S.274 Companies Act | NCLT Can Only Direct Company & Not It's Shareholders To File Written Statement & Objections During Winding Up: Kerala HC
1 year, 3 months ago

S.274 Companies Act | NCLT Can Only Direct Company & Not It's Shareholders To File Written Statement & Objections During Winding Up: Kerala HC

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The Kerala High Court recently laid down that the National Company Law Tribunal can only direct the Company to file its objections along with the statement of affairs when a petition for winding up of the Company before the Tribunal had been filed by any person other than the Company itself. Justice C. Jayachandran, passed the order on perusing Section 274 of the Companies Act, which stipulates the 'directions for filing statement of affairs'. The petitioner thus challenged the order on the basis of Section 274 of the Companies Act, 2013, which contemplates such an order only as against the company, and not against the petitioner, who was only a shareholder of the Company. "The winding up proceedings will continue in accordance with law, directing the company to produce the statement of affairs, if it is found necessary to proceed with the matter," it observed, while disposing the case.

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History of this topic

Moratorium During Insolvency Process Does Not Bar Cheque Dishonour Proceedings Against Persons Referred U/S 141 Of NI Act: Kerala High Court
1 month, 1 week ago

Moratorium During Insolvency Process Does Not Bar Cheque Dishonour Proceedings Against Persons Referred U/S 141 Of NI Act: Kerala High Court

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The Kerala High Court yesterday, observed that during the Corporate Insolvency Resolution Process, initiation of cheque dishonour proceedings, due to the moratorium, is prohibited only against the corporate debtor and not against the persons referred under Section 141 of the Negotiable Instruments Act. “ When the Corporate Insolvency Resolution Process of the company is underway, the corporate debtor would be …

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week
1 month, 2 weeks ago

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week

Live Law  

The National Company Law Appellate Tribunal, Chennai bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain have directed the National Company Law Tribunal to decide the application filed by Board of Control for Cricket in India to withdraw the corporate insolvency resolution process against Byju's within a week's time. The Tribunal disposed of Riju Raveendran's appeal challenging the reinstatement of …

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court
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1 month, 2 weeks ago

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court

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The Delhi High Court bench of Justice Manmeet Pritam Singh Arora has held that in accordance with Section 32A of the Insolvency and Bankruptcy Code, 2016, a Corporate Debtor that has successfully undergone a resolution process under Section 31 of the IBC shall not be prosecuted for offences committed prior to the commencement of the CIRP. Arguments Dr. Abhishek Manu …

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's
1 month, 2 weeks ago

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

Live Law  

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

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal
1 month, 2 weeks ago

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal

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The National Company Law Tribunal, Bengaluru bench comprising Justice K. Biswal and Ravichandran Ramasamy have held that that as per the Insolvency and Bankruptcy Code, 2016, there is no provision to 'provisionally' constitute the Committee of Creditors ; the CoC once constituted is final and cannot be revised or reconstituted by the Interim Resolution Professional /Resolution Professional without the interference …

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT
2 months, 1 week ago

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT

Live Law  

The National Company Law Appellate Tribunal has recently held that an appeal under Section 421 of the Companies Act, 2013, against an interlocutory order permitting holding of an Annual General Meeting without affecting the substantive rights of the appellants is not maintainable. The NCLAT bench presided over by Justice Sharad Kumar Sharma and Jatindranatha Swain], observed, "In fact, looking at …

Complainant Is Entitled To Her Own Section 164 CrPC Statement Regardless Of Filing Of Final Report: Kerala High Court
2 months, 2 weeks ago

Complainant Is Entitled To Her Own Section 164 CrPC Statement Regardless Of Filing Of Final Report: Kerala High Court

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The Kerala High Court held that even if a final report is filed by the investigation agency a defacto complainant is entitled to get a copy of her own statement recorded under Section 164 of Cr.P.C. The Court observed that therefore, the defacto complainant has a right to get a copy of the Section 164 CrPC statement. and all the …

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

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

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

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT
3 months, 3 weeks 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 …

Kerala Women's Commission Supports Registration Of FIRs On Statements Before Justice Hema Committee, Files Affidavit In Supreme Court
4 months ago

Kerala Women's Commission Supports Registration Of FIRs On Statements Before Justice Hema Committee, Files Affidavit In Supreme Court

Live Law  

The Supreme Court is set to hear a petition challenging the Kerala High Court's direction to the police to register FIRs on statements made by women actors to the Justice Hema Committee regarding the abuses they faced in the Malayalam cinema industry on November 25, in which the Kerala Women's Commission has recently filed a counter affidavit.The Commission has filed …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
7 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 …

Consumer Cases Monthly Digest: June 2024
8 months, 1 week ago

Consumer Cases Monthly Digest: June 2024

Live Law  

National Consumer Disputes Redressal Commission Limitation Period Under Policy Is Shorter Than Statutory Period For Filing Complaint, Unenforceable And Void: NCDRC Holds Oriental Insurance Liable For Deficiency In Service The National Consumer Disputes Redressal Commission, presided by Subhash Chandra and Sadhna Shanker, held that the Consumer Protection Act 1986 provides a two-year limitation period for filing a complaint, and the …

'Voluminous Appeal Records, Citations Of Very Little Value': NCLAT Chennai Raps Practising Company Secretary For Unnecessarily Burdening The Tribunal
8 months, 1 week ago

'Voluminous Appeal Records, Citations Of Very Little Value': NCLAT Chennai Raps Practising Company Secretary For Unnecessarily Burdening The Tribunal

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice Sharad Kumar Sharma, Member and Jatindranath Swain, Member came down heavily on a Practising Company Secretary for filing an Appeal with voluminous records running in several volumes. The Appeal was preferred by the concerned Appellant against an order of the National Company Law Tribunal, Chennai Bench, wherein the Tribunal …

Indirect Tax Cases Monthly Round Up: June 2024
8 months, 3 weeks ago

Indirect Tax Cases Monthly Round Up: June 2024

Live Law  

Bombay High Court Non-Communication Of SCN To Call Book Is Fatal; Bombay High Court Quashes SCNs Against ICICI Home Finance Citation: 2024 LiveLaw 305 Case Title: ICICI Home Finance Company Ltd. Slump Sale Doesn't Amount To Sale Of Goods Within MVAT Act: Bombay High Court Citation: 2024 LiveLaw 306 Case Title: Piramal Enterprises Limited Versus The State of Maharashtra The …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
8 months, 3 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

No Irreversible Actions In Winding Up, Company Court Can Transfer Proceedings To NCLT: Bombay High Court
9 months, 2 weeks ago

No Irreversible Actions In Winding Up, Company Court Can Transfer Proceedings To NCLT: Bombay High Court

Live Law  

The Bombay High Court bench of Justice Abhay Ahuja held that as long as no irreversible actions, such as actual sales of immovable or movable properties, have occurred, the Company Court retains the discretion to transfer proceedings to the NCLT. Brief Facts: The Applicant approached the Bombay High Court to transfer Company Petition No.317 of 2012 to the National Company …

Once Resolution Plan Is Approved By NCLT, Corporate Entity Starts With Clean Slate : Calcutta High Court
9 months, 2 weeks ago

Once Resolution Plan Is Approved By NCLT, Corporate Entity Starts With Clean Slate : Calcutta High Court

Live Law  

The Calcutta High Court bench of Justice Sugato Majumdar held that after the insolvency proceeding is over and the resolution plan is duly approved by the National Company Law Tribunal, the corporate entity starts with a clean slate on rejuvenation. This led to the initiation of the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, by the …

Consumer Cases Weekly Round-Up: 20th To 26th May 2024
9 months, 3 weeks ago

Consumer Cases Weekly Round-Up: 20th To 26th May 2024

Live Law  

National Consumer Disputes Redressal Commission Alerting Insurer About Renewal Of Insurance Is Bank's Responsibility: NCDRC Holds Syndicate Bank Liable For Deficiency In Service Case Title: Bank Manager, Syndicate Bank Vs. Ishwar Dayal The National Consumer Disputes Redressal Commission, presided by Dr. Inder Jit Singh, held Syndicate Bank liable for deficiency in service and held that it is the responsibility of …

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC
10 months, 1 week ago

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Arun Baroka held that the Adjudicating Authority can extend payment timelines under the Resolution Plan without the express concurrence of the Committee of Creditors. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that the Adjudicating Authority can extend payment timelines under the Resolution Plan …

IBC Cases Quarterly Digest : January To March 2024
11 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Indirect Tax Cases Weekly Round-Up: 31 March To 6 April 2024
11 months, 2 weeks ago

Indirect Tax Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Delhi High Court Case Title: Jetibai Grandsons Services India Pvt Ltd Versus Union Of India & Ors. Case Title: Blackberry India Pvt Ltd -Earlier Known As Research In Motion India Pvt Ltd Versus The Commissioner CGST The Delhi High Court has held that the department cannot, after being unsuccessful before this Court on its own, declare the refund of the …

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

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

Live Law  

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

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

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

Live Law  

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

Weekly Digest Of IBC Cases: 29th January To 4th February 2024
1 year, 1 month ago

Weekly Digest Of IBC Cases: 29th January To 4th February 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.1650 of 2023 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has held that a resolution applicant who has participated in the process, has locus to object the application filed by Resolution Professional …

Weekly Digest Of IBC Cases: 8th To 14th January 2024
1 year, 2 months ago

Weekly Digest Of IBC Cases: 8th To 14th January 2024

Live Law  

NCLAT Case title: Partha Sarathy Sarkar v Specified Undertaking of Unit Trust of India Ltd & Ors. 1340 of 2023 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 …

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

Monthly Digest Of IBC Cases: November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

NCLAT Delhi: Benefit Under Section 17 Of Limitation Act Is Not Available When Fraud Was Played In Creditor Company And Not In Company Of Corporate Debtor
1 year, 4 months ago

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

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 …

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

Weekly Digest Of IBC Cases: 30th October To 5th November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

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

Monthly Digest Of IBC Cases: October 2023

Live Law  

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

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, 4 months 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 Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
1 year, 4 months ago

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

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal filed by Jitendra Virmani against Mro-Tek Realty Limited. The Appellate Tribunal held that the Board of Directors has the onus to take decisions for the Company’s business or negotiations with the parties concerned and not the shareholders of the company. …

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT
1 year, 4 months ago

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed by Jitendra Virmani against the National Company Law Tribunal Bangalore order dated 27.11.2019. The Appellate Tribunal held that the grounds not taken on jurisdiction before the NCLT, cannot be contested afresh on appeal as the parties have exercised acquiescence and …

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

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

Live Law  

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

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

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

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 …

S.227 CrPC | Notarised Affidavit By Complainant Not Sufficient To Discharge Accused: Kerala High Court
1 year, 6 months ago

S.227 CrPC | Notarised Affidavit By Complainant Not Sufficient To Discharge Accused: Kerala High Court

Live Law  

The Kerala High Court recently held that a notarised affidavit signed by the de facto complainants exonerating the accused person cannot be taken in isolation to discharge the accused.Justice N. Nagaresh explained that to discharge an accused person under Section 227 of the CrPC, the Court ought to determine if there are sufficient grounds to proceed against them. The Kerala …

Proceedings Under Section 13 Of Companies Act, 2013 Can’t Be Questioned In Proceedings Under Section 7 Of IBC: NCLAT Delhi
1 year, 6 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 …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 8 months ago

Weekly Digest Of IBC Cases: 18 To 23 July 2023

Live Law  

Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238 of the Insolvency and Bankruptcy Code, 2016 overrides the provisions of the Electricity Act, 2003. High Court Jharkhand High Court …

Improving The Functioning Of The National Company Law Tribunal – A Perspective
1 year, 9 months ago

Improving The Functioning Of The National Company Law Tribunal – A Perspective

Live Law  

The National Company Law Tribunal, established on 01 June 2016 under the Companies Act, 2013, is a premier tribunal in the commercial and economic field. Having said that, there is still a general feeling of unease with reference to two issues – the delay factor in disposal of applications by the NCLT, especially applications pertaining to admission of corporate debtors …

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT
1 year, 10 months ago

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT

Live Law  

The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that from the date of approval of the resolution plan by the National Company Law Appellate Tribunal, the appeal filed by the applicant has abated, and CESTAT has become functus officio in the matters relating to the appeal filed by Jet Airways.The bench of S.K. The …

Monthly Digest Of IBC Cases: February 2023
2 years ago

Monthly Digest Of IBC Cases: February 2023

Live Law  

NCLAT Case Title: Priyal Kantilal Patel v IREP Credit Capital Pvt. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process was initiated against Zee Entertainment Enterprises Ltd. Zee Entertainment Enterprises Ltd. is an Indian media conglomerate owned by Essel Group, …

Weekly Digest Of IBC Cases: 20 February To 26 February 2023
2 years 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.
2 years 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 …

Section 59 Companies Act 2013 - NCLT Cannot Excercise Parallel Jurisdiction With SEBI For Addressing Violations Of SEBI Regulations: Supreme Court
2 years, 2 months ago

Section 59 Companies Act 2013 - NCLT Cannot Excercise Parallel Jurisdiction With SEBI For Addressing Violations Of SEBI Regulations: Supreme Court

Live Law  

The Supreme Court has held National Company Law Tribunal under Section 59 of Companies Act, 2013, cannot excercise a parallel jurisdiction with Securities and Exchange Board of India6 for addressing violations of the Regulations framed under the SEBI Act.The court held that rectificatory jurisdiction of the NCLT under Section 59 of the Companies Act,2013, is summary in nature. The Supreme …

Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment
2 years, 3 months ago

Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment

Live Law  

The Gujarat High Court Bench comprising of Justice N.V. Anjaria and Justice Sandeep N. Bhatt, while adjudicating a petition filed in Manorama Kumari v Union of India, has rejected the plea of a former NCLT Member for re-appointment as a Judicial Member of NCLT, after having served a term of 5 years and being retired. The Petitioner held office for …

Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: NCLAT Delhi
2 years, 3 months 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 …

NI Act | Complainant Can't Seek To Prosecute Company's Former Directors For Cheque Issued To Repay Amount Invested When They Held Office: Karnataka HC
2 years, 4 months ago

NI Act | Complainant Can't Seek To Prosecute Company's Former Directors For Cheque Issued To Repay Amount Invested When They Held Office: Karnataka HC

Live Law  

The Karnataka High Court has quashed the proceedings initiated against two former directors of a company under Section 138 of the Negotiable Instruments Act by the complainant claiming that when he invested the money in the company they were directors. A private complaint was filed under Section 200 of the Code of Criminal Procedure, 1973 for the offence punishable under …

S.138 NI Act | Director Cannot Be Prosecuted For Cheque Dishonour Without Arraying Company As Accused: Kerala High Court Reiterates
2 years, 4 months ago

S.138 NI Act | Director Cannot Be Prosecuted For Cheque Dishonour Without Arraying Company As Accused: Kerala High Court Reiterates

Live Law  

The Kerala High Court has reiterated that when a cheque issued by a company is dishonored, prosecution under Section 138 of the Negotiable Instruments Act against its Director shall not sustain if the company is not arrayed as an accused. Justice A. Badharudeen relying on the law laid down by the Apex Court, observed that prosecution against the director of …

Monthly Digest Of IBC Cases: September 2022
2 years, 5 months ago

Monthly Digest Of IBC Cases: September 2022

Live Law  

Supreme Court IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower: Supreme Court Case Title: Maitreya Doshi vs Anand Rathi Global Finance Ltd Case No. 1037 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has held that when the …

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

NCLT Delhi Holds Suspended Directors Liable For Running Fraudulently

Live Law  

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 …

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