Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi
1 year, 6 months ago

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Canara Bank v Commercial Tax Department Circle 09, Indore, Madhya Pradesh & Anr., has held that delay in filing the Appeal under Section 42 of IBC is condonable in exercise of power under Section 5 of the Limitation Act, 1963. Section 42 of IBC provides for filing an appeal against the decision of Liquidator of either accepting or rejecting the claim, within 14 days of passing of such order. On 27.02.2023, the Tax Department filed an appeal under Section 42 of IBC before the NCLT, seeking acceptance of its entire claim inclusive of interest. Whereas, the Tax Department filed its claim before the Liquidator with 19 days delay and after non-acceptance of the claim, an Appeal was filed under Section 42 of IBC with delay of 111 days.

Appeal Tax Limitation Act Delay Department Nclt Act Filed Bench Filing Madhya Pradesh Nclat Claim Liquidator Ibc Canara Bank Cirp Its Claim Section 42 Section 5 Of The Limitation Act Commercial Tax Department  appeal  42  tax  nclat  filing  liquidator  delay  delhi  act  condonable  filed  department  ibc  claim  limitation

History of this topic

Order 23 Rule 2 CPC| Limitation For Suit Instituted Afresh Applies As If Earlier Suit Was Never Filed: Jharkhand High Court
2 days, 11 hours ago

Order 23 Rule 2 CPC| Limitation For Suit Instituted Afresh Applies As If Earlier Suit Was Never Filed: Jharkhand High Court

Live Law  

The Jharkhand High Court has under Order 23 Rule 2 of the Civil Procedure Code, the limitation period for a fresh suit instituted with court permission applies as if the original suit had never been filed. Order 23 CPC pertains to withdrawal and adjustment of suits wherein Rule 2 states that in any fresh suit instituted on permission granted under …

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT
5 days, 9 hours 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 …

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT
5 days, 12 hours ago

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT

Live Law  

The NCLAT bench of Justice Ashok Bhushan and Arun Baroka has observed that the maximum timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code is 330 days. Relying on the Supreme Court's judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr., the Tribunal observed that an order can only be recalled on limited grounds, …

Sufficiency Of Reasons Over Number Of Days Is Considered While Determining Plea Of Condonation Of Delay U/S 37(1)(2) Of Arbitration Act: Delhi HC
5 days, 12 hours ago

Sufficiency Of Reasons Over Number Of Days Is Considered While Determining Plea Of Condonation Of Delay U/S 37(1)(2) Of Arbitration Act: Delhi HC

Live Law  

The Delhi High Court Bench of Justice Rekha Palli and Justice Saurabh Banerjee held that the appellant failed to demonstrate any plausible reasons for the delay caused in filing the present appeal. The appeal was also accompanied by two applications, the first seeking condonation of 670 days delay in filing the appeal and the second 591 days delay in re-filing …

Court Can Quash SCNs And Proceedings Under GST Act, Customs Act Or Finance Act On Ground Of Inordinate Delay In Adjudication: Delhi HC
1 week, 3 days ago

Court Can Quash SCNs And Proceedings Under GST Act, Customs Act Or Finance Act On Ground Of Inordinate Delay In Adjudication: Delhi HC

Live Law  

The Delhi High Court has made it clear that Show Cause Notices and adjudication proceedings under the Customs Act, 1962, the Finance Act, 1994 or the Central Goods and Services Tax, 2017 cannot be kept pending for years. Court said the phrase cannot be construed as a free-pass and “Ultimately it is incumbent upon the authority to establish that it …

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 …

Not Being Aware Of Legal Remedy Not Ground To Condone Delay: Punjab & Haryana High Court
2 weeks, 4 days ago

Not Being Aware Of Legal Remedy Not Ground To Condone Delay: Punjab & Haryana High Court

Live Law  

"It is the duty of all Courts of justice, to take care for the general good of the community, that hard cases do not make bad law,” quoted the Punjab & Haryana High Court while refusing to allow plea for condonation of delay filed asserting lack of proper legal advice.Justice Sumeet Goel said, "A mere bald assertion of not having …

Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad
2 weeks, 6 days ago

Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad

Live Law  

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has held that the Personal Guarantor should be treated on an equal legal footing with the Corporate Debtor, as it is clearly established by the law that the liability of Corporate Debtor and Personal Guarantor are co-extensive in nature. The petitioner submitted that the Guarantee Agreement is a …

Special Treatment Cannot Be Given To Govt For Delay In Filing Appeal U/S 37 Of Arbitration Act: Delhi High Court
3 weeks, 3 days ago

Special Treatment Cannot Be Given To Govt For Delay In Filing Appeal U/S 37 Of Arbitration Act: Delhi High Court

Live Law  

The Delhi High Court bench of Ms. Justice Rekha Palli and Mr. Justice Saurabh Banerjee has affirmed that just because the appellant is government that doesn't mean that a special treatment will be given while condoning the delay in filing the appeal under section 37 of the Arbitration Act. That In M/s Jaitely Construction Co. v. Union of India the …

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

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi
3 weeks, 4 days ago

Application U/S 7 Of IBC Cannot Be Admitted In Absence Of Debt And Default: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that application under section 7 of the IBC cannot be admitted in absence of any debt and consequent default on the part of the corporate debtor. Payments having already been received by Thakkars of the balance amount for payment to the Investors, there was no …

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 …

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 …

Time Spent In Bona Fide Proceedings Before Court Without Jurisdiction To Be Excluded When Considering Objection On Limitation In S.11 Plea: Delhi HC
1 month, 1 week ago

Time Spent In Bona Fide Proceedings Before Court Without Jurisdiction To Be Excluded When Considering Objection On Limitation In S.11 Plea: Delhi HC

Live Law  

The Delhi High Court bench comprising of Justice Subramonium Prasad, while hearing a Section 11 petition, has held that the petitioner's claim cannot be treated as dead one simply because they spent time on bona fide court proceedings before a court without jurisdiction. The petitioner then filed an application under Section 12 of the Commercial Court Act for pre-litigation mediation …

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

Condonation Of Delay Is Case Specific, No Inflexible Rule Can Be Laid Down To Condone Delay U/S 61 Of IBC: NCLAT
1 month, 2 weeks ago

Condonation Of Delay Is Case Specific, No Inflexible Rule Can Be Laid Down To Condone Delay U/S 61 Of IBC: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka affirmed that the condonation of delay in filing of the Appeal is on facts of each case, no inflexible rule can be laid down while exercising jurisdiction to condone the delay. The Applicant states that he was unable to file the present Appeal against the order …

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

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
4 months, 3 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

Petitions U/S 482 CrPC Filed With Delay Or To Overcome Expired Limitation Of Alternate Remedy Cannot Be Entertained: Delhi High Court
5 months ago

Petitions U/S 482 CrPC Filed With Delay Or To Overcome Expired Limitation Of Alternate Remedy Cannot Be Entertained: Delhi High Court

Live Law  

The Delhi High Court has observed that failure to avail alternate remedy on the ground of ongoing settlement process is not a reason for the court to exercise its discretionary power to quash the complaint cases. where it is filed with unexplained delay and laches and in the meantime, the trial has proceeded.” It referred to the Supreme Court case …

Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week ago

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
5 months, 4 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

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 …

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 …

[Arbitration Act] General Explanation Of Intra-departmental Analysis And Discussions Doesn't Constitute Credible Explanation For Delay In Filing Appeal: Delhi High Court
6 months, 2 weeks ago

[Arbitration Act] General Explanation Of Intra-departmental Analysis And Discussions Doesn't Constitute Credible Explanation For Delay In Filing Appeal: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Vibhu Bakhru and Justice Tara Vitasta Ganju held that a general explanation of intra-departmental analysis and discussions doesn't constitute as valid and credible explanation for condonation of delay in filing an appeal under Section 37 of the Arbitration and Conciliation Act, 1996. Brief Facts: The Appellant approached the Delhi High Court and filed …

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC
6 months, 3 weeks ago

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

Live Law  

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

NCLAT Delhi: Adjudicating Authority Can Extend Payment Timelines Under Resolution Plan Without Express Concurrence Of CoC
7 months, 1 week 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 …

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification
7 months, 1 week ago

Ambiguities In Uploading Of NCLT Orders, Requirement Of Enclosing Certified Copies With Appeal : Supreme Court Seeks IBBI Clarification

Live Law  

The Supreme Court issued notice to the Insolvency and Bankruptcy Board of India, inter-alia, on the requirement to obtain a certified copy of the order and attach the same with the appeal. The Bench of Justices Sanjiv Khanna and Dipankar Datta has issued notice considering that there is “considerable ambiguity” in certain issues concerning the service of the orders passed …

IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

IBC Revolutionizes Corporate Insolvency
8 months, 2 weeks ago

IBC Revolutionizes Corporate Insolvency

Deccan Chronicle  

Exactly, 10 years ago, in the run-up to the 2014 Lok Sabha elections, Narendra Modi, who was the BJP’s prime ministerial candidate, had said that traders have more risk-taking capacity than soldiers. Several hundreds of companies and lakhs of employees have benefitted from a relatively easy resolution process devised by IBC.After seven years of IBC’s journey, corporate litigation and disputes …

Litigant Is Not Allowed To Use Process Of Law To Achieve Ulterior Purpose In Under Hand Way By Filing Appeal Belatedly: Indore ITAT
8 months, 3 weeks ago

Litigant Is Not Allowed To Use Process Of Law To Achieve Ulterior Purpose In Under Hand Way By Filing Appeal Belatedly: Indore ITAT

Live Law  

On finding that the assessee has failed to make out a case of reasonable cause much less sufficient cause for an abnormal delay of more than six years in filing the appeal, the Indore ITAT declined to condone the inordinate delay in filing of appeal and consequently dismissed the appeal filed against the revision order passed u/s 263 of Income …

Weekly Digest Of IBC Cases: 25th To 31st March 2024
8 months, 3 weeks ago

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

Live Law  

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

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
8 months, 3 weeks ago

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that the Provisional Attachment Order under PMLA will not bar the admission of Corporate Insolvency Resolution Process proceedings against the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held that the Provisional Attachment Order …

Limitation Act | Doesn't Encompass Long Delays, Condonation Only In Exceptional Cases: Allahabad High Court Dismisses Section 37 A&C Petition
9 months ago

Limitation Act | Doesn't Encompass Long Delays, Condonation Only In Exceptional Cases: Allahabad High Court Dismisses Section 37 A&C Petition

Live Law  

The Allahabad High Court single bench of Justice Shekhar B. Saraf held that Section 5 of the Limitation Act does not encompass long delays, and condonation can only be granted in exceptional cases where the appellant acted in a bona fide manner and not negligently. Furthermore, the High Court emphasized the applicability of Section 5 of the Limitation Act to …

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
9 months ago

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad

Live Law  

The National Company Law Tribunal Court-1, Hyderabad bench comprising Dr Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh held that a petition under Section 7 of the Insolvency and Bankruptcy Code cannot be filed by a 'power of attorney' holder unless duly authorized by a Board Resolution. Additionally, the Corporate Debtor referred to a notification issued by the Central Government …

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: 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 …

Monthly Digest Of IBC Cases: February 2024
9 months, 3 weeks ago

Monthly Digest Of IBC Cases: February 2024

Live Law  

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

[LARR Act, 2013] Kerala High Court Declines To Condone Delay In Filing Appeal After Expiry Of Maximum Period Of 120 Days
9 months, 3 weeks ago

[LARR Act, 2013] Kerala High Court Declines To Condone Delay In Filing Appeal After Expiry Of Maximum Period Of 120 Days

Live Law  

The Kerala High Court has stated that the maximum time period for filing an appeal against an award as per Section 74 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation & Resettlement Act, 2013 is 120 days. The Division Bench comprising Justice A.Muhamed Mustaque and Justice Shoba Annamma Eapen while declining to condone the delay in …

Delay Occurred In Filing Appeal Against Acquittal Under S.378 CrPC Can Be Condoned Under Limitation Act: Supreme Court
10 months ago

Delay Occurred In Filing Appeal Against Acquittal Under S.378 CrPC Can Be Condoned Under Limitation Act: Supreme Court

Live Law  

The Supreme Court held that the delay that occurred in preferring an appeal against the acquittal can be condoned under Section 5 of the Limitation Act, 1963. Arguments Made by the Parties The appellant-accused contended that the High Court could not have allowed the delay condonation application as the delay occurred in filing the appeal against the acquittal cannot be …

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 …

Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai
10 months, 2 weeks ago

Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Smt. The Bench has rejected an appeal filed under Section 42 of IBC, whereby Employees Provident Fund Organization challenged a letter sent by the Liquidator at a time when he stood discharged from his duties due to dissolution of the Corporate Debtor. The Employees Provident Fund Organization passed orders under Section …

IBC | Settlement In Section 7 Or Dropping Of Sec. 66 Proceedings Does Not Automatically End Proceedings Under Section 43: NCLT Mumbai
10 months, 4 weeks ago

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

Live Law  

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

Assessment Order Passed Beyond Sec 144C(4) Is Time Barred If Objections To Draft Order Were Filed After Expiry Of Limitation As Per Sec 144C(2): Delhi ITAT
11 months ago

Assessment Order Passed Beyond Sec 144C(4) Is Time Barred If Objections To Draft Order Were Filed After Expiry Of Limitation As Per Sec 144C(2): Delhi ITAT

Live Law  

Noticing that the draft assessment order was passed on Mar 4, 2022 and the assessee filed objection before the DRP on Apr 6, 2022 which was beyond the due date provided for filing objection, the Delhi ITAT held the assessment order to be time-barred being passed beyond Section 144C of Income tax Act, 1961 time-limit. Since the final Assessment Order …

Supreme Court Surprised At 4-Year Delay By Income Tax Department In Filing Appeals; Asks About Action Against Officials
11 months ago

Supreme Court Surprised At 4-Year Delay By Income Tax Department In Filing Appeals; Asks About Action Against Officials

Live Law  

Taking serious note of the gross delay of over four years on the part of the Income Tax Department in filing statutory appeals before the High Court, the Supreme Court has called for an affidavit from the concerned officer to explain the inquiry made and action taken regarding the delay. ".we direct that the concerned authority to file an affidavit …

Under Section 34(3) Of The A&C Act, The Limitation Period Of 3 Months Plus 30 Days In Inelastic And Inflexible: Delhi High Court Reiterates
11 months, 2 weeks ago

Under Section 34(3) Of The A&C Act, The Limitation Period Of 3 Months Plus 30 Days In Inelastic And Inflexible: Delhi High Court Reiterates

Live Law  

The High Court of Delhi has held that under Section 34 of the A&C Act, the limitation period of 3 months plus 30 days in inelastic and inflexible. The bench of Justices Suresh Kumar Kait and Neena Bansal Krishna explained that the challenge petition must be filed within 3 months from the date of the receiving of the award, however, …

IBC | Inappropriate For NCLAT To Direct NCLT To Admit Petition Under Section 7 Without Evaluating Rival Contentions On Merits: Supreme Court
11 months, 2 weeks ago

IBC | Inappropriate For NCLAT To Direct NCLT To Admit Petition Under Section 7 Without Evaluating Rival Contentions On Merits: Supreme Court

Live Law  

The Supreme Court has set aside an order passed by the National Company Law Appellate Tribunal whereby the National Company Law Tribunal was directed to admit a petition under Section 7 of Insolvency and Bankruptcy Code, 2016. The Bench comprising Chief Justice of India Dr. Dhananjaya Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra, has held that it …

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 …

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023
11 months, 3 weeks ago

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

Live Law  

Sabka Vishwas Scheme: Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC Moratorium The Supreme Court Bench comprising of Justices M R Shah and Justice B V Nagarathna has remarked that “No one can be expected to do the impossible” while granting relief to a company which could not avail the benefit of settlement of tax dues …

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

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

Live Law  

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

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