Weekly Digest Of IBC Cases: 7 March To 12 March 2023
NCLAT Case Title: Noble Marine Metals Co Wll V Kotak Mahindra Bank Limited & Ors. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, 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 extent of a clause which provided for mandatory release of the personal guarantee given by the Promoters of the Corporate Debtor. 350 of 2021 The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Shri Naresh Salecha, has held that for an application under Section 66 of IBC to succeed, it must be proved that Directors participated in carrying on business of the Corporate Debtor despite knowing likely insolvency of the Corporate Debtor; and Business of the Corporate Debtor has been carried out with an intent to defraud the creditors. : CP/3546//2018 The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Shri Shyam Babu Gautam, has permitted withdrawal of CIRP against Meta Arch Private Limited. NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited Case Title: SGM Webtech Private Limited V. Boulevard Projects Private Limited Case No: CP No.967/2018 The National Company Law Tribunal, Principal Bench, comprising of Justice Ramalingam Sudhakar and Shri Avinash K. Srivastava has approved the Resolution Plan submitted by Max Estates Limited for Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One.
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