2 years, 8 months ago

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

Live Law

Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 for recommending approval or rejection of insolvency petition against the Personal Guarantor, which was previously filed by the Resolution Professional on its own accord, without there being any direction from the Adjudicating Authority. : CP 287 of 2019 The National Company Law Tribunal, Ahmedabad Bench, comprising of Justice Madan B. Gosavi and Shri Kaushalendra Kumar Singh, has declined to approve the Resolution Plan submitted by M2K Developers Pvt. 297/95 of IBC/HDB/2021 The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, has held that a guarantor cannot enjoy a right of subrogation even after the Corporate Insolvency Resolution Process of the Principal Debtor gets concluded. 331/9/HDB/2020 The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula and Shri Veera Brahma Rao Arekapudi, has initiated Corporate Insolvency Resolution Process against Trident Sugars Ltd. after observing that the Corporate Debtor had neither paid the balance amount nor raised any dispute in respect of the quantity or the amount at any point of time.

Law Mumbai Corporate Resolution Income Tax Company Judicial Resolution Plan Nclt Bench Nclat Code Tds Irp Coc Ibc Case Title Ins Cirp Debtor Technical Member Judicial Member Financial Creditor Corporate Insolvency Resolution Process Mumbai Bench Sahara Hospitality Member Shri weekly member shri law debtor corporate nclt resolution cases bench round ibc 17 company 2022

History of this topic

6 days, 21 hours ago

Adding Inflated Interest To Outstanding Liability Merely To Cross Threshold U/S 4 Of IBC Is Not Permissible: 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 the interest cannot be added to the outstanding liability when there is no contract between the parties to this effect and no past practice justifying such action merely to cross the threshold of Rs. Brief Facts: A …

6 days, 22 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 …

1 week ago

NCLT Mumbai Dismisses Syska LED Lights' Plea For Withdrawal Of Insolvency Application U/S 12A Of IBC

Live Law

The National Company Law Tribunal, Mumbai bench comprising K.R. Saji Kumar and Anil Raj Chellan has dismissed the withdrawal application filed under Section 12A of the Insolvency and Bankruptcy Code in the insolvency proceedings of Syska LED Lights Pvt. 2/ Suspended Director submitted that since the Section 12A application was filed in conformity with Section 12A of the Code r/w …

1 week, 2 days ago

IBC Cases Weekly Round Up [17th March-23rd March 2025]

Live Law

Nominal Index: Manish Mukim v. Ms. Rakhi and Anr., Company Appeal No. Case Number:Company Appeal No.249 of 2025 The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Mr. Barun Mitra has held that After submission of the final revised Resolution Plan within the stipulated timeframe, the Resolution Applicant cannot be permitted to …

2 weeks 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 …

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 …

3 weeks, 2 days ago

IBC Weekly Round-Up [3rd March To 9th March, 2025]

Live Law

Nominal Index: Shri Krishan V. H.S Oberoi Buildtech Private Ltd.,Company Appeal No. 128 of 2025 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 …

3 weeks, 4 days ago

IBC Monthly Digest [February 2025]

Live Law

Nominal Index: Damodar Valley Corporation vs. Mackeil Ispat & Forging Ltd. & Anr., Company Appeal No. Case Title: Edelweiss Asset Reconstruction Company Ltd. vs. Chirag Rejendrakumar Shah Case Number: Company Appeal No.242 of 2025 The National Company Law Appellate Tribunal New Delhi bench comprising Justice Ashok Bhushan, Barun Mitra and Arun Baroka have re-iterated that that liquidation of the Corporate …

3 weeks, 4 days ago

NCLT Doesn't Have Jurisdiction To Direct ED To Defreeze Corporate Debtor's Account Frozen Under PMLA: NCLT

Live Law

The National Company Law Tribunal, New Delhi bench comprising Justice Bachu Venkat Balaram Das and Atul Chaturvedi has held that the NCLT, which is the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 does not have the power to issue directions to the Directorate of Enforcement to defreeze the account of the Corporate Debtor when the account was frozen …

3 weeks, 5 days ago

Advocates Act | BCI Cannot Entertain Appeal Against Order Of State Bar Council's Disciplinary Committee When Probe Is Pending: Punjab & Haryana HC

Live Law

The Punjab & Haryana High Court has made it clear that Bar Council Of India cannot entertain appeal from interim order of the State Bar Council's disciplinary committee when the probe is pending and no punishment is imposed. Perusing Section 37 of the Advocate's Act, the Court noted that any person aggrieved by an order of the Disciplinary Committee of …

3 weeks, 6 days ago

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

Live Law

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 …

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 …

4 weeks, 2 days ago

Bombay High Court halts Maharashtra ACB action against ex-SEBI chief Madhabi Puri Buch, others till March 4

The Hindu

The Bombay High Court on Monday asked the Anti-Corruption Bureau not to act on a Mumbai sessions court order to register an FIR against former Securities and Exchange Board of India Chairperson Madhabi Puri Buch and five others, until March 4, 2025. The sessions court on March 1, 2025 directed the ACB to register a First Information Report against Buch …

1 month ago

NCLT Has No Jurisdiction To Convict Person For Offence U/S 68 Of IBC In View Of Section 236 Of IBC: NCLAT

Live Law

The National Company Law Appellate Tribunal New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the National Company Law Tribunal has no jurisdiction to convict a person for an offence under Section 68 under Chapter VII of Part II of the Insolvency and Bankruptcy Code, 2016 in view of the express provision contained in …

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 …

1 month, 1 week ago

Limitation Period For Filing Appeal U/S 61 Of IBC Commences From Date Of Order, Not From Date Of Its Receipt: 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 limitation period for filing an appeal under section 61 of the Insolvency and Bankruptcy Code, 2016 shall commence from the date of passing of the order and not from the date when a copy of the …

1 month, 1 week ago

IBC Weekly Round-Up [17th February-23rd February 2025]

Live Law

Nominal Index: BANK OF BARODA v. FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. Case Title: Edelweiss Asset Reconstruction Company Ltd. vs. Chirag Rejendrakumar Shah Case Number: Company Appeal No.242 of 2025 The National Company Law Appellate Tribunal New Delhi bench comprising Justice Ashok Bhushan, Barun Mitra and Arun Baroka have re-iterated that that liquidation of the Corporate Debtor should …

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 …

1 month, 2 weeks ago

Non-Registration Of “Charge” U/S 77 Of Companies Act Does Not Bar Creditor From Being Treated As “Secured Creditor” Under IBC During CIRP: NCLAT

Live Law

The National Company Law Appellate Tribunal, New Delhi bench comprising Justice Yogesh Khanna and Mr. Arun Baroka have held that non-registration of “charge” in terms of Section 77 of Companies Act, 2013 is not a sine qua non for a Creditor to be treated as a “Secured Creditor” under section 3 of the Insolvency and Bankruptcy Code, 2016 by the …

1 month, 3 weeks ago

IBC Weekly Round-Up [2nd February-9th February 2025]

Live Law

Nominal Index: Damodar Valley Corporation vs. Mackeil Ispat & Forging Ltd. & Anr., Company Appeal No. 2316 of 2024' M/s.Isthara Parks Private Limited v M/s.Valmar Projects LLP & Ors., CP No.216/9/IIDB/2023 Aditya Birla Finance Limited vs. Mr. Pankaj Srivastava, IA No. 149/BB/2023 High Court Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court Case …

1 month, 3 weeks ago

Business Arrangement Involving Joint Profit-Sharing, Exclusive Supply Agreement Does Not Establish Creditor-Debtor Relationship Under IBC: NCLT

Live Law

The National Company Law Tribunal, Delhi, has held that a petitioner cannot initiate the Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016 if the business arrangement between the parties involves joint participation and profit-sharing rather than a straightforward operational debt. According to the factual matrix of the case, an application was filed by M/s …

1 month, 3 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 …

1 month, 3 weeks ago

IBC Monthly Digest: January 2025

Live Law

NOMINAL INDEX: Adroit Pharmaceuticals Pvt. Ltd Versus Dharmendra Kumar, Case Number: Company Appeal No.2196 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that when the appeal is dismissed on the ground of non-prosecution, it cannot be said to be dismissed on merits as well. Case Title: Indospirit Distribution …

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

Trending News

1 month, 3 weeks ago

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

Live Law

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 …

1 month, 3 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. …

1 month, 3 weeks ago

Delhi court summons ED director over failure to provide documents in ₹88-crore SEBI fraud case

The Hindu

A Delhi court has recently summoned the Enforcement Directorate director over the Central agency’s failure to supply legible copies of the documents related to the case to the accused booked in ₹88-crore Securities and Exchange Board of India- related cheating and fraud case. Special Judge Aparna Swami of Patiala House Courts ordered the present director of ED, Rahul Navin, and …

1 month, 3 weeks ago

NCLT Hyderabad Rejects Application U/S 9 Of IBC Filed By M/s Isthara Parks Private Ltd On Grounds Of Pre-Existing Dispute

Live Law

The NCLT Hyderabad Bench of Shri Rajeev Bhardwaj and Shri Sanjay Puri has held that once a prima facie case of a genuine pre-existing dispute is made out prior to issuance of demand notice under Section 8 of the IBC, the Adjudicating Authority must reject an application filed by Operational Creditor under Section 9 of the Code. Observations: The tribunal …

1 month, 4 weeks ago

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

Live Law

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 …

1 month, 4 weeks ago

IBC Weekly Round Up[27th January-2nd February 2025]

Live Law

Nominal Index: INDEPENDENT SUGAR CORPORATION LTD. V. GIRISH SRIRAM JUNEJA & ORS., CIVIL APPEAL NO. 321 of 2024 PUNJAB NATIONAL BANK LIMITED VS. M/S MBL TOLL ROAD COMPANY LIMITED, CP No.423//2023 Supreme Court Case name: INDEPENDENT SUGAR CORPORATION LTD. V. GIRISH SRIRAM JUNEJA & ORS., CIVIL APPEAL NO. Case Number: RERA APPEAL 7/2024 The Delhi High Court bench comprising Justice …

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 …

2 months ago

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

Live Law

2 months ago

Economic Survey 2025: IBC nudging companies to resolve their distress early

Live Mint

The Economic Survey 2024-25 lavished praise on the Insolvency and Bankruptcy Code for transforming the behaviour of distressed companies, highlighting that the law has acted as a deterrent, encouraging many firms to resolve their financial distress early in order to avoid the consequences of a resolution process. they are resolving when default is imminent, on receipt of a notice for …

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 …

2 months ago

NCLT directs disciplinary proceedings against Byjus' resolution professional

The Hindu

The National Company Law Tribunal on Wednesday ordered a disciplinary proceeding against Byjus' resolution professional and nixed his direction to exclude Glas Trust and Aditya Birla Finance from the edtech's Committee of Creditors. The tribunal also cancelled the reconstitution of the Committee of Creditors of Byju's, carried out by the Interim Resolution Professional on August 31, 2024, in which Srivastava …

2 months ago

NCLAT Upholds Rejection Of Application U/S 9 Of IBC Against Hindustan Unilever Limited

Live Law

The National Company Law Appellate Tribunal bench of Justice Ashok Bhushan and Arun Baroka has dismissed the appeal against the order rejecting the application under section 9 of the Insolvency and Bankruptcy Code filed against Hindustan Unilever Limited on the ground that the claims were below the threshold limit, time-barred and there was a pre-existing dispute. Background Facts The Appellant-Operational …

2 months ago

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that when the CoC has already taken decision to file an application for extension of CIRP time period and granting permission to publish Form G for third time, withdrawal of liquidation application by Adjudicating Authority can be permitted. The Adjudicating Authority dismissed …

2 months ago

NCLT orders removal of Byju’s IRP, reinstates Aditya Birla Finance as financial creditor

Live Mint

The National Company Law Tribunal on Wednesday ordered the removal of Bjyu's interim resolution professional. The NCLT's Bengaluru bench passed the order on the pleas of Byju's lenders, US-based Glass Trust Company and Aditya Birla Finance Ltd, who alleged fraud in creditor classification. Glass Trust, which provided Byju's with a $1.2-billion Term Loan B, and Aditya Birla Finance moved NCLT …

2 months ago

Liquidation Proceeds Must Be Distributed Amongst Secured Creditors Based On Admitted Claims U/S 53 Of IBC: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mita has held that liquidation proceeds must be distributed as per section 53 of the IBC based on admitted claims of the respective secured creditors and cannot be distributed on the basis of security interest of different Secured Creditors. '2017 where it was held that inter se priority …

2 months ago

IBC Cases Weekly Round-Up [20th January To 26th January 2025]

Live Law

Nominal Index: Umang Realtech Pvt. Ltd. vs. Mrs Daphne Reita Rajan Sharma & Anr.,RERA APPEAL 7/2024 M/s Jones Lang Lasalle Building Operations Pvt. – 264/PB/2023 Anita Goyal Versus Vistra ITCL Ltd. & Anr, Company Appeal No.2282 of 2024 Whatsapp LLC vs. Competition Commission of India & Ors., I.A No. : IB 572/2022 & IA 5437/ND/2023 The National Company Law Tribunal, …

2 months, 1 week ago

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”

Live Law

The NCLT, New Delhi, Principal bench comprising Justice Ramalingam Sudhakar and Avinash K. Srivastava has allowed the claim of Ghaziabad Development Authority as a financial creditor in the Red Mall case and directed its inclusion in the Committee of Creditors. The claim was rejected by the Resolution Professional who held GDA as an Operational creditor in view of the judgment …

2 months, 1 week ago

Insolvency Application Against Personal Guarantor Is Maintainable U/S 60(1) Of IBC Even If No CIRP Process Is Pending Against CD: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that an application under section 95 of the Insolvency and Bankruptcy Code against the personal guarantor is maintainable before the NCLT under section 60 of the code even if no CIRP or Liquidation process is initiated or pending against the corporate debtor before the NCLT. …

2 months, 1 week ago

NCLT orders Go First liquidation

The Hindu

The National Company Law Tribunal on Monday ordered the liquidation of budget air carrier Go First Airways two years after it shut flight operations and approached the court seeking voluntary insolvency. A bench of NCLT comprising Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan allowed an application for liquidation filed by the Committee of Creditors of Go First. …

2 months, 2 weeks ago

IBC Weekly Round Up [6th January-12th January 2025]

Live Law

NOMINAL INDEX: Harpal Singh Chawla v. Vivek Khanna & Ors., Civil Appeal No. Ltd Versus Dharmendra Kumar,, Company Appeal No.2196 of 2024 Indospirit Distribution Limited Vs Kristal Spirits India Pvt Ltd, COMPANY APPEAL No.503 of 2024 Sumati Suresh Hegde & Ors. NCLAT Case Title: Drish Shoes Workers Union Versus Drish Shoes Ltd. Case Number:Company Appeal No.2281 of 2024 & I.A. …

2 months, 2 weeks ago

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

Live Law

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 …

2 months, 3 weeks ago

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power

Live Mint

New Delhi, Jan 12 The National Company Law Appellate Tribunal has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal, while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes …

2 months, 3 weeks ago

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

Live Law

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 …

2 months, 4 weeks ago

HC issues notice to CBI in ex-Axis MF manager’s front-running fraud case

Hindustan Times

Mumbai: The Bombay High Court on Friday issued a notice to the Central Board of Investigation in a plea related to an alleged multi crore mutual fund scam case against Viresh Joshi, a former manager at Axis Mutual Fund, and others, in connection with the multi-crore ‘front-running’ fraud. A bench of justice Revati Mohite-Dere and justice Dr. Neela Gokhale was …

3 months ago

Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata

Live Law

The National Company Law Tribunal Kolkata bench comprising Justice Bidisha Banerjee and Shri Balraj Joshi has held that an application under Section 95 of the Insolvency and Bankruptcy Code for initiating insolvency proceedings against a personal guarantor is not maintainable before the NCLT if no Corporate Insolvency Resolution Process or liquidation proceeding has been initiated or is pending against the …

3 months ago

Former Nesco ind director pays ₹21.45 lakh to settle disclosure violation case with Sebi

Live Mint

New Delhi, Jan 1 Manu M Parpia, a former independent director of Nesco Ltd, on Wednesday settled with Sebi a case on alleged violation of disclosure and other regulatory norms after paying ₹21.4 lakh towards settlement charges. "In exercise of the powers.of the settlement regulations, it is hereby ordered that the instant proceedings initiated against the applicant vide show cause …

3 months ago

Annual Digest Of IBC Cases: 2024

Live Law

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 absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Discover Related

5 hours, 3 minutes ago