NCLAT Stays Insolvency Proceedings Against RHC Holdings Pvt. Ltd.
2 years, 7 months ago

NCLAT Stays Insolvency Proceedings Against RHC Holdings Pvt. Ltd.

Live Law  

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha stays the Corporate Insolvency Resolution Process of RHC Holdings Pvt Ltd. initiated by NCLT Principal Bench, New Delhi on 13.05.2022. Daiichi Sankyo filed an appeal before the NCLAT against the Order dated 13.05.2022 wherein NCLT admitted the petition filed by Religare Comtrade Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. Stay order dated 05.04.2019 was neither disclosed in Section 7 Petition nor mentioned in admission order dated 13.05.2022. Analysis By NCLAT NCLAT noted that the Supreme Court vide its order dated 05.04.2019 stayed 23 petitions filed by Religare and in furtherance of Supreme Court order NCLT itself stayed all proceedings on 11.04.2019.

Supreme Court Order Nclt Filed Nclat Petition Dated Section 7 Daiichi Sankyo Religare Daiichi Section 7 Petition Rhc Rhc Holdings Pvt  holdings  insolvency  pvt  religare  petition  court  proceedings  filed  nclat  dated  stayed  daiichi  rhc  order  stays  supreme

History of this topic

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
4 months, 2 weeks ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law  

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months, 3 weeks 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 …

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

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

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 …

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

Monthly Digest Of IBC Cases: November 2023
1 year, 1 month ago

Monthly Digest Of IBC Cases: November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

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 …

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings
1 year, 7 months ago

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings

Firstpost  

The National Company Law Appellate Tribunal on Monday upheld an NCLT order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency,to approach National Company Law Tribunal for any remedy. The lessors had opposed the decision of Delhi-based principal bench of NCLT, which had earlier this month allowed a …

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
1 year, 10 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 …

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order
1 year, 11 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 …

Monthly Digest Of IBC Cases: September 2022
2 years, 3 months ago

Monthly Digest Of IBC Cases: September 2022

Live Law  

Supreme Court IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower: Supreme Court Case Title: Maitreya Doshi vs Anand Rathi Global Finance Ltd Case No. 1037 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has held that when the …

IBC Cases Weekly Round-Up: 27 June To 3 July 2022
2 years, 6 months ago

IBC Cases Weekly Round-Up: 27 June To 3 July 2022

Live Law  

NCLT NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers Ltd. Case Title: UCO Bank v Vinod Kumar Mittal Case No. : C.P./242021 The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, has initiated Insolvency Resolution Process against Mr. Vinod Kumar Mittal, who is the Personal Guarantor to the loan …

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 …

Monthly Digest Of IBC Cases: May 2022
2 years, 7 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 …

Ram Charan Company Private Limited appeals against NCLT order
2 years, 8 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 …

[Breaking] Supreme Court Orders Transfer To Itself All Pleas Challenging Provisions of Insolvency & Bankruptcy Code On Personal Guarantors [Read Order]
4 years, 2 months ago

[Breaking] Supreme Court Orders Transfer To Itself All Pleas Challenging Provisions of Insolvency & Bankruptcy Code On Personal Guarantors [Read Order]

Live Law  

The Supreme Court has ordered the transfer of petitions pending across High Courts, challenging the provisions of Insolvency & Bankruptcy Code pertaining to the issues of personal guarantors.A bench comprising Justices L Nageswara Rao, Hemant Gupta & Ajay Rastogi heard the matter.The plea had been filed by IBBI seeking transfer on the ground of multiplicity of proceedings and to. The …

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 …

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]
4 years, 7 months ago

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]

Live Law  

The Chennai Bench of National Company Law Tribunal has held that the Central Government's decision to enhance the minimum threshold for the initiation of insolvency proceedings is prospective in nature. In a plea filed by Rockwell Industries Ltd., the Operational Creditor, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, Arrowline Organic Products, NCLT passed an Order of Admission …

NCLAT Sets aside NCLT Order To Add MCA As Party In All IBC Cases And Company Petitions [Read Order]
4 years, 7 months ago

NCLAT Sets aside NCLT Order To Add MCA As Party In All IBC Cases And Company Petitions [Read Order]

Live Law  

The National Company Law Appellate Tribunal set aside an order of National Company Law Tribunal which mandated the impleadment of the Union Ministry of Corporate Affairs as a party in all Insolvency and Bankruptcy Code matters and Company petitions. In short, the impugned order making it applicable throughout the country to all the Benches of the National Company Law Tribunal …

NCLAT adjourns all hearings in March amid outbreak
4 years, 9 months ago

NCLAT adjourns all hearings in March amid outbreak

Live Mint  

Taking precautionary measures amid coronavirus outbreak, the National Company Law Appellate Tribunal has adjourned all its scheduled hearings in March. However, urgent matters, which require immediate attention could be mentioned before the acting Chairperson Justice Bansi Lal Bhat, a notice by the appellate tribunal said. “To avoid the rush in the Tribunal due to the present situation, it is notified …

Govt. moves NCLAT against NCLT directive to make MCA party in all insolvency cases
5 years, 1 month ago

Govt. moves NCLAT against NCLT directive to make MCA party in all insolvency cases

The Hindu  

The government moved the National Company Law Appellate Tribunal against an order passed by National Company Law Tribunal to make the Ministry of Corporate Affairs a party in all applications filed under the Insolvency and Bankruptcy Code as well as the Companies Act. Passing an order on November 22 in the Oriental Bank of Commerce versus Sikka Papers case, the …

Supreme Court orders status quo in Jaypee plea against NCLAT order
5 years, 5 months ago

Supreme Court orders status quo in Jaypee plea against NCLAT order

Live Mint  

The Supreme Court on Friday ordered status quo, for two weeks, on Jaypee Group's plea against the National Company Law Appellate Tribunal order barring parent company Jaypee Associates Ltd from bidding for Jaypee Infratech Ltd. On July 30, the NCLAT extended the resolution process of JIL by 90 days, thereby allowing submission of fresh bids for the bankrupt realty company. …

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