NCLAT Terminates The CIRP Of Kanoria Sugar & General Manufacturing Co. Ltd., As Parties Enter Settlement
2 years, 6 months ago

NCLAT Terminates The CIRP Of Kanoria Sugar & General Manufacturing Co. Ltd., As Parties Enter Settlement

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal in Kanoria Sugar and General Manufacturing Co. Ltd. v Punjab National Bank, 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. Brief Background The Punjab National Bank had filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 before NCLT, Allahabad Bench, seeking initiation of CIRP against the Appellant. Case Title: Kanoria Sugar and General Manufacturing Co. Ltd. v Punjab National Bank, Company Appeal No. Darpan Wadhwa along with Ms. Meghna Mishra, Mr. Tarun Sharma, Mr. Ankit Rajgarhia & Mr. Tarun Mehta, Advocates from Karanjawala & Co. and; Adv.

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History of this topic

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
1 day, 12 hours 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. …

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT
3 days, 6 hours ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP. Based on the above, the tribunal observed that “we are of the view that Adjudicating Authority did not commit any error …

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi
3 weeks, 4 days ago

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey has held that fraudulent initiation of the CIRP can be set aside by the NCLT or as a corollary by NCLAT also as they have jurisdiction to decide whether any proceeding under the code has been initiated fraudulently or not. 3 who happened to …

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT
4 weeks, 1 day ago

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the Adjudicating Authority is not the right forum to decide whether closure of the factory was in accordance with law. Liquidator vide e-mail dated 25.02.2019 asked the Appellants to submit the proof of employment in the company in the period of two years …

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT
1 month ago

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey affirmed that a shareholder of the company is not the “aggrieved party” as per the provisions of the Code therefore appeal filed by him under section 61 of the Code would not be maintainable. In the aforesaid Company matter, the Respondent no.1 submitted copy …

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
1 month, 1 week 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 …

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

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
7 months, 1 week ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

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
9 months, 2 weeks 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 …

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 …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 1 week 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 …

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
10 months, 2 weeks ago

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Shri. Anil Raj Chellan allowed the withdrawal of the liquidation application since one resolution plan was received by the Committee of Creditors during the pendency of the liquidation application upholding the aim of Insolvency and Bankruptcy, 2016. During the pendency of the liquidation application before NCLT, the Interim Resolution Professional received an …

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
11 months, 3 weeks 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 …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 2 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, 2 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: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
1 year, 2 months ago

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction

Live Law  

The National Company Law Appellate Tribunal, Jaipur Bench comprising of Justice Ashok Bhushan and Barun Mitra, dismissed the appeal filed in Rakesh Kumar vs. The appeal has been preferred by Rakesh Kumar of Suchi Paper Mills Ltd. against the National Company Law Tribunal New Delhi’s order admitting the Corporate Debtor into Corporate Insolvency Resolution Process under Section 9 of the …

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists
1 year, 2 months ago

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed in Mayuras Industrial Services vs. S R Shriraam Shekher & Anr. Background Facts: The RP had filed an application seeking an order of withdrawal of the Corporate Insolvency Resolution Process resting upon the Resolution passed by the Committee of Creditors …

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, 2 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 …

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted
1 year, 3 months ago

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted

Live Law  

The National Company Law Tribunal, Bangalore Bench comprising of Justice T. Krishnavalli and Shri. The Tribunal held that the claim against additional cost and interest imposed by the Commercial Court post the commencement of CIRP cannot be admitted by the RP in a CIRP during the moratorium period. The RP contended that that the Applicant’s claim was 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 …

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
1 year, 6 months ago

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors is re-constituted post approval of a resolution plan, due to recategorization of a creditor, then the approved …

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT
1 year, 7 months ago

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT

Live Law  

The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that from the date of approval of the resolution plan by the National Company Law Appellate Tribunal, the appeal filed by the applicant has abated, and CESTAT has become functus officio in the matters relating to the appeal filed by Jet Airways.The bench of S.K. The …

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 …

NCLAT Delhi Upholds Liquidation Of M/S Ajanta Offset And Packaging Limited
1 year, 9 months ago

NCLAT Delhi Upholds Liquidation Of M/S Ajanta Offset And Packaging Limited

Live Law  

NCLAT has disposed of the appeal against the order of the NCLT, Delhi which directed the liquidation of the Corporate Debtor, M/s Ajanta Offset and Packaging Limited. Interestingly, Suspended Directors of the Corporate Debtor appeared before the Adjudicating Authority on 06.09.2021 and submitted that they were interested in submitting Resolution Plan for revival of the Corporate Debtor. The appellant argued …

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
1 year, 9 months ago

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Punit Goenka v Indusind Bank Ltd. & Anr., has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process was initiated against Zee Entertainment Enterprises Ltd. Background Facts Zee Entertainment Enterprises Ltd. is an Indian media …

Weekly Digest Of IBC Cases: 30 January To 5 February 2023
1 year, 10 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 …

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order
1 year, 10 months ago

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order

Live Law  

National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra disposed off the appeal filed by the Reliance Capital Creditor namely Vistra ITCL against the NCLT Mumbai order dated 23.01.2023. Senior Advocate Darius Khambata along with Senior Advocate Ramji Srinivasan & Arun Kathpalia appeared for Torrent Investment and apposed the plea of Vistara ITCL on …

Breach Of Settlement Agreement Not A Ground To Trigger CIRP: NCLT Delhi Rejects Application For Revival Of Petition
2 years, 3 months ago

Breach Of Settlement Agreement Not A Ground To Trigger CIRP: NCLT Delhi Rejects Application For Revival Of Petition

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Dharminder Singh and Shri L.N. Ltd., has declined to revive a petition filed under Section 9 of IBC, which was earlier withdrawn due to Settlement Agreement being entered upon between the parties and later settlement had failed. The Bench reiterated that breach of terms and conditions of a Settlement …

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai
2 years, 3 months ago

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while adjudicating a petition filed in Edelweiss Asset Reconstruction Co. Ltd. v Octaga Green Power and Sugar Company Ltd., has reiterated that liquidation of the Corporate Debtor is the last resort and has accordingly directed the Committee of Creditors to reasonably re-consider the …

Reagitating The Issue Attained Finality, By NCLT And Supreme Court, Is Abuse of process : NCLAT, Principal Bench
2 years, 4 months ago

Reagitating The Issue Attained Finality, By NCLT And Supreme Court, Is Abuse of process : NCLAT, Principal Bench

Live Law  

The Principal Bench of the NCLAT consisting of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Barun Mitra in the case of Vikas Dahiya Vs. Arrow Engineering Ltd. held that the doctrine of Res Judicata applies to proceedings under the IBC and challenge to the findings in incidental or collateral proceedings amounts to an abuse of process of the Court. …

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 …

NCLT/NCLAT Should Not Sit In Appeal Over Commercial Wisdom Of CoC To Allow Withdrawal Of CIRP : Supreme Court
2 years, 6 months ago

NCLT/NCLAT Should Not Sit In Appeal Over Commercial Wisdom Of CoC To Allow Withdrawal Of CIRP : Supreme Court

Live Law  

The Supreme Court, on Friday, held that when 90% or more of the creditors decide that it will be in the interest of all the stake­holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate Insolvency Resolution Process as per Section 12A of the Insolvency and Bankruptcy Code, 2016, the adjudicating authority or the appellate …

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

Monthly Digest Of IBC Cases: May 2022

Live Law  

Supreme Court Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022
2 years, 6 months ago

NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while hearing a batch of appeals filed against the resolution plan of Jet Airways Ltd. by aggrieved employees and workmen of Jet Airways; Punjab National Bank; TLD MEAI FZE; Jet Aircraft Maintenance Engineers Welfare Association; Bhartiya Kamgar Sena; and Concor Air, has fixed …

Threshold Of Rs.1 Crore Is Required For Initiation of CIRP, Even If The Cause Of Action Arises Out Of Failure Of The Consent Terms Of The Earlier Section 7 Application: NCLAT
2 years, 7 months ago

Threshold Of Rs.1 Crore Is Required For Initiation of CIRP, Even If The Cause Of Action Arises Out Of Failure Of The Consent Terms Of The Earlier Section 7 Application: NCLAT

Live Law  

National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla in the case of Prafulla Purushottamrao Gadge v. Narayan Mangal held that an application filed after 24.03.2020 under Section 7 of the Insolvency and Bankruptcy Code, 2016 below the threshold of Rs. Brief Facts The Financial Creditor filed an application under Section 7 of IBC …

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay
2 years, 7 months ago

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay

Live Law  

Supreme Court bench comprising of Justice S Abdul Nazeer and Justice Vikram Nath vide its order dated 06.05.2021 in the case of Mahendra Kumar Jajodia versus State Bank of India, Civil Appeal No. NCLAT held that even in the absence of any pending Corporate Insolvency Resolution Process or Liquidation proceedings, the application under Section 95 of the Insolvency Bankruptcy Code, …

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022
2 years, 7 months ago

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022

Live Law  

Supreme Court Supreme Court Permits Withdrawal Of SLP Filed By Jayaswal Neco Industries Ltd. Against RBI, Imposing A Cost Of Rs - 10 Lakh Case title: Jayaswal Neco Industries Limited & Another v Reserve Bank of India & Ors. The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal, …

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 …

Ram Charan Company Private Limited appeals against NCLT order
2 years, 7 months ago

Ram Charan Company Private Limited appeals against NCLT order

New Indian Express  

CHENNAI: Chennai-based firm Ram Charan Company Private Limited, which is facing Corporate Insolvency Resolution Proceedings after it failed to pay a loan of Rs 3.5 crore to Classic Exports, has appealed against the order passed by the Chennai Bench of National Company Law Tribunal. This comes after a Division Bench of R Sucharitha, member, and Sameer Kakar, member, of NCLT …

Corporate Insolvency Resolution Process Can Be Resume On Failure Of Settlement Agreement: NCLAT Chennai
2 years, 7 months ago

Corporate Insolvency Resolution Process Can Be Resume On Failure Of Settlement Agreement: NCLAT Chennai

Live Law  

NCLAT Chennai bench comprising of Justice M Venugopal and Mr. Kanthi Narahari in the case of ICICI Bank versus OPTO Circuits limited held that Corporate Insolvency Resolution Process can be revive/resume in case of failure of settlement agreement between the parties. ICICI Bank filed an appeal before NCLAT Chennai under Section 61 of the Insolvency & Bankruptcy Code, 2016 against …

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 …

NCLAT Stays The Constitution Of Committee Of Creditors Of Supertech Limited
2 years, 8 months ago

NCLAT Stays The Constitution Of Committee Of Creditors Of Supertech Limited

Live Law  

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms.Shreesha Meerla stays the constitution of committee of creditors and adjourned the appeal preferred by suspended director of Supertech Limited against the order dated 25.03.2022 of NCLT New Delhi which initiated the CIRP against Supertech Limited to 19.04.2022. Senior Advocate Arun Kathpalia appeared …

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT
2 years, 11 months ago

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT

Live Law  

NCLAT, Chennai Bench comprising Justice M. Venugopal and Kanthi Narahari in the case of Drip Capital Inc. v. Concord Creations P. Ltd. set aside the order passed by the Adjudicating Authority, Bengaluru Bench, holding that the 'Adjudicating Authority' is not a 'Court of Law' and 'CIRP' is not synonymous to litigation. Section 7 allows the financial creditor, either by itself …

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd
2 years, 11 months ago

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd

Live Law  

The Chennai Bench of the National Company Law Appellate Tribunal has stayed the order initiating Corporate Insolvency Resolution Process against Tata Projects Limited upon being informed that the parties have entered into a settlement agreement. The NCLAT comprising Justice M. Venugopal and Kanthi Narahari also directed the IRP to file an application for withdrawal of the. The NCLAT comprising Justice …

NCLT/NCLAT Can't Interfere With Commercial Wisdom Of CoC Except Within Limited Scope Under Sections 30 & 31 IBC : Supreme Court
3 years, 9 months ago

NCLT/NCLAT Can't Interfere With Commercial Wisdom Of CoC Except Within Limited Scope Under Sections 30 & 31 IBC : Supreme Court

Live Law  

The Supreme Court has reiterated that the National Company Law Tribunal or the National Company Law Appellate Tribunal cannot interfere with the 'commercial wisdom' of the Committee of Creditors, except within the limited scope under Sections 30 and 31 of the Insolvency and Bankruptcy Code.Based on this well settled principle, a 3-judge bench comprising Justices. The commercial wisdom of CoC …

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp
4 years, 3 months ago

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp

Live Law  

The National Company Law Appellate Tribunal has set aside an order passed by the National Company Law Tribunal, Mumbai bench which had dismissed an application for the initiation of corporate insolvency resolution process against Mittal Corp Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Member, Ms. Shreesha Merla Member directed the NCLT to reconsider the application and …

NCLAT Upholds NCLT's Order : No Insolvency Proceedings Against Tata Chemicals [Read Order]
4 years, 4 months ago

NCLAT Upholds NCLT's Order : No Insolvency Proceedings Against Tata Chemicals [Read Order]

Live Law  

The National Company Law Appellate Tribunal dismissed an appeal filed by Allied Silica Limited challenging the NCLT, Mumbai bench's order that had rejected the insolvency application for initiating Corporate Insolvency Resolution Process against Tata Chemicals Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. In 2018, Tata Chemicals had entered into a Business Transfer Agreement for the transfer …

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