NCLT Ahmedabad Directs Promoters To Deposit Rs. 7.78 Crores With Corporate Debtor Based On Forensic Audit Report
1 year, 1 month ago

NCLT Ahmedabad Directs Promoters To Deposit Rs. 7.78 Crores With Corporate Debtor Based On Forensic Audit Report

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Shri Shammi Khan and Shri Sameer Kakar, has directed the Promoters/Suspended Management of Sysco Industries Ltd. to deposit Rs. The Resolution Professional had filed an application under Section 43 of IBC based on a forensic audit report, seeking reversal of amounts to the Corporate Debtor, in view of preferential transactions undertaken by the Promoters/Suspended Management with a related party. The Transaction Audit Report has highlighted that there is an outstanding of Rs.7,78,31,555/- from M/s Pratap Associates in the books of Corporate Debtor for year ending 31.03.2019. The Suspended Management submitted that the Corporate Debtor had business transactions with M/s Pratap Associates since 2015. On a perusal of Section 43 of IBC, the Bench noted that the definition of ‘property’ would include goods, as supplied by the Corporate Debtor to M/s Pratap Associates.

Corporate Management Corporate Debtor Promoters Forensic Audit Nclt Bench Suspended Associates Coc Ibc Pratap Cirp Debtor Section 43 Related Party Forensic Audit Report Pratap Associates  promoterssuspended  associates  forensic  management  crores  promoters  directs  corporate  rs  transactions  suspended  deposit  debtor  ms  report  pratap  nclt

History of this topic

Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT
1 week, 2 days ago

Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the amount deposited with the bank by the corporate debtor in pursuance of an One Time Proposal to show bonafides will remain assets of the corporate debtor and can be taken into custody by the RP under section 18 of the code when …

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

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad
3 weeks ago

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad

Live Law  

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has affirmed that the decision to consolidate, or not, rests with the CoCs, who are not only better equipped to make such determinations but also have a vested interest in the outcome, and whose commercial wisdom is paramount in insolvency matters and beyond judicial review Brief Facts This …

If Interest On Principal Amount Crosses Threshold Limit, Application U/S 7 Of IBC Can Be Admitted: NCLAT
3 weeks, 2 days ago

If Interest On Principal Amount Crosses Threshold Limit, Application U/S 7 Of IBC Can Be Admitted: NCLAT

Live Law  

The NCLAT Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has affirmed that if interest on the principle amount disbursed to the corporate debtor crosses the threshold limit as provided under section 4 of the IBC, application under section 7 of the code can be admitted as interest is considered to be a disbursal against time value …

IBC Weekly Round-Up [18th November To 24th November 2024]
3 weeks, 6 days 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 …

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai
1 month ago

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench, comprising Justice V. G. Bisht and Sh. The Tribunal reiterated that the existence of an arbitral award in favour of the Corporate Debtor did not bar the admission of the CIRP petition. When initiation of CIRP is resisted on the ground of existence of an award in favour of corporate debtor whose amount …

Liquidator's Reliance On Transaction Audit Report Sufficient To File Application For Avoidance Of Preferential Transactions U/S 43 Of IBC: NCLAT
1 month, 2 weeks ago

Liquidator's Reliance On Transaction Audit Report Sufficient To File Application For Avoidance Of Preferential Transactions U/S 43 Of IBC: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that when the Liquidator has got a Transaction Audit Report done and on the basis of which has come to a conclusion that this is a preferential transaction, it cannot be said that he has not formed an independent opinion before filing an application for …

CoC Is Empowered To Liquidate Corporate Debtor Any Time After It's Constitution Or Before Resolution Plan Is Confirmed: NCLT Delhi
6 months, 1 week ago

CoC Is Empowered To Liquidate Corporate Debtor Any Time After It's Constitution Or Before Resolution Plan Is Confirmed: NCLT Delhi

Live Law  

The National Company Law Tribunal Court V, New Delhi bench of Mahendra Khandelwal and Dr Sanjeev Ranjan has held that CoC in the legislative scheme of the Insolvency and Bankruptcy Code, 2016 is empowered to take the decision to liquidate the Corporate Debtor, any time after its constitution and before confirmation of the resolution plan. Radhey Shyam Yadav approached the …

Preferential Transaction Under Section 43 Of IBC, Fraudulent Intent Need Not To Be Proved : NCLT Mumbai
6 months, 2 weeks ago

Preferential Transaction Under Section 43 Of IBC, Fraudulent Intent Need Not To Be Proved : NCLT Mumbai

Live Law  

The National Company Law Tribunal Mumbai Bench-I of Justice Shri V.G. Accordingly, these transactions squarely falls within the deeming fiction provided in section 43 of the Code.” Brief Facts: The matter pertained to several applications filed by the Resolution Professional, Mr. Ankur Kumar, of M/s Mahavir Roads and Infrastructure Private Limited. It was contended that transactions between the Corporate Debtor …

NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC
8 months, 3 weeks ago

NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that Any attachment of tainted assets of a Corporate Debtor before the Corporate Insolvency Resolution Process commencement would always be available to fulfill the object and goal of the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held …

RP Best Person To Decide What Part Of Corporate Debtor's Business Is To Be Carried Out: NCLAT Delhi
9 months, 1 week ago

RP Best Person To Decide What Part Of Corporate Debtor's Business Is To Be Carried Out: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has held that the Resolution Professional who is running the Corporate Debtor's business, is the best person to decide as to what part of the business can be carried out. It has been held that the Resolution Professional is the …

NCLT Kolkata: IBC Prevails Over State Financial Corporation Act, 1951
9 months, 1 week 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 …

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts
9 months, 2 weeks ago

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that Section 29A of Insolvency and Bankruptcy Code, 2016 disqualifies not only those in management and control of the Corporate Debtor when its account was declared Non-Performing Asset but also those in management and control of the Corporate Debtor in close proximity …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
9 months, 3 weeks ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
10 months ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor
10 months, 3 weeks ago

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that a simultaneous CIRP can be initiated against Principal Borrower and Corporate Guarantor under IBC. In cases where the corporate person had offered guarantee in respect of loan transaction, the right of the financial creditor to initiate action against such entity …

NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale
10 months, 3 weeks ago

NCLT Kolkata: Revival Of Corporate Debtor Is Primary Goal Of Resolution Plan And Going Concern Sale

Live Law  

The National Company Law Tribunal Kolkata, comprising Justice Rohit Kapoor and Mr. Balraj Joshi held that the primary goal of Resolution Plan as well as the sale of a Corporate Debtor as a going concern remains the same i.e revival of the Corporate Debtor's business. NCLT Verdict: The NCLT Kolkata allowed the application and held that the primary goal of …

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management
11 months, 2 weeks ago

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra allowed the appeals and held that RP cannot be directed to hand over the charge of Corporate Debtor to the Ex-management, once CIRP has stayed. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that RP cannot be directed to …

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

Department Of State Tax Submits Belated Claim To Liquidator Due To Personal Medical Difficulty Of Officer-In-Charge, NCLT Mumbai Condones Delay Of 92 Days
1 year ago

Department Of State Tax Submits Belated Claim To Liquidator Due To Personal Medical Difficulty Of Officer-In-Charge, NCLT Mumbai Condones Delay Of 92 Days

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan, has allowed the belated claim filed by Department of State Tax before the Liquidator, while holding the failure of Officer-in-Charge to file claim within time due to personal medical difficulty to be a 'sufficient cause' for condonation of delay. The Tax Department …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 1 month ago

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Mr. Justice Ashok Bhushan and Mr. Barun Mitra dismissed an appeal filed by Vistra ITCL Ltd.. It held that the scope and jurisdiction of National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 being summary in nature is distinctly not as extensive as that of a …

Party Who Benefits From Preferential Transaction Can Only Be Directed To Contribute To Corporate Debtor: NCLT Delhi
1 year, 2 months ago

Party Who Benefits From Preferential Transaction Can Only Be Directed To Contribute To Corporate Debtor: NCLT 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 Mr. Saptarshi Nath & Anr. The Bench concluded that in a preferential transaction where a third party received benefit from the Corporate Debtor, the Erstwhile Management/Director cannot be directed by NCLT under Section 44 to contribute …

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi
1 year, 2 months ago

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: 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 Engineering Mazdoor Parishad Devas Through Its General Secretary v Teena Saraswat Pandey, has held that a Claimant is obliged to substantiate its claim, failing which, the Resolution Professional’s decision to admit the claim based on the …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 3 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 …

NCLT Mumbai Refuses To Admit Belated Claim Of EPFO Submitted Post Approval Of Resolution Plan By The CoC
1 year, 4 months ago

NCLT Mumbai Refuses To Admit Belated Claim Of EPFO Submitted Post Approval Of Resolution Plan By The CoC

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Smt. Anuradha Sanjay Bhatia, while adjudicating an application filed in Small Industrial Development Bank of India v E & G Global Estates Limited, has refused to admit the claim of Employee Provident Fund Organization, which was submitted belatedly after the approval of resolution plan by the …

When CD Didn’t Open Separate Account For PF, Even IRP/RP/Liquidator Cannot Provide For IT Except Under Sec. 53 Of IBC: NCLT Mumbai
1 year, 5 months ago

When CD Didn’t Open Separate Account For PF, Even IRP/RP/Liquidator Cannot Provide For IT Except Under Sec. 53 Of IBC: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri. Anuradha Sanjay Bhatia, while adjudicating a petition filed in the matter of Rani Agro Private Limited v S & H Gears Private Limited, has held that if the Corporate Debtor had not opened a separate Bank Account for the `Provident Fund', then even IRP/RP/Liquidator cannot provide for it except under …

Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai
1 year, 7 months ago

Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Smt Anuradha Sanjay Bhatia, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Birla Cotsyn Limited vs Birla Global Corporate Private Limited has held that prior approval of the Adjudicating Authority under Section 33 of IBC, 2016 is mandatory before initiating an …

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC
1 year, 7 months ago

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC

Live Law  

NCLT Chennai has ordered for dissolution of M/s Boss Profiles Limited under section 54 of Insolvency and Bankruptcy Code, 2016. The Corporate Debtor filed a petition before NCLT Chennai through its Liquidator for Dissolution of the Corporate Debtor The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution Process vide an order dated 11.08.2017. The Tribunal being satisfied that …

Financial Creditor Who Does Not Attend Proceedings, Cannot Claim That Cirp Has Been Wrongly Conducted: NCLAT Delhi
1 year, 8 months ago

Financial Creditor Who Does Not Attend Proceedings, Cannot Claim That Cirp Has Been Wrongly Conducted: 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 Consolidated Finvest & Holdings Ltd. v Subhash Kumar Kundra, has held that a Financial Creditor who does not attend the CIRP proceeding, cannot be heard in saying that CIRP has wrongly been conducted. On 04.09.2021 the Financial …

NCLT Admedabad Orders Closure Of Liquidation Of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd.
1 year, 9 months ago

NCLT Admedabad Orders Closure Of Liquidation Of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd.

Live Law  

NCLT Admedabad bench comprising of Dr. Madan B. Gosavi and Shri Ajai Das Mehrotra has ordered for closure of liquidation of M/s Mehta & Associates Fire Protection Systems Pvt. The Committee of Creditors passed a resolution for liquidation of Corporate Debtor with 100% voting on the first meeting held on 11.01.2021 and the Adjudicating Authority passed the liquidation order on …

NCLT Ahmedabad Order Liquidation Of Tradeohub B2B Limited Under Section 33 Of IBC
1 year, 9 months ago

NCLT Ahmedabad Order Liquidation Of Tradeohub B2B Limited Under Section 33 Of IBC

Live Law  

NCLT Ahmedabad bench comprising of Dr. Madan B Gosavi and Shri Kaushalendra Kumar Singh has ordered the liquidation of Tradeohub B2B Limited under Section 33 of Insolvency and Bankruptcy Code, 2016. The NCLT had admitted a total claim of 18.5 crores against the Corporate Debtor, out of which 6.9 crores were owed towards Operational Creditors and 11.5 crores were owed …

NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.
1 year, 9 months ago

NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Subba Rao and Ms. Madhu Sinha, while adjudicating an application filed in Indusind Bank Ltd. v Siti Networks Ltd., has initiated Corporate Insolvency Resolution Process against Zee Entertainment Enterprises Ltd. Mr. Rohit Mehra has been appointed as the Interim Resolution Professional. In view of the same, the Corporate Debtor …

National Company Law Tribunal, Mumbai Bench Sends 'Supreme Housing & Hospitality Private Limited' Into Corporate Insolvency Resolution Process
2 years ago

National Company Law Tribunal, Mumbai Bench Sends 'Supreme Housing & Hospitality Private Limited' Into Corporate Insolvency Resolution Process

Live Law  

Syndicate Bank, now Canara Bank,, filed a petition under section 7 of Insolvency & Bankruptcy Code, 2016 against Supreme Housing and Hospitality Private Limited,, for initiating Corporate Insolvency Resolution Process in National Company Law Tribunal, Mumbai Bench. The Corporate Debtor secured the Term Loan by executing various loan and security documents in favour of the Financial Creditor. On perusal of …

NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company
2 years ago

NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, and Mr. Satya Ranjan Prasad, while adjudicating in a petition filed in State Bank of India v M/s Gayatri Projects Limited, has initiated Corporate Insolvency Resolution Process against Gayatri Projects Ltd., which is a part of the Gayatri Group. Background Facts Gayatri Projects Ltd. is the …

NCLT Delhi Initiates Insolvency Process Against Ansal Properties & Infrastructure Ltd.
2 years, 1 month ago

NCLT Delhi Initiates Insolvency Process Against Ansal Properties & Infrastructure Ltd.

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das and Shri L.N. v M/s Ansal Properties and Infrastructure Ltd., has initiated Corporate Insolvency Resolution Process against Ansal Properties and Infrastructure Ltd. v M/s Ansal Properties and Infrastructure Ltd., has initiated Corporate Insolvency Resolution Process against Ansal Properties and Infrastructure Ltd. on a Section 7 …

Can't Interfere With COC'S Decision Not To Pay Suspended Directors For Their Services During CIRP: NCLT Ahmedabad
2 years, 1 month ago

Can't Interfere With COC'S Decision Not To Pay Suspended Directors For Their Services During CIRP: NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Dr. Deepti Mukesh and Shri Ajai Das Mehrotra, while adjudicating a petition filed in Indian Overseas Bank v AMW Autocomponent Ltd., has held that promoters and persons associated with the management of the Corporate Debtor are statutorily obligated to extend all assistance to the Resolution Professional. The Bench declined to interfere …

On Approval Of Plan By MSME Directors, They Will Be Treated As New Owners: NCLT Mumbai
2 years, 2 months ago

On Approval Of Plan By MSME Directors, They Will Be Treated As New Owners: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Ltd., has held that once the resolution plan submitted by MSME Corporate Debtor's promoters/directors is approved by the Adjudicating Authority, the ownership of the Corporate Debtor shall be considered as fresh, even if the directors/promoters remain the same. Therefore, the SRA filed an application against Union Bank of India …

IBC Cases Weekly Round Up: July 10 To 17 July, 2022
2 years, 5 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 …

Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata
2 years, 5 months ago

Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating a petition filed in Orbit Towers Pvt. However, the Corporate Debtor failed to do so and the Financial Creditor paid Rs.8,45,19,907/- to the Indian Bank in capacity of a Corporate Guarantor. The Financial Creditor filed a petition under Section 7 of …

NCLT Delhi Initiates Insolvency Process Against National Textile Corporation Ltd., A Public Sector Enterprise
2 years, 6 months ago

NCLT Delhi Initiates Insolvency Process Against National Textile Corporation Ltd., A Public Sector Enterprise

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Mr. Dharminder Singh and Ms. Sumita Purkaysatha, while adjudicating a petition filed in Hero Solar Energy Pvt. Ltd. v National Textile Corporation Ltd., has initiated Corporate Insolvency Resolution Process against National Textile Corporation Ltd. and has appointed Mr. Amit Talwar as the Interim Resolution Professional. Background Facts National Textile Corporation …

NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited
2 years, 7 months ago

NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited

Live Law  

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Finquest Financial Solutions Pvt. Ltd. v Anuj Jain & Ors., has set aside the order dated 25.01.2022 passed by NCLT Mumbai Bench whereby Ballarpur Industries Ltd. was sent to liquidation. Now the NCLAT Bench has extended the …

Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati
2 years, 7 months ago

Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati

Live Law  

The National Company Law Tribunal, Amravati Bench, comprising of Justice Telaprolu Rajani, while adjudicating a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the matter of M/s Pridhvi Asset Reconstruction and Securitisation Company Ltd. v M/s Andhra Cement Ltd., has initiated Corporate Insolvency Resolution Process against Andhra Cement Ltd. The Corporate Debtor had approached IDFC …

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi
2 years, 8 months ago

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi

Live Law  

The National Company Law Appellate Tribunal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, while adjudicating an appeal filed in the matter of Rajesh Kedia v Phoenix ARC Pvt. 1 issued a Demand Notice dated 09.02.2016 to the Corporate Debtor under Section 13 of the SARFAESI Act, 2002, demanding an amount of Rs. 1 had …

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata
2 years, 8 months ago

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising of Mr. V K Rajasekhar and Balraj Joshi held that an application for preferential transactions cannot be pursued either by the erstwhile Resolution Professional or the new Management of the Corporate Debtor after the approval of the Resolution Plan by NCLT. Resolution Professional received the transaction audit report on 26.06.2020 wherein certain …

Administrator of DHFL moves NCLT, alleges ₹12,705 cr fraud
4 years, 2 months ago

Administrator of DHFL moves NCLT, alleges ₹12,705 cr fraud

Live Mint  

MUMBAI: The administrator for Dewan Housing Finance Corp. Ltd on Sunday moved the National Company Law Tribunal against the company’s promoters Kapil and Dheeraj Wadhawan for alleged irregularities in loans worth ₹12,705.53 crore to slum rehabilitation projects, the company informed the stock exchanges on Monday. On 2 September, he had moved NCLT against the Wadhawans in connection with “fraudulently charging” …

Discover Related