconstruction Pvt. The NCLT had proceeded ex-parte against the Corporate Debtor on the first hearing held post issuance of notice and when the time period to file …

Proceedings Under Section 13 Of Companies Act, 2013 Can’t Be Questioned In Proceedings Under Section 7 Of IBC: NCLAT Delhi
1 year, 3 months ago

Proceedings Under Section 13 Of Companies Act, 2013 Can’t Be Questioned In Proceedings Under Section 7 Of IBC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, while adjudicating an appeal filed in Ishan Singh v Spaze Towers Pvt. The Financial Creditor filed an application in the Section 7 petition, praying to take on record application filed by the Corporate Debtor under Section 13 of the …

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
1 year, 6 months ago

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors is re-constituted post approval of a resolution plan, due to recategorization of a creditor, then the approved …

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi
1 year, 6 months ago

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: 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 Canara Bank v Commercial Tax Department Circle 09, Indore, Madhya Pradesh & Anr., has held that delay in filing the Appeal under Section 42 of IBC is condonable in exercise of power under Section 5 of …

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings
1 year, 7 months ago

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings

Firstpost  

The National Company Law Appellate Tribunal on Monday upheld an NCLT order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency,to approach National Company Law Tribunal for any remedy. The lessors had opposed the decision of Delhi-based principal bench of NCLT, which had earlier this month allowed a …

NCLAT Delhi Upholds Rejection Of ‘Discovery & Inspection’ Application Filed By Corporate Debtor In Section 9 Petition
1 year, 7 months ago

NCLAT Delhi Upholds Rejection Of ‘Discovery & Inspection’ Application Filed By Corporate Debtor In Section 9 Petition

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 Baba Baidnath Spinners Pvt. Ltd. v Textile Solutions, has upheld the rejection of an application for discovery and inspection of documents field by the Corporate Debtor in a petition under Section 9 of IBC. Background Facts Textile …

Weekly Digest Of IBC Cases: 20 February To 26 February 2023
1 year, 9 months ago

Weekly Digest Of IBC Cases: 20 February To 26 February 2023

Live Law  

NCLAT Principal Amount Paid In Full, Section 9 Application Not Maintainable For Recovery Of Interest: NCLAT Delhi Case Title: Rohit Motawat v Madhu Sharma Case No. 1152 of 2022 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Mr. Naresh Salecha, has held that an application under Section 9 of IBC being pursued …

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 …

NCLAT Extends Benefit Of Limitation Computation To Appeals Filed Between 01.11.2022 To 23.12.2022
1 year, 9 months ago

NCLAT Extends Benefit Of Limitation Computation To Appeals Filed Between 01.11.2022 To 23.12.2022

Live Law  

On 24.12.2022 the National Company Law Appellate Tribunal had issued fresh directions for computation of limitation for filing of appeals before NCLAT. The Court Fee shall be paid through Bharat Kosh and the payment receipt should be attached.” However, the NCLAT SOPs and directions do not contain any direction with regard to computation of limitation, whether limitation is to be …

No Simultaneous CIRP Proceedings Against Same Corporate Debtor: NCLT Ahmedabad
1 year, 10 months ago

No Simultaneous CIRP Proceedings Against Same Corporate Debtor: NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Dr. Deepti Mukesh and Shri Ajai Das Mehrotra, while adjudicating a petition filed in Vrundavan Residency Pvt. Background Facts In 2019, BDH Industries Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 bearing CP No 804/2019, seeking initiation of Corporate Insolvency Resolution Process against Mars Remedies …

Monthly Digest Of IBC Cases: January 2023
1 year, 10 months ago

Monthly Digest Of IBC Cases: January 2023

Live Law  

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1417 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr Alok Srivastava and Mr. Barun Mitra, has held that the Adjudicating Authority is …

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

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

Live Law  

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

Moratorium Under Companies Act, 2013, Parties Cannot Be Referred To Arbitration: Delhi High Court
2 years ago

Moratorium Under Companies Act, 2013, Parties Cannot Be Referred To Arbitration: Delhi High Court

Live Law  

The Delhi High Court has ruled that the moratorium granted by the National Company Law Appellate Tribunal, staying the institution of suits and proceedings against the Corporate Debtor, after the resolution process is initiated against it under Sections 241 and 242 of the Companies Act, 2013, is akin to an order of moratorium passed under Section 14 of the Insolvency …

Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: NCLAT Delhi
2 years ago

Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Avneet Goyal v Radha Kishan Gobind Ram Ltd., has held that Tribunal does have not to enter into evidence and record findings like a Civil Court. Background Facts Mr. Avneet Goyal had filed a …

NCLT Hyderabad Recalls Order Initiating CIRP In View Of Concealment of Facts By Financial Creditor
2 years ago

NCLT Hyderabad Recalls Order Initiating CIRP In View Of Concealment of Facts By Financial Creditor

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, and Mr. Satya Ranjan Prasad, while adjudicating an application filed in Canara Bank v Feno Plast Limited, has recalled its Order whereby CIRP was initiated against the Corporate Debtor, as the said Order was obtained by the Financial Creditor over misrepresentation before the Adjudicating Authority. The …

NCLAT Delhi Upholds Dismissal Of Section 9 Petition In Absence Of Cogent Evidence To Prove Supply Of Goods
2 years, 1 month ago

NCLAT Delhi Upholds Dismissal Of Section 9 Petition In Absence Of Cogent Evidence To Prove Supply Of Goods

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Mr. Kanthi Narahari, while adjudicating an appeal filed in M/s Mahadev Trading Company v M/s Supreet Chemicals Pvt. Ltd., has held that in absence of cogent evidence to prove that goods were supplied to the Corporate Debtor, a petition filed under Section 9 of …

Standard Of Pre-Existing Dispute Under IBC Is Not Equivalent To Principle Of 'Preponderance Of Probability': Supreme Court
2 years, 2 months ago

Standard Of Pre-Existing Dispute Under IBC Is Not Equivalent To Principle Of 'Preponderance Of Probability': Supreme Court

Live Law  

The Supreme Court Bench, comprising of Justice K.M. The Corporate Debtor responded to the Demand Notice and in turn demanded a total amount of Rs.4.44 crores from Operational Creditor, as damages towards the supplied coal not being of the promised quality. The Operational Creditor had filed a petition under Section 9 of Insolvency and Bankruptcy Code, 2016, seeking initiation of …

Corporate Debtor Willing To Pay Full Amount, Financial Creditor Opposes , NCLAT Upholds Dismissal Of Section 7 Petition
2 years, 3 months ago

Corporate Debtor Willing To Pay Full Amount, Financial Creditor Opposes , NCLAT Upholds Dismissal Of Section 7 Petition

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Reliance Commercial Finance Limited v Darode Jog Builder Pvt. Thereafter, on 04.11.2019 the Financial Creditor filed a petition under Section 7 of Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution …

Discretion Of NCLT In Section 7 Of IBC Is Beyond The Parameters Of Debt And Default
2 years, 3 months ago

Discretion Of NCLT In Section 7 Of IBC Is Beyond The Parameters Of Debt And Default

Live Law  

"It is certainly not the object of the IBC to penalize solvent companies, temporarily defaulting in repayment of its financial debts, by initiation of CIRP. The Apex Court observed that Section 7 of the IBC confers discretion upon the Adjudicating Authority to admit an application under Section 7 of the IBC and initiate CIRP on satisfaction of the existence of …

S.7(5)(b) IBC | Provision To Notify Financial Creditor Before Rejecting Claim Extends To Appeals Before NCLAT: Supreme Court
2 years, 4 months ago

S.7(5)(b) IBC | Provision To Notify Financial Creditor Before Rejecting Claim Extends To Appeals Before NCLAT: Supreme Court

Live Law  

The Supreme Court has that provision of Section 7 of the Insolvency and Bankruptcy Code, 2016, which requires the Adjudicating Authority to notify the Financial Creditor before rejection of a claim, would be applicable to appeals as well, since appeal is the continuation of original proceedings. A Bench comprising Justices Indira Banerjee and J.K. Maheshwari allowed an appeal filed by …

Reagitating The Issue Attained Finality, By NCLT And Supreme Court, Is Abuse of process : NCLAT, Principal Bench
2 years, 4 months ago

Reagitating The Issue Attained Finality, By NCLT And Supreme Court, Is Abuse of process : NCLAT, Principal Bench

Live Law  

The Principal Bench of the NCLAT consisting of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Barun Mitra in the case of Vikas Dahiya Vs. Arrow Engineering Ltd. held that the doctrine of Res Judicata applies to proceedings under the IBC and challenge to the findings in incidental or collateral proceedings amounts to an abuse of process of the Court. …

NCLT Cannot Coerce Allottees Into Settlements
2 years, 4 months ago

NCLT Cannot Coerce Allottees Into Settlements

Live Law  

The jurisdiction of the National Company Law Tribunal and the National Company Law Appellate Tribunal and the courses of action available to these authorities under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been defined and limited by the Hon'ble Supreme Court through its recent judgment in E. S. Krishnamurthy & Others v. Bharath Hi Tech Builders Pvt. …

Limitation For Filing An Appeal Under IBC
2 years, 4 months ago

Limitation For Filing An Appeal Under IBC

Live Law  

The Supreme Court on 23rd March, 2020 while taking suo motu cognizance of the COVID-19 pandemic extended the period of limitation under the Limitation Act, 1963 for filing of petitions/applications/suits/ appeals/all other proceedings until further notice. One such issue regarding limitation has been addressed by the Supreme Court in V Nagarajan v. SKS Ispat and Power Limited and Others wherein …

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