After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT
4 days, 5 hours ago

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT

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The NCLAT New Delhi Bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that after initiation of moratorium under Section 14, sub-section, no assessment proceedings can be continued by the EPFO. On the other hand it is the case of the respondent that no claim was filed by the Appellant before the Plan was approved by the CoC and the assessment proceedings were carried out and final order under Section 7A of the EPF & MP Act was passed during the CIRP is in violation of the moratorium and that post approval of Resolution Plan by the CoC, no claim can be considered by the RP. In view of the law laid down by the Hon'ble Supreme Court in Rejendra K. Bhutta, it is clear that no proceeding can continue after imposition of moratorium, which has effect of depleting the assets of the CD or creating new liabilities on the CD, since the object or purpose of IBC is to resolve the CD.” In Sundresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs, while examining the fate of demand notices issued under Customs Acts after initiation of the CIRP, the Supreme Court held that “the demand notices to seek enforcement of custom dues during the moratorium period would clearly violate the provisions of Sections 14 or 33 of the IBC, as the case may be. However, while looking to the expression used in Section 14, assessment proceedings before the EPFO, cannot be continued after initiation of CIRP.” The tribunal concluded that when the claim on the basis of assessment, which has been made subsequent to initiation of moratorium is hit by Section 14, sub-section of the IBC, we are of the view that no such claim can be admitted in the CIRP.

Court Assessment Order Expression Proceedings Nclat Epfo Moratorium Irp Coc Ibc Proceeding Cirp Section 14 Initiation Section 7A Of  proceedings  initiation  moratorium  assessment  ibc  order  nclat  court  14  expression  subsection  epfo  proceeding  continued

History of this topic

Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT
2 weeks ago

Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that CIRP withdrawal application can be withdrawn by Resolution Professional before the application is heard and allowed. Thereafter, the MHIL was informed by the RP about the decision taken by the CoC regarding CIRP withdrawal and that an application under section 12A had also …

IBC Weekly Round-Up: 16th December -20th December 2024
2 weeks, 1 day ago

IBC Weekly Round-Up: 16th December -20th December 2024

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NCLAT The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. 7303, 7304 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has …

IBC | Moratorium Does Not Extinguish Claim : Supreme Court
2 weeks, 4 days ago

IBC | Moratorium Does Not Extinguish Claim : Supreme Court

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The Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish a claim. The Court stated that Section 14 bars the institution/continuation of legal proceedings against the corporate debtor, transfer of assets, enforcement of security interest etc. "If the argument that the claims of all the creditors of the …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months, 2 weeks ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

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The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC
7 months, 1 week ago

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the set-off/adjustment of demand with refund by Income Tax Department during the intervening period when the Corporate Insolvency Resolution Process timeline period has expired but before passing of Liquidation Order under Section 33 of Insolvency and Bankruptcy Code, 2016 amounts …

Clash Of Jurisdiction: Analysing The IBC-PMLA Conundrum
7 months, 2 weeks ago

Clash Of Jurisdiction: Analysing The IBC-PMLA Conundrum

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The Indian Bankruptcy Code 2016 and the Prevention of Money Laundering Act 2002 are two separate laws that operate in their own specific areas. In the case of Rajiv Chakraborty Resolution Professional of EEIL vs Directorate Of Enforcement, the main issue that arose was when the PMLA freeze 74 accounts of the corporate debtor when it was charged under the …

IBC Cases Quarterly Digest : January To March 2024
8 months, 4 weeks ago

IBC Cases Quarterly Digest : January To March 2024

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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 …

Weekly Digest Of IBC Cases: 25th To 31st March 2024
9 months, 1 week ago

Weekly Digest Of IBC Cases: 25th To 31st March 2024

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Supreme Court Case Title: Deccan Value Investors L.P. & Anr. The Bench Comprising Justices Sanjiv Khanna and Dipankar Datta referred to the Judgment of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Another, where the Supreme Court elaborated and set out several reasons why the resolution applicant cannot be permitted to withdraw or modify the …

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law
10 months ago

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that non-grant of any reliefs and concessions by NCLT does not have any adverse effect on the validity of the Resolution Plan and is not a violation of the law. JAL and Manoj Gaur erstwhile Managing Director and personal guarantor of Corporate Debtor's loan …

Monthly Digest Of IBC Cases: February 2024
10 months ago

Monthly Digest Of IBC Cases: February 2024

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Supreme Court Case Title: Greater Noida Industrial Development Authority Versus Prabhjit Singh Soni & Anr. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Adjudicating Authority ought to have granted an exclusion/extension of time when the Resolution Plan received in the …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 3 weeks 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 …

IBC | Settlement In Section 7 Or Dropping Of Sec. 66 Proceedings Does Not Automatically End Proceedings Under Section 43: NCLT Mumbai
11 months, 2 weeks ago

IBC | Settlement In Section 7 Or Dropping Of Sec. 66 Proceedings Does Not Automatically End Proceedings Under Section 43: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan, has held that the proceedings under Section 43 of IBC would not automatically end against a party, if the parties enter settlement in Section 7 of IBC proceedings or proceedings under Section 66 of IBC are dropped. The Applicant was deleted from …

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
1 year ago

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra held that decisions of the Committee of Creditors to liquidate under Section 33 of Insolvency and Bankruptcy Code, 2016 have to be with reasons and the liquidation cannot be decided arbitrarily. Background Facts: On 10.08.2023, the Adjudicating Authority admitted the application of …

Weekly Digest Of IBC Cases: 11th To 17th December 2023
1 year ago

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

Live Law  

Supreme Court IBC | When Matter Heard But No Order Pronounced On The Same Day, Limitation To Commence From The Date When Order Gets Uploaded: Supreme Court Case Title: Sanjay Pandurang Kalate v Vistra ITCL Limited and Others Case No. : Civil Appeal Nos 7467-7468 of 2023 The Supreme Court bench comprising Chief Justice of India Dr Dhananjaya Y Chandrachud, …

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, 1 month 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 …

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, 2 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 …

Proceedings Under Section 13 Of Companies Act, 2013 Can’t Be Questioned In Proceedings Under Section 7 Of IBC: NCLAT Delhi
1 year, 4 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 …

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi
1 year, 7 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 …

No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: NCLAT Delhi
1 year, 9 months ago

No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, while adjudicating an appeal filed in Diwakar Sharma v Anand Sonbhadra, has held that there is no scope for condonation of delay beyond the period of 15 days much less 45 days, as there is no window available for NCLAT to exercise …

Weekly Digest Of IBC Cases: 20 February To 26 February 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 20 February To 26 February 2023

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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 …

Weekly Digest Of IBC Cases: 30 January To 5 February 2023
1 year, 11 months ago

Weekly Digest Of IBC Cases: 30 January To 5 February 2023

Live Law  

Supreme Court Jet Airways Insolvency: Supreme Court Affirms NCLAT Order Directing Successful Bidder To Clear PF, Gratuity Dues Of Employees Case Title: Jalan Fritsch Consortium v Regional Provident Fund Commissioner and Anr. 1423 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, has held the nature of financial debt would …

Moratorium Under Companies Act, 2013, Parties Cannot Be Referred To Arbitration: Delhi High Court
2 years ago

Moratorium Under Companies Act, 2013, Parties Cannot Be Referred To Arbitration: Delhi High Court

Live Law  

The Delhi High Court has ruled that the moratorium granted by the National Company Law Appellate Tribunal, staying the institution of suits and proceedings against the Corporate Debtor, after the resolution process is initiated against it under Sections 241 and 242 of the Companies Act, 2013, is akin to an order of moratorium passed under Section 14 of the Insolvency …

Section 96(1)(B) Of IBC Does Not Stay Any Future Liability Or Obligation: NCLAT Delhi
2 years, 1 month ago

Section 96(1)(B) Of IBC Does Not Stay Any Future Liability Or Obligation: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Ashok Mahindru & Anr. The Bench declined to stay proceedings under Section 19 and Section 66-67 of IBC initiated against the Personal Guarantors in another insolvency petition, in view of interim moratorium imposed under Section 96 of …

Sanction For Prosecution U/S 197 CrPC Can Be Postponed To Later Stage Unless Acts Complained Of Intricately Connected To Official Function: Delhi HC
2 years, 4 months ago

Sanction For Prosecution U/S 197 CrPC Can Be Postponed To Later Stage Unless Acts Complained Of Intricately Connected To Official Function: Delhi HC

Live Law  

The Delhi High Court has observed that there is no legal bar to always postpone the requirement of sanction at a later stage of proceedings. If the acts complained of have a connection with the official duty, provision of Section 197 CrPC is attracted for obtaining sanction immediately at the time of taking cognizance.Justice Purushaindra Kumar Kaurav observed:"….there is no …

Monthly Digest Of IBC Cases: June 2022
2 years, 6 months ago

Monthly Digest Of IBC Cases: June 2022

Live Law  

NCLAT Case Title: Puneet Kaur v K V Developers Private Limited Case No. 645 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Naresh Salecha, has stayed the Corporate Insolvency Resolution Process of RHC Holdings Pvt Ltd. initiated by NCLT New Delhi on 13.05.2022. The National Company Law Appellate Tribunal, Principal Bench, …

NCLT – All Ongoing Legal Proceedings And Initiation Of Fresh Legal Action In Respect Of Any Debt To Remain Stayed During The Interim Moratorium Period
2 years, 6 months ago

NCLT – All Ongoing Legal Proceedings And Initiation Of Fresh Legal Action In Respect Of Any Debt To Remain Stayed During The Interim Moratorium Period

Live Law  

In IFCI Limited v. Manoj Toshniwal, the National Company Law Tribunal, Kolkata Bench stayed the application filed by IFCI Limited under Section 95 of the Insolvency and Bankruptcy Code, 2016 against the personal guarantor of the corporate debtor on the ground that as per Section 96 of the Code, all pending legal action or initiation of fresh legal proceedings against …

IBC Cases Weekly Round-Up : June 6 To June 12, 2022
2 years, 6 months ago

IBC Cases Weekly Round-Up : June 6 To June 12, 2022

Live Law  

NCLAT NCLT Has Power To Recall Its Order: NCLAT Case Title: Printland Digital Pvt. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, has terminated the Corporate Insolvency Resolution Process of Kanoria Sugar and General Manufacturing Co. Ltd., which was initiated by NCLT vide an order dated 27.04.2022. 58 of 2022 The …

Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi
2 years, 9 months ago

Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi

Live Law  

A three-judge bench of the National Company Law Appellate Tribunal comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla held that the Resolution Professional is not required to take a decision regarding the ineligibility of the Resolution Applicant under Section 29A of the Insolvency & Bankruptcy Code, 2016. Resolution Professional opposed the same by stating that the …

Imposition Of Moratorium Under IBC Does Not Bar Complaints Against Natural Persons: Madras High Court
2 years, 11 months ago

Imposition Of Moratorium Under IBC Does Not Bar Complaints Against Natural Persons: Madras High Court

Live Law  

The Madras High Court in a Bench comprising of Justice N. Sathish Kumar in M/s. Muzain Hides held that as long as a moratorium under Section 14 of the Insolvency and Bankruptcy Code is imposed, proceedings under Section 138/141 of the Negotiable Instruments Act cannot be initiated against the Corporate Debtor. The counsel for the Petitioners alleged that since the …

Proceedings Under Section 34 Of Arbitration Act Also Covered By Moratorium Under Section 14 IBC: Supreme Court
3 years, 10 months ago

Proceedings Under Section 34 Of Arbitration Act Also Covered By Moratorium Under Section 14 IBC: Supreme Court

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The Supreme Court observed that an application under Section 34 of the Arbitration and Conciliation Act to set aside an award is covered by moratorium under Section 14 of the Insolvency and Bankruptcy Code.Section 34 proceeding is a proceeding against the corporate debtor in a court of law pertaining to a challenge to an arbitral award and would be covered …

[IBC] Is Moratorium Applicable to Suits Filed By Corporate Debtor?: SC Issues Notice [Read Order]
4 years, 2 months ago

[IBC] Is Moratorium Applicable to Suits Filed By Corporate Debtor?: SC Issues Notice [Read Order]

Live Law  

Is the provision of moratorium in Section 14A of Insolvency and Bankruptcy Code, 2016 only applicable to civil suits filed against the corporate debtor?, the Supreme Court has issued a notice in an SLP which raises this issue.The Special Leave Petition is filed against a Bombay High Court order contending that the High Court erred in its interpretation of Section …

NCLAT May Reconsider Its 5-member Bench Ruling on Debt Acknowledgement for Insolvency Plea
4 years, 3 months ago

NCLAT May Reconsider Its 5-member Bench Ruling on Debt Acknowledgement for Insolvency Plea

News 18  

New Delhi: Appellate tribunal NCLAT may reconsider its own judgement passed by a five-member bench on the acceptability of debt entered in the balance sheet of a company for deciding the time frame for initiating insolvency proceedings. The three-member bench observed that "judgment in V Padmakumar's case requires reconsideration" as a consistent view of the Supreme Court and High Courts …

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]
4 years, 4 months ago

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]

Live Law  

The National Company Law Appellate Tribunal allowed an appeal filed by Sushil Ansal, former Director and shareholder of Ansal Properties and Infrastructure Limited setting aside the National Company Law Tribunal, Delhi bench March 17 order for the initiation of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. Stressed Assets Stabilisation Fund and Ors.- MANU/NL/0092/2020 observed that …

Delhi HC Issues Notice In Plea Challenging The IBC Ordinance Whereby The Operation of Section 10 Has Been Suspended
4 years, 5 months ago

Delhi HC Issues Notice In Plea Challenging The IBC Ordinance Whereby The Operation of Section 10 Has Been Suspended

Live Law  

Delhi High Court has issued notice in a plea challenging the validity of Insolvency and Bankruptcy Code Ordinance, 2020 whereby the operation of sections 7,9 and 10 of the IBC has been suspended. Filed by Mr Rajiv Suri, the petition claims that the impugned Ordinance suspends the operation of sections 7, 9 and 10 of the IBC, depriving the corporate …

Does Issuance Of Moratorium Under IBC Bar Statutory Proceedings U/S 138 Of Negotiable Instruments Act? SC To Consider [Read Order]
4 years, 10 months ago

Does Issuance Of Moratorium Under IBC Bar Statutory Proceedings U/S 138 Of Negotiable Instruments Act? SC To Consider [Read Order]

Live Law  

A Supreme Court Bench of Justices U.U. Lalit & Aniruddha Bose on Monday issued Notice to Attorney General on a petition seeking a bar on proceedings instituted under section 138 of Negotiable Instruments Act, 1881 towards a Company on account of its declaration of insolvency. Ltd. & Anr., Counsel appearing for the Petitioner submitted that since a Division Bench of …

Acceptance Of Corporate Insolvency Resolution Not A Ground To Quash Case Under Sec 138 NI Act: Madras HC [Read Judgment]
4 years, 11 months ago

Acceptance Of Corporate Insolvency Resolution Not A Ground To Quash Case Under Sec 138 NI Act: Madras HC [Read Judgment]

Live Law  

In a significant ruling, the Madras High Court has held that acceptance of the Corporate Insolvency Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016 cannot be a ground for quashing the prosecution initiated under Section 138 of the Negotiable Instruments Act, 1881 against the corporate debtor and its officials. "No clause in the Corporate Insolvency Resolution …

Winding Up Order Is Not Irrevocable;Proceedings Can Be Transferred Later To NCLT Under IBC: Delhi HC [Read Judgment]
5 years, 2 months ago

Winding Up Order Is Not Irrevocable;Proceedings Can Be Transferred Later To NCLT Under IBC: Delhi HC [Read Judgment]

Live Law  

Delhi High Court has held that a winding up order passed by a Company Judge is not irrevocable and the proceedings can be later transferred to NCLT under IBC if the same is in the interest of the company and the creditors. Ms Dhir also relied upon the judgment passed by the Supreme Court in Jaipur Metals & Electricals Employees …

IBC Proceedings Maintainable Even If Company's Name Struck Off From The Register Of Companies: NCLAT
5 years, 3 months ago

IBC Proceedings Maintainable Even If Company's Name Struck Off From The Register Of Companies: NCLAT

Live Law  

The NCLAT has reiterated that an application under Sections 7 and 9 of the Insolvency and Bankruptcy Code, 2016 for the initiation of 'Corporate Insolvency Resolution Process' is maintainable even if the name of the Company has been struck-off by the Registrar of Companies. Elektrans submitted that the admission of insolvency proceedings was erroneous as, the Company's name was struck …

Will Moratorium Under Section 14 IBC Always Bar Trial Of Counter-Claim In Suit By Corporate Debtor ? Delhi HC Answers [Read Judgment]
5 years, 5 months ago

Will Moratorium Under Section 14 IBC Always Bar Trial Of Counter-Claim In Suit By Corporate Debtor ? Delhi HC Answers [Read Judgment]

Live Law  

The Delhi High Court has held that moratorium under Section 14 of the Insolvency and Bankruptcy Code will not bar trial of suit by the corporate debtor and a counter-claim in such suit if issues and facts in both are intertwined.The plaintiff company SSMP Industries had instituted the suit against Perkan Food Industries Pvt Ltd for recovery of Rs.1,61,47,336.44. The …

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