Jaypee Infratech insolvency: NCLAT extends resolution period of debt-ridden company by 90 days
5 years, 7 months ago

Jaypee Infratech insolvency: NCLAT extends resolution period of debt-ridden company by 90 days

Firstpost  

The National Company Law Appellate Tribunal on Tuesday extended the resolution period of debt-ridden Jaypee Infratech for another 90 days, starting from receipts of the order New Delhi: The National Company Law Appellate Tribunal on Tuesday extended the resolution period of Jaypee Infratech for another 90 days, which includes a 45-day window for the resolution professional and lenders of the debt-ridden firm to invite fresh bids. A two-member bench headed by Chairman Justice S J Mukhopadhaya said that as Corporate Insolvency Resolution was pending for a long time, it would give only 45 days to Resolution Professional and the Committee of Creditors of the Jaypee Infratech to complete the process of inviting new bids. However it also said that as the matter is pending since long, it was “not inclined to exclude the total period of 260 days and instead in the interest of the Allottees, we exclude 90 days for the purpose of counting the period of 270 days of ‘Corporate Insolvency Resolution Process’, which should be counted from the date of receipt of the copy of this order.” The said period is to enable the RP and the CoC to call for “fresh ‘resolution plans’ and to consider them” within a “period of 45 days,” the NCLAT said. The NCLAT had asked state-owned NBCC, whose bid was rejected by the CoC of Jaypee Infratech, to submit fresh resolution plan for the debt-ridden company.

Resolution Professional Resolution Plan Period Nclat 45 Days Nbcc Coc 90 Days Infratech Jaypee Infratech Jaypee Corporate Insolvency Resolution Resolution Period  debtridden  days  company  coc  insolvency  extends  jaypee  45  process  nclat  infratech  resolution  plan  period  tribunal

History of this topic

NCLAT dismisses plea against resolution plan approval for Duncans Ind
1 week, 5 days ago

NCLAT dismisses plea against resolution plan approval for Duncans Ind

Live Mint  

New Delhi, Mar 9 Appellate tribunal NCLAT has set aside petitions against the NCLT order that approved the resolution plan for Duncans Industries. The National Company Law Appellate Tribunal also clarified that while approving the resolution plan for Duncans Industries, the NCLT has not made any observations regarding the "grant or non-grant of renewal of leases" of tea gardens. The …

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
1 week, 5 days ago

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT

Live Law  

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 diligence on protecting their rights with the prescribed timelines. NCLAT Judgement The National Company Law …

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT
2 weeks, 1 day 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 …

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited
3 weeks, 2 days ago

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited

Live Law  

The National Company Law Tribunal, Mumbai bench comprising Justice V. G. Bisht and Shri Prabhat Kumar has approved the Resolution Plan for Reliance Big Private Limited submitted by ACME Cleantech Solutions Private Limited. Brief Facts: Mr. Rohit Ramesh Mehra, Resolution Professional of Reliance Big Private Limited moved the application under Section 30 r/w Section 31 of the Insolvency and Bankruptcy …

Supreme Court Stays NCLAT Order Allowing NBCC To Take Over Stalled Housing Projects Of Supertech
3 weeks, 6 days ago

Supreme Court Stays NCLAT Order Allowing NBCC To Take Over Stalled Housing Projects Of Supertech

Live Law  

The Supreme Court on Friday stayed the NCLAT order allowing National Building Constructions Corporation Limited to take over pending projects of real-estate giant Supertech Limited. The bench of CJI Sanjiv Khanna and Justices Sanjay Kumar and KV Viswanathan was hearing a challenge to the order of the National Company Law Appellate Tribunal which approved NBCC Ltd.'s proposal to complete 16 …

Supreme Court stays order asking NBCC to complete debt-ridden realty firm Supertech homes
Trending News
3 weeks, 6 days ago

Supreme Court stays order asking NBCC to complete debt-ridden realty firm Supertech homes

Live Mint  

New Delhi, Feb 21 The Supreme Court on Friday stayed an order appointing state-owned NBCC as the project management consultant to complete debt-ridden realty firm Supertech Ltd's 16 housing projects at nearly ₹9,500 crore cost. The bench said it would examine whether the NCLAT followed the procedure under the Insolvency and Bankruptcy Code while appointing the NBCC as a project …

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT
2 months, 1 week 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 …

Claims Filed Subsequent To Cut-Off Date Shall Be Dealt With As Per Resolution Plan Approved By Adjudicating Authority: NCLAT
2 months, 1 week ago

Claims Filed Subsequent To Cut-Off Date Shall Be Dealt With As Per Resolution Plan Approved By Adjudicating Authority: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that claims filed subsequent to cut off date shall be dealt with as per Resolution Plan approved by the Adjudicating Authority. The SRA also filed reply to IA, pleading that as per approved Resolution Plan Clause 18.4 and 18.4, the Appellant is …

Supertech's lender rejects settlement proposal, NCLAT to take final call
2 months, 1 week ago

Supertech's lender rejects settlement proposal, NCLAT to take final call

Hindustan Times  

Punjab & Sind Bank, the lead lender of Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. Outside view of a building belonging to Supertech in Noida Counsel representing Ram Kishore Arora, the suspended director of the realty firm informed NCLAT on Thursday about the …

Supertech Township Projects lender rejects settlement proposal, NCLAT to decide on insolvency
2 months, 1 week ago

Supertech Township Projects lender rejects settlement proposal, NCLAT to decide on insolvency

Live Mint  

New Delhi, Jan 11 Punjab & Sind Bank, the lead lender of Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. A three-member bench of the National Company Law Appellate Tribunal said it will have to take a "final decision" in the matter as the …

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata
2 months, 1 week 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 …

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
2 months, 3 weeks ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT
3 months ago

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that non admission of claim in the Resolution Plan by the Resolution Plan if not challenged before the Adjudicating Authority cannot be challenged in the appeal before the NCLAT. The same Resolution Plan of Respondent Nos.2 and 3 approved by the Adjudicating Authority on 28.11.2019 …

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 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 …

Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT
3 months ago

Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT

Live Law  

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. On the other hand, the respondents submitted that the submission of the Appellants that they do not have any obligation to issue/ …

IBC Weekly Round Up [2nd December To 8th December, 2024]
3 months, 1 week 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 …

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai
3 months, 2 weeks ago

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Anil Raj Chellan and Kuldip Kumar Kareer has affirmed that once a resolution plan is duly approved by the Adjudicating Authority under subsection of Section 31 of the Code, the claims as provided in the resolution plan shall stand frozen and will be binding on all stakeholders. the Corporate Debtor failed to hand over possession …

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
4 months ago

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection

Live Law  

The NCLAT bench comprising Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has allowed the refund of pre-Corporate Insolvency Resolution Process electricity dues paid by the Successful Resolution Applicant. Thus the pre-CIRP dues by the appellant were paid under protest and under protection of the order of NCLT and thus it related to the revival of the Corporate Debtor in …

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT
4 months, 1 week ago

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that any amount proposed in the settlement plan under section 12A of the IBC cannot be refunded if the plan is later approved and the CIRP is closed. As per the revised MoU, Corporate Insolvency Resolution Process of the Corporate Debtor as well as related …

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai
4 months, 1 week ago

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai

Live Law  

The NCLT Mumbai Bench of Justices Anil Raj Chellan and Kuldip Kumar Kareer affirmed that the clause in the resolution plan for extinguishing the personal guarantees of promoters furnished in favour of all financial creditors or the commercial decision of the CoC to approve such release of personal guarantees, including guarantees executed in favour of dissenting financial creditors, will not …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
4 months, 3 weeks ago

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that the eligibility/ineligibility of Successful Resolution Applicant under section 29A of the Insolvency and Bankruptcy Code (IBC) has to be seen on the date of submission of Resolution Plan. The tribunal found that when the Corporate Debtor was registered as MSME on 22.05.2022, the benefit of Section …

NCLAT grants two weeks time for Supertech township's settlement proposal
5 months, 3 weeks ago

NCLAT grants two weeks time for Supertech township's settlement proposal

Hindustan Times  

New Delhi, Sep 27 The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore …

NBCC moves SC to complete stalled projects of realty major Supertech Ltd
5 months, 3 weeks ago

NBCC moves SC to complete stalled projects of realty major Supertech Ltd

Hindustan Times  

New Delhi, Sep 24 The state-owned NBCC on September 24 moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years. NBCC on September 24 moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled …

NCLT approves Sarda Energy’s resolution plan for SKS Power
7 months, 1 week ago

NCLT approves Sarda Energy’s resolution plan for SKS Power

Live Mint  

The National Company Law Tribunal has approved Sarda Energy and Mining’s resolution plan for SKS Power Generation, as part of the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. In October 2023, after objections were raised, the NCLT remanded SEML's resolution plan to SKS Power Generation's lenders for reconsideration. This came after the resolution professional representing SKS …

Tribunal stays bankruptcy proceedings against Supertech Township project
7 months, 2 weeks ago

Tribunal stays bankruptcy proceedings against Supertech Township project

Hindustan Times  

The National Company Law Appellate Tribunal stayed the corporate insolvency resolution proceedings against Supertech Township Projects Limited after it proposed to settle its disputes with Punjab and Sind Bank, its principal financial creditor, within seven days. “In the meantime, in pursuance of the impugned order no further steps shall be taken except collation of claims which have already been invited,” …

NCLT begins insolvency resolution process against Supertech
7 months, 3 weeks ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

Lenders move NCLT against 90-day extension for IIHL to complete RCap resolution
8 months, 3 weeks ago

Lenders move NCLT against 90-day extension for IIHL to complete RCap resolution

Live Mint  

Mumbai: Lenders to a bankrupt Reliance Capital have filed an affidavit before the National Company Law Tribunal opposing the 90-day extension sought by the Hinduja group-owned IndusInd International Holdings Ltd to implement its resolution plan. These included delay in implementation of the resolution plan; IIHL’s inability to get the necessary regulatory approvals; last-minute changes in transaction structures; and uncertainty over …

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

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

Live Law  

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 …

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers
9 months, 2 weeks ago

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers

Hindustan Times  

Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more …

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea
9 months, 2 weeks ago

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea

Hindustan Times  

New Delhi, June 3 The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank Jaiprakash Associates …

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA
9 months, 3 weeks ago

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA

Live Law  

The National Company Law Appellate Tribunal confirmed the resolution plan proposed by Suraksha Realty Limited for Jaypee Infratech Limited as part of its Corporate Insolvency Resolution Process. The NCLAT's bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, held that Suraksha Realty must pay ₹1,334.31 crore to YEIDA over the next four years. Consequently, YEIDA was held to …

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC
10 months ago

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Arun Baroka held that the Adjudicating Authority can extend payment timelines under the Resolution Plan without the express concurrence of the Committee of Creditors. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that the Adjudicating Authority can extend payment timelines under the Resolution Plan …

Jet Airways’ lenders move SC against NCLAT decision to uphold resolution plan
10 months, 3 weeks ago

Jet Airways’ lenders move SC against NCLAT decision to uphold resolution plan

Live Mint  

New Delhi: The lenders of Jet Airways, led by State Bank of India, have challenged a National Company Law Appellate Tribunal's decision that upheld the resolution plan proposed by the Jalan-Kalrock consortium for the bankrupt airline. Additionally, the appellate tribunal instructed JKC to settle dues towards the airline’s workmen, employees, creditors, and other costs of the resolution process from the …

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
11 months, 3 weeks ago

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors. The NCLT Mumbai, in its order dated 06.10.2023, dismissed the application filed by the appellant and approved …

NCLT allows RCap administrator’s plea on implementation of resolution plan
1 year ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

Relief To Home Buyers, NCLAT Upholds Resolution Plan Outlining Provisions For Completion Of 96 Residential Towers By Jaypee Infratech Pending Since 2011
1 year ago

Relief To Home Buyers, NCLAT Upholds Resolution Plan Outlining Provisions For Completion Of 96 Residential Towers By Jaypee Infratech Pending Since 2011

Live Law  

The NCLAT recently upheld a Resolution Plan which outlined provisions for the completion of approximately 96 residential towers that had remained under construction since 2011 by Jaypee Infratech Limited. However, objections were filed by Jaiprakash Associates Limited, the holding company of JIL and Manoj Gaur, the erstwhile Managing Director of JIL, against Suraksha Realty's Resolution Plan, in the National Company …

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
1 year 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 …

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

NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast
1 year ago

NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast

Hindustan Times  

Insolvency appellate tribunal NCLAT on March 6 gave an ultimatum and said if the issues between Yamuna Expressway Industrial Development Authority and Suraksha group over Jaypee Infratech are not settled by the second week of April then it would proceed ahead. NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast In March last year, the National Company …

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

Jaypee Infratech insolvency case: Monitoring panel seeks NCLT’s direction to implement Suraksha Group's resolution plan
1 year, 1 month ago

Jaypee Infratech insolvency case: Monitoring panel seeks NCLT’s direction to implement Suraksha Group's resolution plan

Hindustan Times  

The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the National Company Law Tribunal seeking an appropriate direction for the smooth and effective implementation of the resolution plan that was approved in March 2023. The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the NCLT seeking an appropriate …

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

Weekly Digest Of IBC Cases: 13th To 19th November 2023
1 year, 4 months ago

Weekly Digest Of IBC Cases: 13th To 19th November 2023

Live Law  

NCLAT Case Title: Patsons Construction v Shri Ram Ratan Kanoongo Case No. 1269 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has set aside a direction passed by the NCLT requiring a creditor to pay usage charges of a machine to the Corporate Debtor in absence …

NCLT Ahmedabad Rejects Resolution Plan For Failing To Address Issues Of Cash Flow, Value Of Assets And Statutory Dues
1 year, 4 months ago

NCLT Ahmedabad Rejects Resolution Plan For Failing To Address Issues Of Cash Flow, Value Of Assets And Statutory Dues

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Mrs. Chitra Hankare and Dr. Velamur G Venkata Chalapathy, has declined to approve a resolution plan which failed to address the issue of cash flows, value of assets, statutory dues and proposed payment of merely Rs. “The Resolution Plan does not address the cash flows and value of the Assets enumerated …

NCLAT Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT
1 year, 4 months ago

NCLAT Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT

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 claims cannot be entertained after approval of the Resolution Plan by Committee of Creditors even if the Resolution Plan is still pending for approval of the National Company Law Tribunal. Contentions of Appellant …

IBBI proposes amendments to norms to streamline corporate resolution process
1 year, 4 months ago

IBBI proposes amendments to norms to streamline corporate resolution process

Live Mint  

To streamline the corporate resolution process and prevent delay in implementation of the resolution plan, the Insolvency and Bankruptcy Board of India on Wednesday proposed amendments to some regulations. The insolvency and bankruptcy board has proposed to structure the corporate resolution plan into two parts -- inflow of funds and distribution to various stakeholders -- under the Insolvency and Bankruptcy …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 5 months ago

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha, dismissed the appeal filed in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal Kolkata whereby an application by the IRP of McLeod Russel …

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC
1 year, 5 months ago

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice Rakesh Kumar Jain and Shreesha Merla, dismissed the appeal filed in State Bank of India vs. India Power Corporation Ltd. The Appellate Tribunal held that a Petitioner cannot set up a new case/additional factual altogether that has not been set up in the main application filed either u/s 7, …

NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan
1 year, 5 months ago

NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Arun Baroka, dismissed an appeal filed in IDBI Bank Ltd. vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. by IDBI Bank Ltd. against Jalesh Kumar Grover, Resolution Professional for GPI Textiles Ltd. challenging the NCLT Chandigarh’s order dated 27.04.2023 dismissing the Appellant’s …

Discover Related