IBC: Pendency Of Case U/S 138 & 141 NI Act Amounts To Admission Of Debt, Not Existence Of Dispute: NCLAT
6 years, 4 months ago

IBC: Pendency Of Case U/S 138 & 141 NI Act Amounts To Admission Of Debt, Not Existence Of Dispute: NCLAT

Live Law  

The National Company Law Appellate Tribunal has held that pendency of proceedings under Section 138/441 of the Negotiable Instruments Act, 1881 cannot be considered as a dispute pending before a court of law, and hence, cannot be used as a reason for rejection of an application under Section 9 of the Insolvency and Bankruptcy Code.A bench comprising Justice S.J. The National Company Law Appellate Tribunal has held that pendency of proceedings under Section 138/441 of the Negotiable Instruments Act, 1881 cannot be considered as a dispute pending before a court of law, and hence, cannot be used as a reason for rejection of an application under Section 9 of the Insolvency and Bankruptcy Code. Mukhopadhaya and Justice Bansi Lal Bhat ruled, "The pendency of the case under Section 138/441 of the Negotiable Instruments Act, 1881, even if accepted as recovery proceeding, it cannot be held to be a dispute pending before a court of law. Thereby we hold that the pendency of the case under Section 138/441 of Negotiable Instruments Act, 1881 actually amounts to admission of debt and not an existence of dispute."

Dispute Operational Creditor Debt Act Nclat Code Ibc Pendency  nclat  law  1881  case  138441  instruments  negotiable  ni  debt  amounts  admission  act  operational  existence  ibc  pendency  dispute  tribunal

History of this topic

When There Is No Privity Of Contract Between Operational Creditor And Corporate Debtor, Application U/S 9 Of IBC Cannot Be Admitted: NCLAT
6 days, 10 hours ago

When There Is No Privity Of Contract Between Operational Creditor And Corporate Debtor, Application U/S 9 Of IBC Cannot Be Admitted: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Mr. Barun Mitra has held that an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, cannot be admitted when there is no privity of contract between the Operational Creditor and the Corporate Debtor. Lastly, it was submitted that the Appellant …

NCLAT Dismisses Senior Advocate's Plea Over Non-Payment Of Over ₹6 Crore In Fees By Company, Says Pre-Existing Dispute Bars Initiation Of CIRP
1 week, 6 days ago

NCLAT Dismisses Senior Advocate's Plea Over Non-Payment Of Over ₹6 Crore In Fees By Company, Says Pre-Existing Dispute Bars Initiation Of CIRP

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, consisting of Justice Ashok Bhushan and Arun Baroka, dismissed an appeal arising from the final order by the NCLT New Delhi Bench-IV regarding the initiation of CIRP under Section 9 of the Insolvency and Bankruptcy Code. Background The appellant, a senior advocate, filed an application under section 9 of the …

S. 138 NI Act | Cheque Bounce Case Not Maintainable If Complainant Is Party To Illegal Transaction: Orissa High Court
Trending News
2 weeks, 2 days ago

S. 138 NI Act | Cheque Bounce Case Not Maintainable If Complainant Is Party To Illegal Transaction: Orissa High Court

Live Law  

In an important decision, the Orissa High Court has held that a complainant cannot maintain a case for cheque bounce against the accused under Section 138 of the Negotiable Instruments Act, 1881 if she herself is a party to illegal transaction, or in other words, if initially credit was given by the complainant for achieving an illegal purpose. Roy, Virender …

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
3 weeks ago

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra and Arun Baroka disposed an appeal filed by a majority shareholder of the corporate debtor stating that the Section 7 application filed by financial creditors was fraudulently filed in collusion with the corporate debtors' promoters. NCLAT Judgement The National Company Law Appellate …

Moratorium Period Under IBC Does Not Bar Payment Of Compensation Under NI Act: J&K High Court Orders ₹4 Crore Interim Compensation
4 weeks ago

Moratorium Period Under IBC Does Not Bar Payment Of Compensation Under NI Act: J&K High Court Orders ₹4 Crore Interim Compensation

Live Law  

The Jammu and Kashmir High Court held that the declaration of a moratorium would not bar the complainant from filing a complaint under the NI Act. The court said that the debtor cannot take refuge under the Code to frustrate proceedings under the NI Act if he is found liable to pay compensation in the proceedings. The trial court directed …

When Debt Is Not Unequivocally Admitted By Corporate Debtor, Application U/S 9 Of IBC Must Not Be Entertained: NCLAT
1 month ago

When Debt Is Not Unequivocally Admitted By Corporate Debtor, Application U/S 9 Of IBC Must Not Be Entertained: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the application under section 9 of the Insolvency and Bankruptcy Code, 2016 cannot be entertained when the debt is not unequivocally admitted by the Corporate Debtor. The Operational Creditor issued a demand notice under section 8 of …

IBC Weekly Round-Up [10th February -16th February 2025]
1 month, 2 weeks ago

IBC Weekly Round-Up [10th February -16th February 2025]

Live Law  

Nominal Index: Global Indian School Education Services Pvt. 5841, 5842, 5843 of 2023 The National Company Law Appellate Tribunal New Delhi bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the security amount deposited under a Memorandum of Understanding without any intention of commercial effect of borrowing and time value of money cannot …

Pre-Existing Dispute Between Financial Creditor And Corporate Debtor Doesn't Bar Petition U/S 7 Of IBC: NCLT
2 months ago

Pre-Existing Dispute Between Financial Creditor And Corporate Debtor Doesn't Bar Petition U/S 7 Of IBC: NCLT

Live Law  

The National Company Law Tribunal, New Delhi bench comprising Chief Justice Ramalingam Sudhakar and Avinash K. Srivatava has held that a pre-existing dispute between the Financial Creditor and Corporate Debtor does not bar a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 to be entertained. The Tribunal also held that a claim of the Financial Creditor which …

Pre-Existing Dispute Between Financial Creditor And Corporate Debtor Doesn't Bar Petition U/S 7 Of IBC: NCLT
2 months ago

Pre-Existing Dispute Between Financial Creditor And Corporate Debtor Doesn't Bar Petition U/S 7 Of IBC: NCLT

Live Law  

The National Company Law Tribunal, New Delhi bench comprising Chief Justice Ramalingam Sudhakar and Avinash K. Srivatava has held that a pre-existing dispute between the Financial Creditor and Corporate Debtor does not bar a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 to be entertained. The Tribunal also held that a claim of the Financial Creditor which …

Decision To Liquidate Corporate Debtor Cannot Be Faulted When Revival Is Not A Viable Option: NCLAT
2 months ago

Decision To Liquidate Corporate Debtor Cannot Be Faulted When Revival Is Not A Viable Option: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that when it becomes clear that revival is not a viable option, a decision taken by the CoC to liquidate the corporate debtor cannot be faulted. Thereafter, the Adjudicating Authority ordered the liquidation of the corporate debtor after a decision was …

IBC Monthly Digest: December 2024
3 months ago

IBC Monthly Digest: December 2024

Live Law  

SUPREME COURT Case Title : China Development Bank vs Doha Bank OPSC and others Citation : 2024 LiveLaw 1029 The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. Case Number: Company Appeal No.1380 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, …

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
3 months, 2 weeks ago

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

Live Law  

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

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

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

Live Law  

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

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

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

Live Law  

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

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

IBC Weekly Round-Up [18th November To 24th November 2024]
4 months, 1 week ago

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

Live Law  

Nominal Index Siti Networks Ltd. vs. Rajiv Suri NO. Versus Shri Sutanu Sinha Case Reference: Company Appeal No.1927 of 2024 The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that no interest on principal amount can be claimed if there is no clause to this effect in the agreement executed between the parties. The Tribunal further …

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

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

Live Law  

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

Once Pre-Existing Dispute With Regard To Operational Debt Is Established, Petition U/S 9 Of IBC Cannot Be Admitted: NCLAT
4 months, 3 weeks ago

Once Pre-Existing Dispute With Regard To Operational Debt Is Established, Petition U/S 9 Of IBC Cannot Be Admitted: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra affirmed that in Section 9 proceeding, there is no need to enter into final adjudication with regard to existence of dispute between the parties regarding operational debt. Thereafter, the Operational Creditor filed the Section 9 application before the Adjudicating Authority which was allowed on 30.10.2023 and the Corporate Debtor …

Complainant's Burden Shifting Under Section 139 of the Negotiable Instruments Act: High Court Observation
5 months ago

Complainant's Burden Shifting Under Section 139 of the Negotiable Instruments Act: High Court Observation

Live Law  

The Jammu and Kashmir and Ladakh High Court has observed that once the complainant proves that a cheque was issued by the accused to discharge a debt, Section 139 mandates that the burden of proof shifts to the accused. The court dismissed an appeal filed by one Choudhary Piara Singh against an acquittal order issued by the Trial Court in …

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

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

Live Law  

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

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi
5 months, 1 week ago

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

Live Law  

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

Negotiable Instruments Act | Court Can Compound Offences U/S 147 Even After Conviction: Himachal Pradesh High Court
7 months, 1 week ago

Negotiable Instruments Act | Court Can Compound Offences U/S 147 Even After Conviction: Himachal Pradesh High Court

Live Law  

The Himachal Pradesh High Court has ruled that under Section 147 of the Negotiable Instruments Act, 1881, offences can be compounded even after the recording of a conviction by the court. Justice Sandeep Sharma delivered this judgment while hearing a petition under Section 528 of the Bharatiya Nagarik Suraksha Sanhita, 2023, read with Section 147 of the Negotiable Instruments Act. …

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

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

Live Law  

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

Half Yearly Digest Of IBC Cases : January To June,2024
8 months, 2 weeks ago

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. 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 …

Discharge Of Debt By Drawer To Be Determined At Trial, Can't Be Ground For Quashing Cheque Bounce Case U/S 138 NI Act: Jharkhand HC
8 months, 3 weeks ago

Discharge Of Debt By Drawer To Be Determined At Trial, Can't Be Ground For Quashing Cheque Bounce Case U/S 138 NI Act: Jharkhand HC

Live Law  

The Jharkhand High Court has dismissed a petition to quash a cheque bounce case, emphasizing that determining whether the petitioner had settled the debt for which the cheques were issued is a factual matter requiring a full trial. Justice Anil Kumar Choudhary, presiding over the case, observed, “Now whether or not the petitioner has discharged the debt for which the …

Weekly Digest Of IBC Cases: 13th To 19th May 2024
10 months, 1 week ago

Weekly Digest Of IBC Cases: 13th To 19th May 2024

Live Law  

NCLAT NCLAT Delhi Evokes Doctrine Of 'Approbate & Reprobate', Imposes Rs. 124 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey evokes the Doctrine of 'Approbrate and Reprobrate' imposing a cost of Rs. 1589 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. …

S.138 NI Act | Courts Can't Compel Complainant To Give Consent For Compounding, Mere Repayment Won't Absolve Accused : Supreme Court
11 months ago

S.138 NI Act | Courts Can't Compel Complainant To Give Consent For Compounding, Mere Repayment Won't Absolve Accused : Supreme Court

Live Law  

Recently, the Supreme Court observed that the Courts cannot compel the complainant in a cheque dishonour case to give consent for the compounding of the complaint merely because the accused has compensated the complainant.The Court also observed that mere repayment of the amount cannot mean that the appellant is absolved from the criminal liabilities under Section 138 of the. Recently, …

IBC Cases Quarterly Digest : January To March 2024
11 months, 3 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 …

Mere Registration Of Criminal Case In Relation To An Agreement Would Not Make The Disputes Arising Out Of It Non-Arbitrable: Delhi High Court
11 months, 4 weeks ago

Mere Registration Of Criminal Case In Relation To An Agreement Would Not Make The Disputes Arising Out Of It Non-Arbitrable: Delhi High Court

Live Law  

The Single Bench of Justice Dinesh Kumar Sharma of Delhi High Court has held that merely because a criminal case of forgery/fabrication has been registered in relation to an agreement, any civil/commercial dispute arising out of such agreement would not become non-arbitrable. Facts The parties entered into an agreement dated 08.02.2007, whereby Mr. S.K Zaman, husband of respondent No.1 and …

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
1 year ago

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that the Provisional Attachment Order under PMLA will not bar the admission of Corporate Insolvency Resolution Process proceedings against the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held that the Provisional Attachment Order …

NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002
1 year ago

NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that Corporate Insolvency Resolution Process can be initiated under Section 7 of Insolvency and Bankruptcy Code, 2016 against an Auction Purchaser in proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. NCLAT Verdict: The NCLAT Delhi …

[Cheque Dishonour] Complainant Failed To Prove Cheque Was Issued Against Legally Enforceable Debt: Kerala High Court Acquits Accused
1 year ago

[Cheque Dishonour] Complainant Failed To Prove Cheque Was Issued Against Legally Enforceable Debt: Kerala High Court Acquits Accused

Live Law  

The Kerala High Court has held that a complainant under the Negotiable Instruments Act cannot rely on the presumption that the holder of a negotiable instrument has paid consideration for it when his claim is inconsistent.It upheld the acquittal of the accused upon noting that the complainant in the present case had failed to prove that the cheque had been …

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: 5th To 11th February 2024
1 year, 1 month 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 …

Monthly Digest Of IBC Cases: January 2024
1 year, 2 months ago

Monthly Digest Of IBC Cases: January 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 …

NCLAT Delhi: Security Of Refund Of Advance Amount Can't Change Nature Of Transaction Into Financial Debt
1 year, 2 months ago

NCLAT Delhi: Security Of Refund Of Advance Amount Can't Change Nature Of Transaction Into Financial Debt

Live Law  

The National Company Law Appellate Tribunal New Delhi Bench, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Security of refund of the advance amount cannot change the nature of transaction into financial debt. NCLAT Verdict: The NCLAT New Delhi dismissed the appeal and held that the Security of refund of advance amount cannot change …

NCLT Mumbai: Substance Of A Transaction Is Important Over Its Form, Accounting Entries Can Not Determine Character And Nature Of Transaction
1 year, 3 months ago

NCLT Mumbai: Substance Of A Transaction Is Important Over Its Form, Accounting Entries Can Not Determine Character And Nature Of Transaction

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice Shri V.G. The Applicant had paid the invoices raised upon Maharashtra State Electricity Distribution Company Ltd. against the Corporate Debtor and the payment of the same was to by the Applicant. There is acknowledgment of debt since the Corporate Debtor had paid the interest to the Applicant in the past …

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC
1 year, 3 months ago

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Smt. Bidisha Banerjee and Shri Arvind Devanathan has held that no proceedings can be initiated against the Airport Authority of India as it is a statutory body created under the Airport Authority of India Act, 1944, does not fall under the definition of 'corporate person' under Section 3 of Insolvency and …

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 …

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, 5 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 …

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi
1 year, 5 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, 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 …

Monthly Digest Of IBC Cases: September 2023
1 year, 5 months ago

Monthly Digest Of IBC Cases: September 2023

Live Law  

Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required …

IBC Not A Debt Recovery Mechanism, NCLAT Chennai Reiterates
1 year, 6 months ago

IBC Not A Debt Recovery Mechanism, NCLAT Chennai Reiterates

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla, dismissed an appeal filed in Mr. Maulik Kirtibhai Shah vs. United Telecom Limited. against the order of the National Company Law Tribunal Bangalore Bench which had dismissed the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Maulik Kirtibhai Shah seeking …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 6 months ago

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

Live Law  

Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016, once the Resolution Plan stands approved by the National Company Law Tribunal, the Electricity Department cannot demand payment of arrears, which were payable by the Corporate …

S.17 SARFAESI Act | Recovery Action May Have Disastrous Consequences For Borrower, DRT Must Pass Interim Order Upon Application Of Mind: Kerala HC
1 year, 10 months ago

S.17 SARFAESI Act | Recovery Action May Have Disastrous Consequences For Borrower, DRT Must Pass Interim Order Upon Application Of Mind: Kerala HC

Live Law  

The Kerala High Court recently held that interim orders passed by the Debts Recovery Tribunal under 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 cannot be issued mechanically and without application of mind. On Maintainability The Court held that in cases where the Tribunal has failed to exercise its jurisdiction properly, requiring …

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi
1 year, 10 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 …

Weekly Digest Of IBC Cases: 15 To 21 May 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 15 To 21 May 2023

Live Law  

Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. 05/MB-IV/2020 The National Company Law Tribunal, Mumbai bench, comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, has initiated Corporate Insolvency Resolution Process against M/s Tulip Hotels Private Limited. 827/MB-IV/2022 The National Company Law Tribunal, Mumbai …

Discover Related