NCLAT Delhi Allows Appeal Re-Filed After 197 Days Of Delay, Subject To Cost Of Rs.10,000 Payable To Respondent
2 years, 6 months ago

NCLAT Delhi Allows Appeal Re-Filed After 197 Days Of Delay, Subject To Cost Of Rs.10,000 Payable To Respondent

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Dinesh Mehta v Amit Kumar Mehta & Anr., has allowed an appeal which was re-filed after 197 days of delay by the Appellant, subject to payment of cost of Rs. Background Facts Mr. Dinesh Mehta filed an appeal before the NCLAT with 197 days delay in refiling the Appeal. It was submitted that a document was to be filed alongwith the Appeal which had foreign origin – Sharjah, United Arab Emirates and delay had occurred due to time taken in obtaining translated copy of the document. The Bench opined that sufficient cause has been shown to allow application for condonation of delay of 197 days in refiling the Appeal, however, subject to payment of a cost of Rs.10,000/- to the Respondent No.

Appeal Mehta Nclat Dinesh Mehta 197 Days  dinesh  kumar  cost  appeal  delhi  payable  days  delay  mehta  nclat  197  subject  rs10000  appellant  mr  respondent  refiled  filed

History of this topic

Arbitral Awards Can Be Granted On The Basis Of Evidentiary Admissions: Delhi High Court
2 weeks ago

Arbitral Awards Can Be Granted On The Basis Of Evidentiary Admissions: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Prateek Jalan has observed that the power to pass an award on admissions is wide, and evidentiary admissions can also form the basis of an arbitral award. However, to hold that there is a bar on granting an award of admissions in the case of evidentiary admissions would be inconsistent with the text …

Madras High Court Imposes ₹5 Lakh Costs On State Of Tamil Nadu For “Re-Agitating” Case Which Had Already Been Decided By Supreme Court
Top News
2 weeks, 2 days ago

Madras High Court Imposes ₹5 Lakh Costs On State Of Tamil Nadu For “Re-Agitating” Case Which Had Already Been Decided By Supreme Court

Live Law  

The Madras High Court recently imposed a cost of Rs. 5 Lakh on the State of Tamil Nadu for filing a writ appeal in a matter that had already attained finality through the order of the Supreme Court. The state had filed the appeal challenging an order of the single judge approving the appointment of a Sanitary worker in St. …

Moratorium Period Under IBC Does Not Bar Payment Of Compensation Under NI Act: J&K High Court Orders ₹4 Crore Interim Compensation
2 weeks, 4 days ago

Moratorium Period Under IBC Does Not Bar Payment Of Compensation Under NI Act: J&K High Court Orders ₹4 Crore Interim Compensation

Live Law  

The Jammu and Kashmir High Court held that the declaration of a moratorium would not bar the complainant from filing a complaint under the NI Act. The court said that the debtor cannot take refuge under the Code to frustrate proceedings under the NI Act if he is found liable to pay compensation in the proceedings. The trial court directed …

Supreme Court Wonders Why NCLAT Wrote Long Order On Delay Condonation Application Despite High Pendency
2 weeks, 5 days ago

Supreme Court Wonders Why NCLAT Wrote Long Order On Delay Condonation Application Despite High Pendency

Live Law  

The Supreme Court recently expressed surprise that the National Company Law Appellate Tribunal, despite having a high pendency of cases, devoted extensive time and effort to writing a 17-page order on a delay condonation application. “We wonder why the NCLAT which has a high pendency should devote so much of time and energy in writing an order running into 17 …

NCLT Has No Jurisdiction To Convict Person For Offence U/S 68 Of IBC In View Of Section 236 Of IBC: NCLAT
3 weeks, 1 day ago

NCLT Has No Jurisdiction To Convict Person For Offence U/S 68 Of IBC In View Of Section 236 Of IBC: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the National Company Law Tribunal has no jurisdiction to convict a person for an offence under Section 68 under Chapter VII of Part II of the Insolvency and Bankruptcy Code, 2016 in view of the express provision contained in …

Limitation Period For Filing Appeal U/S 61 Of IBC Commences From Date Of Order, Not From Date Of Its Receipt: NCLAT
3 weeks, 4 days ago

Limitation Period For Filing Appeal U/S 61 Of IBC Commences From Date Of Order, Not From Date Of Its Receipt: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the limitation period for filing an appeal under section 61 of the Insolvency and Bankruptcy Code, 2016 shall commence from the date of passing of the order and not from the date when a copy of the …

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week
1 month, 2 weeks ago

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week

Live Law  

The National Company Law Appellate Tribunal, Chennai bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain have directed the National Company Law Tribunal to decide the application filed by Board of Control for Cricket in India to withdraw the corporate insolvency resolution process against Byju's within a week's time. The Tribunal disposed of Riju Raveendran's appeal challenging the reinstatement of …

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's
1 month, 2 weeks ago

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's

Live Law  

Justice Sharad Kumar Sharma, Judicial Member of of the National Company Law Appellate Tribunal Chennai bench, has recused from hearing ed-tech start-up, Byjus' founder, Riju Raveendran's appeal against the order of the National Company Law Tribunal Bengaluru, which allowed Glas Trust and Aditya Birla Finance to be included in the Committee of Creditors as Financial Creditors of Think & Learn. …

Delay Of 115 Days In Refiling Appeal Cannot Be Condoned On Frivolous Grounds: NCLAT
1 month, 2 weeks ago

Delay Of 115 Days In Refiling Appeal Cannot Be Condoned On Frivolous Grounds: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that allowing refiling delay condonation on frivolous grounds would be an anathema to the timeliness and integrity of the liquidation process. Brief Facts: The present application has been filed seeking condonation of delay of 115 days in refiling the appeal. CE/C/ Jalandhar …

Appeals Of Accused & Victims Under NIA Act Can't Be Dismissed On Ground That Delay Can't Be Condoned Beyond 90 Days : Supreme Court
1 month, 2 weeks ago

Appeals Of Accused & Victims Under NIA Act Can't Be Dismissed On Ground That Delay Can't Be Condoned Beyond 90 Days : Supreme Court

Live Law  

The Supreme Court today directed that appeals filed by accused or victims in matters under the National Investigation Agency Act 2008 would not be dismissed on reason that delay beyond a period of 90 days cannot be condoned. The bench of CJI Sanjiv Khanna and Justices Sanjay Kumar and KV Viswanathan was hearing a batch of pleas challenging S. 21 …

Prescribed Time Limit For Filing Refund Application Cannot Be Disregarded Merely Because Tax Was Collected Without Legal Authority: CESTAT
1 month, 3 weeks ago

Prescribed Time Limit For Filing Refund Application Cannot Be Disregarded Merely Because Tax Was Collected Without Legal Authority: CESTAT

Live Law  

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal has stated that the prescribed time limit for filing a refund application cannot be disregarded merely because the tax was collected without legal authority. The Bench of Justices Dilip Gupta and P. V. Subba Rao has observed that “the appellant cannot be permitted to claim a refund of …

NCLAT Upholds Rejection Of Application U/S 9 Of IBC Against Hindustan Unilever Limited
1 month, 3 weeks ago

NCLAT Upholds Rejection Of Application U/S 9 Of IBC Against Hindustan Unilever Limited

Live Law  

The National Company Law Appellate Tribunal bench of Justice Ashok Bhushan and Arun Baroka has dismissed the appeal against the order rejecting the application under section 9 of the Insolvency and Bankruptcy Code filed against Hindustan Unilever Limited on the ground that the claims were below the threshold limit, time-barred and there was a pre-existing dispute. Background Facts The Appellant-Operational …

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT
1 month, 3 weeks ago

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that when the CoC has already taken decision to file an application for extension of CIRP time period and granting permission to publish Form G for third time, withdrawal of liquidation application by Adjudicating Authority can be permitted. The Adjudicating Authority dismissed …

Haryana REAT Dismisses TDI Infrastructure's Application For Condonation Of 193-Day Delay In Filing Appeal
1 month, 3 weeks ago

Haryana REAT Dismisses TDI Infrastructure's Application For Condonation Of 193-Day Delay In Filing Appeal

Live Law  

The Haryana Real Estate Appellate Tribunal comprising of bench of Justice Rajan Gupta and Shri Rakesh Manocha has dismissed the TDI Infrastructure application for condonation of a 193-day delay in filing the appeal before the Tribunal. Aggrieved by the order, the builder filed an appeal before the Tribunal, accompanied by an application seeking condonation of a 193-day delay in filing …

Delay Beyond 15 Days In Filing Appeal Cannot Be Condoned As Per Proviso To Section 61(2) Of IBC: NCLAT
1 month, 3 weeks ago

Delay Beyond 15 Days In Filing Appeal Cannot Be Condoned As Per Proviso To Section 61(2) Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that delay in filing an appeal beyond 15 days as per section 61 proviso of the Insolvency and Bankruptcy Code cannot be condoned. The appellant submitted that the appeal has been filed within a period of limitation that is within 45 days …

Procedural Impediments In Govt Machinery Not 'Sufficient Cause' For Condoning Delay In Filing Appeal U/S 37 Of Arbitration Act: Patna High Court
2 months ago

Procedural Impediments In Govt Machinery Not 'Sufficient Cause' For Condoning Delay In Filing Appeal U/S 37 Of Arbitration Act: Patna High Court

Live Law  

The Patna High Court Bench of Justice Ramesh Chand Malviya has held that procedural impediments in the government machinery are not a 'sufficient cause' for condoning the delay in filing the appeal. However, the respondent argued that the appellants failed to assign the 'sufficient cause' of delay in filing the appeal on a day-to-day basis and stated the reason for …

166 Days Delay In Re-Filing Appeal Cannot Be Condoned In Absence Of Genuine And Plausible Explanation: NCLAT
2 months, 1 week ago

166 Days Delay In Re-Filing Appeal Cannot Be Condoned In Absence Of Genuine And Plausible Explanation: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that a delay of 166 in re-filing an appeal cannot be condoned in the absence of a plausible and genuine explanation offered for the same. No.6903 of 2024 is an application praying for condonation of 166 days delay in refiling an appeal. When the Appeal …

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT
2 months, 1 week ago

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT

Live Law  

The National Company Law Appellate Tribunal has recently held that an appeal under Section 421 of the Companies Act, 2013, against an interlocutory order permitting holding of an Annual General Meeting without affecting the substantive rights of the appellants is not maintainable. The NCLAT bench presided over by Justice Sharad Kumar Sharma and Jatindranatha Swain], observed, "In fact, looking at …

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power
2 months, 1 week ago

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power

Live Mint  

New Delhi, Jan 12 The National Company Law Appellate Tribunal has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal, while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes …

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT
2 months, 2 weeks ago

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that once resolution plan including revised plan submitted by the resolution applicant is disapproved by the CoC, a fresh plan can be submitted by the same resolution applicant in a freshly issued invitation to expression of interest. IA No.1891 of 2024 was filed by the …

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution
2 months, 2 weeks ago

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain, considering the peculiar situation where the civil suit was dismissed as withdrawn three days after the company petition under section 59 of the Companies Act was dismissed, directed the revival of company petition. The appellant also filed another civil suit in Civil Court Senior Division, Pune in RCS …

National Investigation Agency Act | High Court Can't Condone Delay In Filing Appeal Beyond 90 Days, S.21(5) Mandatory: Punjab & Haryana HC
2 months, 3 weeks ago

National Investigation Agency Act | High Court Can't Condone Delay In Filing Appeal Beyond 90 Days, S.21(5) Mandatory: Punjab & Haryana HC

Live Law  

The Punjab & Haryana High Court has said that the High Court is not empowered to condone delay in filing appeal under National Investigation Agency Act beyond 90 days and provision of Section 21 is "mandatory" in nature. Courts creating distinction between appellant under Section 21 of the NIA Act for condoning the delay in preferring an appeal, would absolutely …

National Investigation Agency Act | High Court Can't Condone Delay In Filing Appeal Beyond 90 Days, S.21(5) Mandatory: Punjab & Haryana HC
2 months, 3 weeks ago

National Investigation Agency Act | High Court Can't Condone Delay In Filing Appeal Beyond 90 Days, S.21(5) Mandatory: Punjab & Haryana HC

Live Law  

The Punjab & Haryana High Court has said that the High Court is not empowered to condone delay in filing appeal under National Investigation Agency Act beyond 90 days and provision of Section 21 is "mandatory" in nature. Courts creating distinction between appellant under Section 21 of the NIA Act for condoning the delay in preferring an appeal, would absolutely …

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

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
3 months 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 …

Appeal Cannot Be Dismissed As Not Maintainable On Account Of Non-Payment Of Requisite Fee: Punjab and Haryana High Court
3 months, 2 weeks ago

Appeal Cannot Be Dismissed As Not Maintainable On Account Of Non-Payment Of Requisite Fee: Punjab and Haryana High Court

Live Law  

The Punjab and Haryana High Court stated that appeal cannot be dismissed as not maintainable on account of non-payment of requisite fee. The Division Bench consisting of Justices Sanjeev Prakash Sharma and Sanjay Vashisth was considering a case where the Appellate Authority dismissed the appeal as not maintainable on the ground that the assessee/petitioner had failed to pay Rs. The …

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

Application U/S 95 Cannot Be Rejected On Grounds Of Pendency Of One Time Settlement Proposal: NCLAT
3 months, 3 weeks ago

Application U/S 95 Cannot Be Rejected On Grounds Of Pendency Of One Time Settlement Proposal: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that pendency of One Time Settlement Proposal which is yet to be accepted, cannot be a ground to refuse initiation of insolvency process against the personal guarantors. Brief Facts These two appeals have been filed challenging the order passed by National …

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

No political appointments in NCLT, NCLAT: SC
4 months, 2 weeks ago

No political appointments in NCLT, NCLAT: SC

Hindustan Times  

The Supreme Court on Thursday emphasised that appointments to the National Company Law Tribunal and the National Company Law Appellate Tribunal must not be “political”, even as it voiced serious concerns over delays and inefficiencies affecting India’s insolvency process. In its judgment that ordered the liquidation of debt-ridden Jet Airways, the top court addressed a raft of issues regarding the …

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
5 months, 3 weeks ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement
7 months, 1 week ago

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement

India Today  

The Supreme Court on Wednesday put a hold on the National Company Law Appellate Tribunal's decision to approve the Rs 158.9 crore settlement between edtech giant Byju's and the Board of Control for Cricket in India. Solicitor General Tushar Mehta, representing the BCCI, expressed concerns that the stay would impact the BCCI's settlement with Byju's. Despite this, the court directed …

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI
7 months, 3 weeks ago

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI

The Hindu  

National Company Law Appellate Tribunal Chennai on Wednesday told Byju Raveendran to file details of the source of funds through which he is proposing to settle the dues to Board of Control for Cricket in India. Byju Raveendran, the suspended director, shareholder and promoter of the edtech company had moved an appeal against NCLAT, after the National Company Law Tribunal, …

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest
7 months, 3 weeks ago

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest

Live Law  

Justice Sharad Kumar Sharma, a Judicial Member of the National Company Law Appellate Tribunal Chennai, has recused himself from hearing Byju Raveendran's appeal against the insolvency proceedings initiated against Think & Learn Private Limited, which operates Byju's. The insolvency proceedings were initiated against Think & Learn Private Limited by the National Company Law Tribunal in Bengaluru. Justice Sharma stated that …

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 …

[Arbitration Act] General Explanation Of Intra-departmental Analysis And Discussions Doesn't Constitute Credible Explanation For Delay In Filing Appeal: Delhi High Court
9 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 …

Monthly Digest Of IBC Cases: May 2024
9 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

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

Decision Taken By New Resolution Professional Cannot Be Objected By Erstwhile Resolution Professional: NCLAT Delhi
10 months, 1 week ago

Decision Taken By New Resolution Professional Cannot Be Objected By Erstwhile Resolution Professional: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising Shri Justice Ashok Bhushan Shri Barun Mitra and Shri Arun Baroka, in Partha Sarathy Sarkar vs Union of India & Ors. has held that the decision taken by New Resolution Professional cannot be objected by the Erstwhile Resolution Professional after replacement who is now proceeding with the CIRP Background Facts The …

Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT
10 months, 3 weeks ago

Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT

Live Law  

While allowing deduction u/s 54 of the Income tax Act, the New Delhi ITAT explained that under the light of section 54, exemption of capital gain from being charged to income tax as income of the previous year is attracted when another residential house has been purchased within one year before or two years after the date of transfer or …

NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence
11 months, 3 weeks ago

NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held the Resolution Professional can always ask for additional information from creditors to substantiate the claim and exercise due diligence. NCLAT Verdict: The NCLAT Delhi affirmed NCLT's Delhi Order and held that RP can always ask for additional information from creditors to …

Weekly Digest Of IBC Cases: 25th To 31st March 2024
11 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 …

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai
11 months, 3 weeks ago

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Justice Sharad Kumar Sharma and Shri Jatindranath Swain, has held that the Tribunal cannot hear a case de-novo while adjudicating an application filed for recall of an order. In addition, the Power to Recall an Order / Judgment, earlier passed by this Tribunal, is not 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 …

Bombay High Court: Co-Promoters Are Also Liable To Pay Refund With Interest To Allottees In Case Of Delay Under Section 18 Of The RERA.
1 year ago

Bombay High Court: Co-Promoters Are Also Liable To Pay Refund With Interest To Allottees In Case Of Delay Under Section 18 Of The RERA.

Live Law  

The Bombay High Court bench, comprising of Justice Sandeep V. Marne, has held that promoters who are part of a real estate project but haven't received any consideration from the allottee will still be classified as “Promoters” under Section 2. The appellant filed an appeal before the Honorable Bombay High Court against the Tribunal's order dated October 18, 2022, contending …

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 …

Section 9 Not Res Judicata For Section 17 Application When Withdrawal Is Conditional: Delhi High Court Dismisses Section 37(2)(B) Application
1 year ago

Section 9 Not Res Judicata For Section 17 Application When Withdrawal Is Conditional: Delhi High Court Dismisses Section 37(2)(B) Application

Live Law  

The Delhi High Court bench comprising Justice Manoj Kumar Ohri held that the Section 9 application under Arbitration and Conciliation Act, 1996 cannot act as res judicata for Section 17 application when the withdrawal of Section 9 application is conditional between the parties. Feeling aggrieved, DTC approached the Delhi High Court and filed Section 37 application challenging this order, asserting …

Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi
1 year, 2 months ago

Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that when the Committee of Creditors passes a resolution to replace the Resolution Professional, then it is not open for the Resolution Professional to question the reasons for its replacement and ask NCLT to adjudicate upon the reasons which persuaded …

Monthly Digest Of IBC Cases: November 2023
1 year, 3 months 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 …

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