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 the appellant's prayers to recall its order extending the time for completing the CIRP, set aside the resolution plan accepted by the CoC, and bar the Resolution Professional from acting as the RP. The appellant argued that an error was committed by the Adjudicating Authority by permitting the withdrawal of the liquidation application in the absence of a resolution passed by the CoC on this behalf. It further noted that the CoC has also approved the filing of an application before the Adjudicating Authority for the issuance of a revised Form G. In light of the above the discussion, the tribunal concluded that “when the CoC has already taken decision to file application for extension of time and granting permission to publish Form G for third time, no error was committed by the Adjudicating Authority by permitting withdrawal of the liquidation application, in facts of the present case.” Accordingly, the present appeal was dismissed.

Authority Coc Cirp Resolution Passed Adjudicating Liquidation Application Form G  order  rp  nclat  liquidation  application  resolution  passed  withdrawal  coc  file  present  authority  permitted  seeking  period  adjudicating  extension

History of this topic

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
1 week, 5 days ago

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra and Arun Baroka disposed an appeal filed by a majority shareholder of the corporate debtor stating that the Section 7 application filed by financial creditors was fraudulently filed in collusion with the corporate debtors' promoters. NCLAT Judgement The National Company Law Appellate …

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
2 weeks, 1 day ago

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

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan, Barun Mitra and Arun Baroka, dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights with the prescribed timelines. NCLAT Judgement The National Company Law …

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT
2 weeks, 4 days ago

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka that Resolution Plan approved by the Adjudicating Authority cannot be questioned by the Operational Creditors when they were provided more than the liquidation value under the Plan as per section 30 of the Insolvency and Bankruptcy Code, 2016. Contentions: The …

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 …

Order Approving Resolution Plan Passed Beyond 330 Days Cannot Be Questioned When Application Seeking Approval Was Filed Within CIRP Period: NCLAT
3 weeks, 2 days ago

Order Approving Resolution Plan Passed Beyond 330 Days Cannot Be Questioned When Application Seeking Approval Was Filed Within CIRP Period: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that when an order approving the Resolution Plan is passed by the Adjudicating Authority after expiry of 330 days but the application seeking approval was filed within the stipulated time period, it cannot be said the plan was approved after the …

When Debt Is Not Unequivocally Admitted By Corporate Debtor, Application U/S 9 Of IBC Must Not Be Entertained: NCLAT
3 weeks, 3 days ago

When Debt Is Not Unequivocally Admitted By Corporate Debtor, Application U/S 9 Of IBC Must Not Be Entertained: 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 application under section 9 of the Insolvency and Bankruptcy Code, 2016 cannot be entertained when the debt is not unequivocally admitted by the Corporate Debtor. The Operational Creditor issued a demand notice under section 8 of …

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: NCLAT
3 weeks, 5 days ago

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: 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 rejection of the Resolution Plan submitted by the Suspended Director of the Corporate Debtor by Committee of Creditors cannot be interfered with when the concerned Director was present in all the meetings of the CoC and …

Limitation Period For Filing Appeal U/S 61 Of IBC Commences From Date Of Order, Not From Date Of Its Receipt: NCLAT
3 weeks, 5 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 …

Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT
1 month, 1 week ago

Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the Resolution Plan even prior to the approval of the Adjudicating Authority is binding inter se the Committee of Creditors and the SRA. Contentions: The appellant submitted that the Appellant is a Promoter of the CD and is ready to carry …

Application U/S 7 Of IBC Must Be Decided First When Application U/S 54C Is Filed 14 Days After S.7 Application: NCLAT
1 month, 1 week ago

Application U/S 7 Of IBC Must Be Decided First When Application U/S 54C Is Filed 14 Days After S.7 Application: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that when an application under section 54C of the IBC is filed after 14 days from the date of the application filed under section 7 of the IBC, the application under section 7 must be decided first as per section 11A of the code. Contentions: …

IBC Weekly Round-Up [2nd February-9th February 2025]
1 month, 1 week ago

IBC Weekly Round-Up [2nd February-9th February 2025]

Live Law  

Nominal Index: Damodar Valley Corporation vs. Mackeil Ispat & Forging Ltd. & Anr., Company Appeal No. 2316 of 2024' M/s.Isthara Parks Private Limited v M/s.Valmar Projects LLP & Ors., CP No.216/9/IIDB/2023 Aditya Birla Finance Limited vs. Mr. Pankaj Srivastava, IA No. 149/BB/2023 High Court Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court Case …

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 …

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court
Trending News
1 month, 2 weeks ago

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Manmeet Pritam Singh Arora has held that in accordance with Section 32A of the Insolvency and Bankruptcy Code, 2016, a Corporate Debtor that has successfully undergone a resolution process under Section 31 of the IBC shall not be prosecuted for offences committed prior to the commencement of the CIRP. Arguments Dr. Abhishek Manu …

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. …

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal
1 month, 2 weeks ago

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal

Live Law  

The National Company Law Tribunal, Bengaluru bench comprising Justice K. Biswal and Ravichandran Ramasamy have held that that as per the Insolvency and Bankruptcy Code, 2016, there is no provision to 'provisionally' constitute the Committee of Creditors ; the CoC once constituted is final and cannot be revised or reconstituted by the Interim Resolution Professional /Resolution Professional without the interference …

Commercial Wisdom Of CoC To Distribute Amount Based On Security Interest Under Resolution Plan Cannot Be Interfered With: NCLAT
1 month, 3 weeks ago

Commercial Wisdom Of CoC To Distribute Amount Based On Security Interest Under Resolution Plan Cannot Be Interfered With: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that commercial wisdom of the CoC to distribute the amount under the Resolution Plan based on security interest of the respective financial creditors cannot be interfered with provided provisions of the code are complied with. In the 16th meeting of the CoC …

Decision To Liquidate Corporate Debtor Cannot Be Faulted When Revival Is Not A Viable Option: NCLAT
1 month, 3 weeks ago

Decision To Liquidate Corporate Debtor Cannot Be Faulted When Revival Is Not A Viable Option: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that when it becomes clear that revival is not a viable option, a decision taken by the CoC to liquidate the corporate debtor cannot be faulted. Thereafter, the Adjudicating Authority ordered the liquidation of the corporate debtor after a decision was …

IBC | For Resolution Plan Involving Combination, Prior Approval Of Competition Commission Mandatory Before CoC Examination : Supreme Court
Trending News
1 month, 3 weeks ago

IBC | For Resolution Plan Involving Combination, Prior Approval Of Competition Commission Mandatory Before CoC Examination : Supreme Court

Live Law  

The Supreme Court on January 29, by 2:1 majority, observed that a resolution plan under the Insolvency and Bankruptcy Code, containing a proposed combination, should only be placed before the Committee of Creditors, after it has been approved by the Competition Commission of India. This proviso talks about the approval of the resolution plan and its proviso reads as: “Provided …

NCLT directs disciplinary proceedings against Byjus' resolution professional
1 month, 3 weeks ago

NCLT directs disciplinary proceedings against Byjus' resolution professional

The Hindu  

The National Company Law Tribunal on Wednesday ordered a disciplinary proceeding against Byjus' resolution professional and nixed his direction to exclude Glas Trust and Aditya Birla Finance from the edtech's Committee of Creditors. The tribunal also cancelled the reconstitution of the Committee of Creditors of Byju's, carried out by the Interim Resolution Professional on August 31, 2024, in which Srivastava …

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

Insolvency Application Against Personal Guarantor Is Maintainable U/S 60(1) Of IBC Even If No CIRP Process Is Pending Against CD: NCLAT
2 months ago

Insolvency Application Against Personal Guarantor Is Maintainable U/S 60(1) Of IBC Even If No CIRP Process Is Pending Against CD: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that an application under section 95 of the Insolvency and Bankruptcy Code against the personal guarantor is maintainable before the NCLT under section 60 of the code even if no CIRP or Liquidation process is initiated or pending against the corporate debtor before the NCLT. …

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

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi has held that the commercial wisdom of the Committee of Creditors in rejecting a resolution plan and opting for liquidation is “non-justiciable”. On 03.04.2021, the Resolution Professional informed the Appellant via email that the resolution plan was not approved by the CoC due to non-compliance with Section 29A of the …

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

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

Live Law  

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

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata
2 months, 2 weeks ago

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata

Live Law  

The NCLT Kolkata bench of Justice Bidisha Banerjee and D. Arvind has held that Unsuccessful Resolution Applicant has no locus standi to challenge the approval of Resolution Plan by the Committee of Creditors. The default stemmed from a Loan Agreement executed on July 26, 2019 between SREI Equipment and the corporate debtor under which a loan facility of Rs, 300 …

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 …

Rejection Of Belated And Contingent Claims By Resolution Professional Cannot Be Faulted: NCLAT
2 months, 2 weeks ago

Rejection Of Belated And Contingent Claims By Resolution Professional Cannot Be Faulted: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan, and Mr. Barun Mitra has held that when the claims have been filed belatedly after 548 days and that too the claims arise from damages and breach of contract which according to the Appellant is admittedly contingent, the RP's action to reject the claim by way of a reasoned reply to …

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT
2 months, 2 weeks ago

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that after initiation of moratorium under Section 14, sub-section, no assessment proceedings can be continued by the EPFO. On the other hand it is the case of the respondent that no claim was filed by the Appellant before the Plan was approved …

Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata
2 months, 3 weeks ago

Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising Justice Bidisha Banerjee and Shri Balraj Joshi has held that an application under Section 95 of the Insolvency and Bankruptcy Code for initiating insolvency proceedings against a personal guarantor is not maintainable before the NCLT if no Corporate Insolvency Resolution Process or liquidation proceeding has been initiated or is pending against the …

No Claim Survives When Unit Holder Is Handed Over Possession And Conveyance Deed Has Been Executed: NCLAT
2 months, 3 weeks ago

No Claim Survives When Unit Holder Is Handed Over Possession And Conveyance Deed Has Been Executed: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that when a unit holder is handed over possession and a Conveyance Deed has also been executed, no claim survives of such unit holders. The Respondents – Financial Creditors in a class being allottee of a Project namely 'Spaze Arrow' located …

Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT
2 months, 3 weeks ago

Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that CIRP withdrawal application can be withdrawn by Resolution Professional before the application is heard and allowed. Thereafter, the MHIL was informed by the RP about the decision taken by the CoC regarding CIRP withdrawal and that an application under section 12A had also …

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. …

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 7 Application: NCLAT
3 months ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 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 …

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

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT
3 months ago

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that non impleadment of the owner in application under section 19 of the code filed by the liquidator due to the uncertainty over the ownership of the premises cannot be termed malafide. However, on 01.07.2020, the liquidator filed Section 19 application under IBC …

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 …

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

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT
3 months ago

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that copy of the Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with the suspended management of the corporate debtor when the suspended management is also a Resolution Applicant. It was further submitted that the CoC had approved the resolution …

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

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT
3 months, 2 weeks ago

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that approval of Resolution Plan by the Committee Of Creditors cannot be interfered with unless it is violative of section 30 of the Code. It further argued that SRA has not implemented the Resolution Plan and matter is pending consideration before the Adjudicating Authority therefore this …

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad
3 months, 3 weeks ago

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad

Live Law  

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has affirmed that the decision to consolidate, or not, rests with the CoCs, who are not only better equipped to make such determinations but also have a vested interest in the outcome, and whose commercial wisdom is paramount in insolvency matters and beyond judicial review Brief Facts This …

Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT
3 months, 3 weeks ago

Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Rakesh Kumar Jain and Mr. Ajai Das Mehrotra has held that pre-CIRP dues cannot be recovered once the corporate debtor is admitted into insolvency due to moratorium under section 14 of the code. 108.44 Crores was deposited by the Corporate Debtor as payment security mechanism and the same is for transmission charges dues payable …

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

Once Plausibility Of Pre-Existing Dispute Is Established, Application U/S 9 Of IBC Must Be Rejected: NCLAT
3 months, 3 weeks ago

Once Plausibility Of Pre-Existing Dispute Is Established, Application U/S 9 Of IBC Must Be Rejected: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Barun Mitra and Indevar Pandey has held that IBC bestows only summary jurisdiction upon the Adjudicating Authority. It was further submitted that there is no genuine foundation of pre-existing dispute since all the pump sets were supplied after third party inspection which agency had certified the goods at the time …

Impleadment Of Party After Closure Of Initial CIRP Plea Against Corporate Debtor: NCLAT Chennai Protects Operational Creditor's Claims
3 months, 3 weeks ago

Impleadment Of Party After Closure Of Initial CIRP Plea Against Corporate Debtor: NCLAT Chennai Protects Operational Creditor's Claims

Live Law  

The National Company Law Appellate Tribunal, Chennai bench of Justice Sharad Kumar Sharma and Mr Jatindranath Swain allowed the impleadment application filed by an Operational Creditor, on the ground that its application to initiate CIRP proceedings against the Corporate Debtor were closed due to initiation of CIRP by another creditor. Ltd. filed an interlocutory application before the National Company Law …

IBC Weekly Round-Up [18th November To 24th November 2024]
3 months, 3 weeks 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 …

Revisiting Resolution Plan After Commencement Of Liquidation Process Is Against Principle Of Procedural Finality: NCLAT Chennai
3 months, 3 weeks ago

Revisiting Resolution Plan After Commencement Of Liquidation Process Is Against Principle Of Procedural Finality: NCLAT Chennai

Live Law  

The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma, and Jatindranath Swain dismissed two appeals filed by the Corporate Debtor seeking to challenge the order of NCLT, Bangalore by which it was directed to be put into the liquidation process and second to challenge the order of the same tribunal which dismissed the prayer of the Appellant …

NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT
3 months, 3 weeks 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 …

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT
3 months, 3 weeks ago

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain has held that property that is sold which was in possession of the corporate debtor immediately before the judgment in a petition under section 7 of the IBC was reserved cannot be excluded from the purview of the assets of the corporate debtor. An IA was filed by …

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