Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai
10 months, 1 week ago

Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that claims cannot be admitted after the approval of the resolution plan by the Committee of Creditors even if approval by the Adjudicating Authority under section 31 of the Insolvency and Bankruptcy Code, 2016 is pending. In November 2021, Mr. Jai Kumar Rai and Mrs. Supriya Saxena filed their claim with the Resolution Professional, Mr. Arun Kapoor, for an amount of Rs. After considering the decisions relied upon by the Respondent, it held: “Hence, after having due regard to the law settled by the Hon'ble Supreme Court, as discussed above, we are of the considered view that the claim of the Applicant cannot be entertained at such a belated stage where the resolution plan has been unanimously approved by the Committee of Creditors and the same is pending for the approval of the Adjudicating Authority. At this stage, we cannot allow to unleash the hydra-headed monster of undecided claim on the successful resolution applicant.” In conclusion, it held that the claim cannot be entertained since the resolution plan had already been approved by the CoC and was pending for approval by the Adjudicating Authority and dismissed the application filed by the Applicants.

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History of this topic

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
1 week, 4 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 …

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT
2 weeks ago

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT

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The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka that Resolution Plan approved by the Adjudicating Authority cannot be questioned by the Operational Creditors when they were provided more than the liquidation value under the Plan as per section 30 of the Insolvency and Bankruptcy Code, 2016. Contentions: The …

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: NCLAT
3 weeks, 1 day ago

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: NCLAT

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The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the rejection of the Resolution Plan submitted by the Suspended Director of the Corporate Debtor by Committee of Creditors cannot be interfered with when the concerned Director was present in all the meetings of the CoC and …

Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT
1 month, 1 week ago

Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the Resolution Plan even prior to the approval of the Adjudicating Authority is binding inter se the Committee of Creditors and the SRA. Contentions: The appellant submitted that the Appellant is a Promoter of the CD and is ready to carry …

IBC | Resolution Professional Dutybound To Ensure Resolution Plan Is Legally Compliant Before Placing It In CoC : Supreme Court
1 month, 2 weeks ago

IBC | Resolution Professional Dutybound To Ensure Resolution Plan Is Legally Compliant Before Placing It In CoC : Supreme Court

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While holding by a 2:1 majority that the proviso to Section 31 of the Insolvency and Bankruptcy Code is mandatory in nature, the Supreme Court recently observed that a Resolution Professional is obligated to ensure that a resolution plan placed before the Committee of Creditors is legally compliant.It was opined that when a resolution plan containing a combination that leads …

IBC | For Resolution Plan Involving Combination, Prior Approval Of Competition Commission Mandatory Before CoC Examination : Supreme Court
Trending News
1 month, 2 weeks ago

IBC | For Resolution Plan Involving Combination, Prior Approval Of Competition Commission Mandatory Before CoC Examination : Supreme Court

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The Supreme Court on January 29, by 2:1 majority, observed that a resolution plan under the Insolvency and Bankruptcy Code, containing a proposed combination, should only be placed before the Committee of Creditors, after it has been approved by the Competition Commission of India. This proviso talks about the approval of the resolution plan and its proviso reads as: “Provided …

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT
2 months, 1 week ago

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT

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The National Company Law Appellate Tribunal, Principal Bench, New Delhi has held that the commercial wisdom of the Committee of Creditors in rejecting a resolution plan and opting for liquidation is “non-justiciable”. On 03.04.2021, the Resolution Professional informed the Appellant via email that the resolution plan was not approved by the CoC due to non-compliance with Section 29A of the …

Claims Filed Subsequent To Cut-Off Date Shall Be Dealt With As Per Resolution Plan Approved By Adjudicating Authority: NCLAT
2 months, 1 week ago

Claims Filed Subsequent To Cut-Off Date Shall Be Dealt With As Per Resolution Plan Approved By Adjudicating Authority: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that claims filed subsequent to cut off date shall be dealt with as per Resolution Plan approved by the Adjudicating Authority. The SRA also filed reply to IA, pleading that as per approved Resolution Plan Clause 18.4 and 18.4, the Appellant is …

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata
2 months, 1 week ago

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata

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The NCLT Kolkata bench of Justice Bidisha Banerjee and D. Arvind has held that Unsuccessful Resolution Applicant has no locus standi to challenge the approval of Resolution Plan by the Committee of Creditors. The default stemmed from a Loan Agreement executed on July 26, 2019 between SREI Equipment and the corporate debtor under which a loan facility of Rs, 300 …

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT
2 months, 2 weeks ago

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT

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The NCLAT New Delhi Bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that once resolution plan including revised plan submitted by the resolution applicant is disapproved by the CoC, a fresh plan can be submitted by the same resolution applicant in a freshly issued invitation to expression of interest. IA No.1891 of 2024 was filed by the …

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
2 months, 3 weeks 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. …

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT
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3 months ago

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that the Resolution Plan which is approved in commercial wisdom of the CoC binds all stakeholders including the dissenting financial creditor. It was also argued that the Appellant being financial creditor having 6.64% voting share had no right or jurisdiction to challenge the decision of the …

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

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT
3 months ago

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that copy of the Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with the suspended management of the corporate debtor when the suspended management is also a Resolution Applicant. It was further submitted that the CoC had approved the resolution …

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT
3 months, 1 week ago

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

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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 …

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai
3 months, 2 weeks ago

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai

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The NCLT Mumbai bench of Anil Raj Chellan and Kuldip Kumar Kareer has affirmed that once a resolution plan is duly approved by the Adjudicating Authority under subsection of Section 31 of the Code, the claims as provided in the resolution plan shall stand frozen and will be binding on all stakeholders. the Corporate Debtor failed to hand over possession …

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

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

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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 …

Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT
4 months, 2 weeks ago

Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT

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The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra affirmed that a settlement proposal under Section 12A of the IBC cannot be put before the CoC after the CoC has approved the resolution plan. Contentions The appellant submitted that Section 12A of IBC read with CIRP Regulation 30A provides scope for submission of multiple settlement proposals particularly …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
4 months, 2 weeks ago

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

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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 …

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru
7 months, 2 weeks ago

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru

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The National Company Law Tribunal Bengaluru bench of K. Biswal and Manoj Kumar Dubey has held that claims submitted after the approval of the Resolution Plan, including those related to the moratorium period, are not allowed under the Insolvency and Bankruptcy Code. The NCLT noted that the RP's letter highlighted that some employees did not have Unique Identification Numbers due …

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC
8 months, 1 week ago

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC

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The National Company Law Tribunal Court V, New Delhi bench comprising Shri Mahendra Khandelwal and Dr. Sanjeev Ranjan held that the Adjudicating Authority cannot consider a Settlement Proposal, even of a higher value than the Resolution Plan, after the approval of the Resolution Plan by the Committee of Creditors. Upon reviewing the minutes of the CoC meetings, NCLT Delhi noted …

Decision Taken By New Resolution Professional Cannot Be Objected By Erstwhile Resolution Professional: NCLAT Delhi
10 months ago

Decision Taken By New Resolution Professional Cannot Be Objected By Erstwhile Resolution Professional: NCLAT Delhi

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The National Company Law Appellate Tribunal, Delhi Bench, comprising Shri Justice Ashok Bhushan Shri Barun Mitra and Shri Arun Baroka, in Partha Sarathy Sarkar vs Union of India & Ors. has held that the decision taken by New Resolution Professional cannot be objected by the Erstwhile Resolution Professional after replacement who is now proceeding with the CIRP Background Facts The …

NCLT Mumbai Holds Resolution Professional Accountable For Biased Conduct, Sets Aside Approved Resolution Plan
11 months, 2 weeks ago

NCLT Mumbai Holds Resolution Professional Accountable For Biased Conduct, Sets Aside Approved Resolution Plan

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The National Company Law Tribunal Mumbai bench, comprising of Justice Reeta Kohli and Madhu Sinha, has held the Resolution Professional accountable for biased conduct aimed at facilitating the approval of the Successful Resolution Applicant Plan by the Committee of Creditors. Consequently, the NCLT has set aside the Resolution Plan of the SRA, as approved by the COC, holding SRA ineligible …

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
11 months, 2 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 …

Question Of Value Can't Be Raised Post Approval Of Resolution Plan By CoC: NCLAT Delhi
1 year ago

Question Of Value Can't Be Raised Post Approval Of Resolution Plan By CoC: NCLAT Delhi

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The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has upheld an order passed by NCLT herein it was held that the question of valuation of assets cannot be raised after the resolution plan has been approved by the Committee of Creditors. The Resolution Professional of the Corporate Debtor appointed two valuers …

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital
1 year ago

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital

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The National Company Law Tribunal Mumbai, comprising Justice V.G. 9,661 crore resolution plan submitted by IndusInd International Holdings Ltd for Reliance Capital under Section 31 of the Insolvency and Bankruptcy Code, 2016. Background Facts: On 06.12.2021, NCLT Mumbai admitted the Corporate Insolvency Resolution Process application and appointed Mr. Nageswara Rao Y as the Administrator of Reliance Capital Limited. Case Title: …

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 …

IBC | Claim Submitted With Proof Cannot Be Overlooked Merely Because It Was Submitted In Wrong Form: Supreme Court
1 year, 1 month ago

IBC | Claim Submitted With Proof Cannot Be Overlooked Merely Because It Was Submitted In Wrong Form: Supreme Court

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The Supreme Court on Monday observed that the claim submitted by the Resolution Applicant under the Corporate Insolvency Resolution Process cannot be rejected/overlooked merely on the fact that the claim submitted appears to be in a different form other than the form in which the claim needs to be submitted. In the instant case, the resolution application has submitted a …

Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi
1 year, 2 months ago

Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi

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The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that when the Committee of Creditors passes a resolution to replace the Resolution Professional, then it is not open for the Resolution Professional to question the reasons for its replacement and ask NCLT to adjudicate upon the reasons which persuaded …

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
1 year, 2 months ago

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

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The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process application against the Successful Resolution Applicant on default in payment to Stakeholders/Creditors as per terms of the approved Resolution Plan under Insolvency and Bankruptcy Code, 2016. Where the corporate debtor, any …

NCLT Ahmedabad Rejects Resolution Plan For Failing To Address Issues Of Cash Flow, Value Of Assets And Statutory Dues
1 year, 4 months ago

NCLT Ahmedabad Rejects Resolution Plan For Failing To Address Issues Of Cash Flow, Value Of Assets And Statutory Dues

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The National Company Law Tribunal, Ahmedabad Bench, comprising of Mrs. Chitra Hankare and Dr. Velamur G Venkata Chalapathy, has declined to approve a resolution plan which failed to address the issue of cash flows, value of assets, statutory dues and proposed payment of merely Rs. “The Resolution Plan does not address the cash flows and value of the Assets enumerated …

Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice
1 year, 4 months ago

Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice

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The National Company Law Tribunal, Ahmedabad Bench, comprising of Shri Shammi Khan and Dr. Velamur G Venkata Chalapathy, has issued notice in an application seeking recall of the order dated 08.03.2019 whereby the resolution plan of ArcelorMittal India Pvt. The Applicants are creditors of Essar Steels India Ltd., who have alleged that the plan approval order was obtained by casting …

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 …

NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan
1 year, 5 months ago

NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan

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The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Arun Baroka, dismissed an appeal filed in IDBI Bank Ltd. vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. by IDBI Bank Ltd. against Jalesh Kumar Grover, Resolution Professional for GPI Textiles Ltd. challenging the NCLT Chandigarh’s order dated 27.04.2023 dismissing the Appellant’s …

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court
1 year, 6 months ago

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court

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The Supreme Court on Monday said that admitting claims after the Resolution Plan has been accepted by the Committee of Creditors under Insolvency and Bankruptcy Code, 2016 even though the Adjudicating Authority has yet to approve the plan, would make the Corporate Insolvency Resolution Process an endless process. The Apex Court was considering whether the claim pertaining to an arbitral …

Resolution Professional Responsible For Conducting Section 29A Due Diligence; Can Seek Information, Documents Or Clarification From RA: NCLT Mumbai
1 year, 6 months ago

Resolution Professional Responsible For Conducting Section 29A Due Diligence; Can Seek Information, Documents Or Clarification From RA: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kishore Vemulapalli and Shri Anu Jagmohan Singh, while adjudicating a petition filed in M/s Blue Frog Media Pvt. Ltd., has held that a Resolution Professional is responsible to conduct due diligence relating to Section 29A of IBC, to identify ineligibility of resolution applicant, if any. The Resolution Professional should seek …

NCLT Hyderabad Approves Resolution Plan For Indu Projects Ltd.
1 year, 8 months ago

NCLT Hyderabad Approves Resolution Plan For Indu Projects Ltd.

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The National Company Law Tribunal, Hyderabad Bench, comprising of Justice Telaprolu Rajani and Shri Charan Singh, while adjudicating a petition filed in Bank of India v Indu Projects Ltd., has approved the Resolution Plan submitted by a consortium of B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. Background Facts Indu Projects Ltd. is a Hyderabad based company …

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
1 year, 8 months ago

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

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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 …

NCLT Hyderabad Approves The Resolution Plan Of Jindal Saw Ltd. For Sathavahana Ispat Ltd.
1 year, 10 months ago

NCLT Hyderabad Approves The Resolution Plan Of Jindal Saw Ltd. For Sathavahana Ispat Ltd.

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh, while adjudicating a petition filed in M/s Thirumala Logistics v M/s Sathavahana Ispat Limited, has approved the resolution plan of Jindal Saw Limited for Sathavahana Ispat Limited. The approved Resolution Plan proposes to merger of Jindal Saw Ltd. for Sathavahana Ispat Ltd. …

New Claims Cannot Be Admitted When Resolution Plan Is Approved By The CoC And Is Pending Before The AA For Approval: NCLT Mumbai Reiterates
1 year, 10 months ago

New Claims Cannot Be Admitted When Resolution Plan Is Approved By The CoC And Is Pending Before The AA For Approval: NCLT Mumbai Reiterates

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The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao and Shri Shyam Babu Gautum, while adjudicating an application under Section 60 of Insolvency and Bankruptcy Code, 2016 in Bank of Maharashtra vs DS Kulkarni Developers Ltd. has reiterated that new claims cannot be admitted when the resolution plan has been approved by the CoC and is pending …

IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible : Supreme Court
1 year, 11 months ago

IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible : Supreme Court

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The Supreme Court has held that the declaration made by the NCLT to the effect that the trademarks “Deccan Chronicle” and “Andhra Bhoomi”, which originally belonged to Deccan Chronicle Holdings Ltd., continues to be under the ownership of DCHL post the approval of resolution plan, would amount to impermissible modification of resolution plan as the same was silent on this …

NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC
2 years ago

NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC

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The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Noble Marine Metals Co WLL v Kotak Mahindra Bank Limited & Ors., has upheld the order of Adjudicating Authority whereby a Resolution Plan was remitted back to the Committee of Creditors for making changes, only to the …

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited
2 years ago

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

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The National Company Law Tribunal, Principal Bench, New Delhi comprising of Justice Ramalingam Sudhaka and Shri Avinash K. Srivastava has approved the Resolution Plan filed by the Resolution Professional, Amit Agarwal in the matter of Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One. Background Facts: In 2018, SGM Webtech Private Limited as a financial …

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited
2 years ago

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

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The National Company Law Tribunal, Principal Bench, New Delhi comprising of Justice Ramalingam Sudhaka and Shri Avinash K. Srivastava has approved the Resolution Plan filed by the Resolution Professional, Amit Agarwal in the matter of Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One. Background Facts: In 2018, SGM Webtech Private Limited as a financial …

When COC Approves A Resolution Plan, It Is Presumed To Be Viable And Feasible: NCLAT Delhi
2 years, 2 months ago

When COC Approves A Resolution Plan, It Is Presumed To Be Viable And Feasible: NCLAT Delhi

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The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Kanthi Narahari and Shri Barun Mitra, while adjudicating an appeal filed in Rajesh Kumar & Ors. v Rabindra Kumar Mintri & Anr., has held that when the Committee of Creditors approves a Resolution Plan in its commercial wisdom, it is presumed that the Resolution Plan is …

AA Shall Either Approve Or Reject The Resolution Plan, No Power To Modify It: NCLAT Delhi
2 years, 3 months ago

AA Shall Either Approve Or Reject The Resolution Plan, No Power To Modify It: NCLAT Delhi

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The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra, while adjudicating an appeal filed in Mathuraprasad C Pandey & Ors. v Partiv Parikh & Anr., has held that when a Resolution Plan is presented before the Adjudicating Authority for approval, it is clear mandate of legislation to either approve or to …

Related Party Of Financial Creditor Not Barred U/S 29A To Submit A Resolution Plan: NCLT Cuttack
2 years, 5 months ago

Related Party Of Financial Creditor Not Barred U/S 29A To Submit A Resolution Plan: NCLT Cuttack

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The National Company Law Tribunal, Cuttack Bench, comprising of Shri P. Mohan Raj, while adjudicating an application filed in Trimex Industries Pvt. Sathavahana Ispat Ltd. & Ors., has held that the IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor. Jindal Saw Ltd. had submitted a resolution plan for …

NCLT Delhi Holds Suspended Directors Liable For Running Fraudulently
2 years, 6 months ago

NCLT Delhi Holds Suspended Directors Liable For Running Fraudulently

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The National Company Law Tribunal, New Delhi Bench, comprising of Shri Dharminder Singh and Dr. Binod Kumar Sinha, while adjudicating a petition filed in M/s Concord Infrastructure Pvt. Ltd., has approved the resolution plan submitted by Mr. Sunder Kumar Singhal and Mr. Sunil Kumar Agarwal for M/s Shubhkamna Buildtech Pvt. Mr. Sunder Kumar Singhal & Mr. Sunil Kumar Agarwal, who …

Erstwhile Resolution Professional Has No Right To Be Heard Before Being Replaced Under Section 27: NCLAT Delhi
2 years, 6 months ago

Erstwhile Resolution Professional Has No Right To Be Heard Before Being Replaced Under Section 27: NCLAT Delhi

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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 Sumat Kumar Gupta v Committee of Creditors of M/S Vallabh Textiles Company Ltd., has held that when the Committee of Creditors decides to replace the Resolution Professional under Section 27 of IBC and …

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