NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC
9 months, 2 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 to violation of moratorium under Section 14 of the IBC. On 03.08.2022, the liquidation order was passed and on 01.02.2023, the Income Tax Department submitted a claim of Rs. NCLAT Verdict: The NCLAT Delhi allowed the appeal and held that the set-off/adjustment of demand with refund by the Income Tax Department during the intervening period when the CIRP timeline period has expired but before passing of Liquidation Order under Section 33 of IBC amounts to a violation of moratorium under Section 14 of the IBC. NCLAT also pointed out that the refund from the Income Tax Department was considered an asset of the Corporate Debtor and should be included in the liquidation assets.

Delhi Corporate Tax Order Income Period Department Refund Moratorium Income Tax Department Liquidation Cirp Section 14 Section 33 Nclat Delhi Nclt Mumbai Liquidation Order Security Interest Ibc Nclat  cirp  liquidation  tax  ibc  nclat  setoff  department  income  order  passing  corporate  expiry  refund  period  moratorium  violation

History of this topic

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
1 week, 1 day 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
1 week, 4 days 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 …

Order Approving Resolution Plan Passed Beyond 330 Days Cannot Be Questioned When Application Seeking Approval Was Filed Within CIRP Period: NCLAT
2 weeks, 5 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 …

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited
3 weeks, 1 day ago

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited

Live Law  

The National Company Law Tribunal, Mumbai bench comprising Justice V. G. Bisht and Shri Prabhat Kumar has approved the Resolution Plan for Reliance Big Private Limited submitted by ACME Cleantech Solutions Private Limited. Brief Facts: Mr. Rohit Ramesh Mehra, Resolution Professional of Reliance Big Private Limited moved the application under Section 30 r/w Section 31 of the Insolvency and Bankruptcy …

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT
1 month, 2 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 …

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 …

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network
2 months, 3 weeks ago

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network

Live Mint  

New Delhi, Dec 23 The NCLAT on Monday set aside a batch of appeals filed against the NCLT order approving bids of Sapphire Media for Reliance Broadcast Network Ltd. The National Company Law Appellate Tribunal upheld the order of the Mumbai Bench of the NCLT, which had on May 6, 2024 approved the resolution plan of Sapphire Media for Reliance …

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, …

IBC Weekly Round Up [2nd December To 8th December, 2024]
3 months, 1 week 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 …

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi
3 months, 2 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 …

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
4 months 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 …

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT
4 months, 1 week ago

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that any amount proposed in the settlement plan under section 12A of the IBC cannot be refunded if the plan is later approved and the CIRP is closed. As per the revised MoU, Corporate Insolvency Resolution Process of the Corporate Debtor as well as related …

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case
4 months, 2 weeks ago

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case

Live Law  

The National Company Law Tribunal Kolkata bench has ruled that income tax notices, demand notices, and payments for past dues that accrued prior to the date of approval of the resolution plan stand extinguished. The Tribunal observed that the successful resolution applicant takes over the corporate debtor on a fresh slate principal and assets, and any past dues or claims, …

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata
7 months, 2 weeks ago

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench of Bidisha Banerjee and Balraj Joshi has held that the liquidation of a corporate debtor should be a measure of last resort. Five applicants expressed their interest in the Corporate Debtor: Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Intra Finance Private Limited, Navneet Garg, and Mideast Pipeline Products. On February 20, …

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru
7 months, 2 weeks ago

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru

Live Law  

The National Company Law Tribunal Bengaluru bench of K. Biswal and Manoj Kumar Dubey has held that claims submitted after the approval of the Resolution Plan, including those related to the moratorium period, are not allowed under the Insolvency and Bankruptcy Code. The NCLT noted that the RP's letter highlighted that some employees did not have Unique Identification Numbers due …

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

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 …

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC
10 months ago

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that if no Goods and Services Tax refund/ Input Tax Credit claim has been included in the Demand Notice under Section 8 of Insolvency and Bankruptcy Code, 2016 or in Form 5 by the Operational Creditor, the same cannot become a …

IBC Cases Quarterly Digest : January To March 2024
11 months, 1 week 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 …

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
11 months, 2 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 …

IT serves Congress notice of over Rs 1,800 crore tax after Delhi HC rejects its plea on reassessment
11 months, 2 weeks ago

IT serves Congress notice of over Rs 1,800 crore tax after Delhi HC rejects its plea on reassessment

India TV News  

IT serves Congress notice of over Rs 1,800 crore tax after Delhi HC rejects its plea on reassessment A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav said the pleas were dismissed in terms of its earlier decision refusing to interfere with the opening of reassessment for another period. The Income Tax department has served a fresh notice of …

I-T notice to Congress: Delhi HC reserves order on plea seeking stay on recovery
1 year ago

I-T notice to Congress: Delhi HC reserves order on plea seeking stay on recovery

Live Mint  

A division bench of Delhi High Court on Tuesday, March 12 reserved its order on a plea by the Congress party seeking a stay on the Income Tax notice for recovery of more than ₹105 crore as outstanding tax. On March 11, the Congress moved the Delhi High Court challenging the Income Tax Appellate Tribunal order which had dismissed the …

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital
1 year ago

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice V.G. 9,661 crore resolution plan submitted by IndusInd International Holdings Ltd for Reliance Capital under Section 31 of the Insolvency and Bankruptcy Code, 2016. Background Facts: On 06.12.2021, NCLT Mumbai admitted the Corporate Insolvency Resolution Process application and appointed Mr. Nageswara Rao Y as the Administrator of Reliance Capital Limited. Case Title: …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
1 year ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
1 year ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
1 year, 1 month ago

Weekly Digest Of IBC Cases: 5th To 11th February 2024

Live Law  

NCLAT NCLAT Delhi: Adjudicating Authority Should Grant Extension Of Time To Consider Resolution Plan Crucial To Fulfill Object Of IBC Case Title: Nimai Gautam Shah, Resolution Professional of Sintex Plastics Technology Ltd. vs. RBL Bank Ltd. Case No. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and …

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
1 year, 1 month ago

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

Live Law  

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

Monthly Digest Of IBC Cases: January 2024
1 year, 1 month ago

Monthly Digest Of IBC Cases: January 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 …

NCLAT Delhi: Non-Stamping Of Agreement Doesn't Render CIRP As Non-Maintainable When Other Material To Prove Default Of Debt Exists
1 year, 2 months ago

NCLAT Delhi: Non-Stamping Of Agreement Doesn't Render CIRP As Non-Maintainable When Other Material To Prove Default Of Debt Exists

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that the Non-stamping of document does not render the Corporate Insolvency Resolution Process petition filed to be non-maintainable when there exists other material on record to prove existence of default in the payment of debt. NCLAT Verdict: The NCLAT New Delhi …

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management
1 year, 2 months ago

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra allowed the appeals and held that RP cannot be directed to hand over the charge of Corporate Debtor to the Ex-management, once CIRP has stayed. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that RP cannot be directed to …

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
1 year, 2 months ago

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process application against the Successful Resolution Applicant on default in payment to Stakeholders/Creditors as per terms of the approved Resolution Plan under Insolvency and Bankruptcy Code, 2016. Where the corporate debtor, any …

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

Department Of State Tax Submits Belated Claim To Liquidator Due To Personal Medical Difficulty Of Officer-In-Charge, NCLT Mumbai Condones Delay Of 92 Days
1 year, 3 months ago

Department Of State Tax Submits Belated Claim To Liquidator Due To Personal Medical Difficulty Of Officer-In-Charge, NCLT Mumbai Condones Delay Of 92 Days

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan, has allowed the belated claim filed by Department of State Tax before the Liquidator, while holding the failure of Officer-in-Charge to file claim within time due to personal medical difficulty to be a 'sufficient cause' for condonation of delay. The Tax Department …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 4 months ago

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Mr. Justice Ashok Bhushan and Mr. Barun Mitra dismissed an appeal filed by Vistra ITCL Ltd.. It held that the scope and jurisdiction of National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 being summary in nature is distinctly not as extensive as that of a …

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...
1 year, 4 months ago

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha dismissed the appeal filed against the order of the National Company Law Tribunal Kolkata Bench dated 23.02.2023. The Appellate Tribunal held that the Liquidator is required to follow the terms and conditions of Clause 12 of Schedule 1 of the Liquidation …

NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs
1 year, 5 months ago

NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs

Live Law  

The National Company Law Tribunal Kolkata Bench comprising Bidisha Banerjee and D. Arvind allowed the application filed in Radhasiriya Properties Pvt. The Tribunal held that when scheme of compromise and arrangement proposed by Applicant is rejected at its first motion by Creditors, Proviso to Rule 2B of Liquidation Process Regulations 2016 does not apply and Liquidator is not entitled to …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 5 months ago

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha, dismissed the appeal filed in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal Kolkata whereby an application by the IRP of McLeod Russel …

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi
1 year, 5 months ago

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : 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 NTT Data Business Solutions Pvt. When disputes arose between the Parties, the Corporate Debtor issued a notice invoking arbitration dated 14.06.2021 to the Operational Creditor, under Section 21 of Arbitration and Conciliation Act, 1996. Subsequently, the …

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC
1 year, 5 months ago

NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice Rakesh Kumar Jain and Shreesha Merla, dismissed the appeal filed in State Bank of India vs. India Power Corporation Ltd. The Appellate Tribunal held that a Petitioner cannot set up a new case/additional factual altogether that has not been set up in the main application filed either u/s 7, …

NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan
1 year, 5 months ago

NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Arun Baroka, dismissed an appeal filed in IDBI Bank Ltd. vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. by IDBI Bank Ltd. against Jalesh Kumar Grover, Resolution Professional for GPI Textiles Ltd. challenging the NCLT Chandigarh’s order dated 27.04.2023 dismissing the Appellant’s …

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted
1 year, 5 months ago

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

Live Law  

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

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 6 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 …

No Provision In IBC For Re-Opening Of CIRP, A Petition Can Only Be Restored For Fresh Admission In Case Settlement Fails: NCLT Mumbai
1 year, 6 months ago

No Provision In IBC For Re-Opening Of CIRP, A Petition Can Only Be Restored For Fresh Admission In Case Settlement Fails: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, while adjudicating a petition filed in the matter of Amluckie Investment Company Limited v Skill Infrastructure Limited, has held that the IBC does not contain any provision for restoration of CIRP which has once been closed by the Tribunal. “This bench feels that if …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 7 months ago

Weekly Digest Of IBC Cases: 18 To 23 July 2023

Live Law  

Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238 of the Insolvency and Bankruptcy Code, 2016 overrides the provisions of the Electricity Act, 2003. High Court Jharkhand High Court …

Lien Created On CD’S Account Prior To CIRP Cannot Continue After Moratorium Is Imposed U/S 14 Of IBC: NCLT Mumbai
1 year, 8 months ago

Lien Created On CD’S Account Prior To CIRP Cannot Continue After Moratorium Is Imposed U/S 14 Of IBC: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri. Anuradha Sanjay Bhatia, while adjudicating a petition filed in the matter of Rani Agro Private Limited v S & H Gears Private Limited, has held that the lien created on the Corporate Debtor’s account prior to initiation of CIRP cannot sustain after moratorium is imposed under Section 14 of IBC …

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi
1 year, 9 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 …

NCLT Mumbai Dismisses Section 7 Petition Against Direct Media Distribution Ventures Limited
1 year, 10 months ago

NCLT Mumbai Dismisses Section 7 Petition Against Direct Media Distribution Ventures Limited

Live Law  

The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar has dismissed a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 against Direct Media Distribution Ventures Limited and refused to initiate Corporate Insolvency Resolution Process against it. 1 Crore each issued by Essel Infraprojects Limited Essel and the Financial Creditor entered into a Debenture Trust …

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC
1 year, 10 months ago

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC

Live Law  

NCLT Chennai has ordered for dissolution of M/s Boss Profiles Limited under section 54 of Insolvency and Bankruptcy Code, 2016. The Corporate Debtor filed a petition before NCLT Chennai through its Liquidator for Dissolution of the Corporate Debtor The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution Process vide an order dated 11.08.2017. The Tribunal being satisfied that …

Weekly Digest Of IBC Cases: 1 May To 7 May 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 1 May To 7 May 2023

Live Law  

Supreme Court IBC| Principle Of Commercial Wisdom Not Validate A Decision Taken By CoC In Contravention Of Law: Supreme Court Case Title: M.K. Rajagopalan v Dr. Periasamy Palani Gounder Citation: 2023 LiveLaw 403 The Supreme Court Bench comprising of Justice Dinesh Maheshwari and Justice Vikram Nath, has held that a resolution applicant cannot be rendered ineligible to submit a resolution …

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