No Bar On Operational Creditor To Recover Claims If Claims Were Not Entertained In The Resolution Process: NCLAT
2 years, 10 months ago

No Bar On Operational Creditor To Recover Claims If Claims Were Not Entertained In The Resolution Process: NCLAT

Live Law  

The NCLAT Bench comprising of Justice Ashok Bhushan, Chairperson and Dr. Ashok Kumar Mishra, Technical Member in Go Airlines Ltd. v. Sovika Aviation Services Pvt. held that since the Resolution Plan was withdrawn u/s 12A of the Insolvency and Bankruptcy Code, 2016 and the claims of the Operational Creditor were not entertained, the operational Creditor is at liberty to file appropriate legal proceedings to recover his claims. The Appellant filed an appeal against the order of the Adjudicating Authority- NCLT, Mumbai Bench which allowed the application by the Resolution Professional under Section 12A for withdrawal of CIRP. While the Resolution Professional was in the process of verification of claims, the application u/s 12A for withdrawal of the Resolution Plan was allowed by the Adjudicating Authority, as the Committee of Creditors in its meeting had resolved to withdraw CIRP against the Corporate Debtor after a settlement was arrived at between the parties. The Tribunal upheld the order passed by the Adjudicating Authority on the ground that since the Appellant/ Operational Creditor submitted its claim after the Committee of Creditors in its meeting had approved the decision to withdraw the CIRP proceedings, his claims had not been entertained in the resolution process.

Resolution Operational Creditor Claims Cirp  entertained  bar  proceedings  authority  claims  appellant  nclat  resolution  operational  creditor  recover  process  order  professional

History of this topic

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
2 days 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
6 days, 14 hours ago

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that non admission of claim in the Resolution Plan by the Resolution Plan if not challenged before the Adjudicating Authority cannot be challenged in the appeal before the NCLAT. The same Resolution Plan of Respondent Nos.2 and 3 approved by the Adjudicating Authority on 28.11.2019 …

IBC Weekly Round Up [2nd December To 8th December, 2024]
2 weeks, 1 day 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
2 weeks, 3 days 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 …

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi
3 weeks, 4 days ago

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

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey has held that fraudulent initiation of the CIRP can be set aside by the NCLT or as a corollary by NCLAT also as they have jurisdiction to decide whether any proceeding under the code has been initiated fraudulently or not. 3 who happened to …

Once Plausibility Of Pre-Existing Dispute Is Established, Application U/S 9 Of IBC Must Be Rejected: NCLAT
3 weeks, 5 days 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 weeks, 6 days 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 …

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
1 month, 1 week ago

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

Live Law  

The NCLAT bench comprising Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has allowed the refund of pre-Corporate Insolvency Resolution Process electricity dues paid by the Successful Resolution Applicant. Thus the pre-CIRP dues by the appellant were paid under protest and under protection of the order of NCLT and thus it related to the revival of the Corporate Debtor in …

Adjudicating Authority Cannot Enter Into Merits At S. 95 Application Stage Before Report Of RP Is Submitted U/S 99 Of IBC: NCLAT
1 month, 1 week ago

Adjudicating Authority Cannot Enter Into Merits At S. 95 Application Stage Before Report Of RP Is Submitted U/S 99 Of IBC: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka affirmed that Adjudicating Authority cannot exercise its adjudicatory power at the stage of consideration of application under section 95 of the IBC by entering into the merits of the case. Brief Facts This Appeal by the Financial Creditor has been filed challenging order dated 21.02.2024 passed …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
4 months, 3 weeks ago

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings

Live Law  

The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal order, which admitted his parent company Think and Learn Private Limited, into the insolvency resolution process. A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench …

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

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

Live Law  

The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

Breach Of Settlement Agreement Not 'Operational Debt' Under Section 5(21) Of IBC: NCLT Kolkata
6 months, 1 week ago

Breach Of Settlement Agreement Not 'Operational Debt' Under Section 5(21) Of IBC: NCLT Kolkata

Live Law  

TheNational Company Law Tribunal Kolkata bench of D. Arvind and Bidisha Banerjee has held that the breach of settlement agreement between the operational creditor and corporate debtor does not fall within the ambit of “Operational Debt” as per Section 5 of the IBC. However, the Petitioner claimed that after the first instalment was paid, the Corporate Debtor failed to make …

Compulsory Convertible Debentures Having No Obligation Of Repayment To Be Treated As Financial Debt: NCLAT Chennai
6 months, 3 weeks ago

Compulsory Convertible Debentures Having No Obligation Of Repayment To Be Treated As Financial Debt: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising Justice Rakesh Kumar Jain and Shri Ajai Das Mehrotra, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in Shubham Corporation Private Limited vs Kotoju Vasudeva Rao has held that the Compulsory Convertible Debentures having no obligation of repayment should be treated as Financial Debt under IBC. …

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
7 months, 1 week 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 …

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
7 months, 1 week ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

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

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

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Arun Baroka held that the Adjudicating Authority can extend payment timelines under the Resolution Plan without the express concurrence of the Committee of Creditors. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that the Adjudicating Authority can extend payment timelines under the Resolution Plan …

NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'
8 months, 1 week ago

NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal, Justice Sharad Kumar Sharma and Jatindranath Swain, has stayed the insolvency proceedings initiated against Deccan Charters Pvt. On 04.05.2022, the Financial Creditor filed an application under Section 7 of IBC seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, over a default of Rs. On …

NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence
8 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 …

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

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

Live Law  

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

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
8 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 …

Go Air RP Unable To Undertake Regular Maintenance Of Lessors' Aircrafts: Delhi High Court Issues Show Cause Notice For Contempt
9 months, 2 weeks ago

Go Air RP Unable To Undertake Regular Maintenance Of Lessors' Aircrafts: Delhi High Court Issues Show Cause Notice For Contempt

Live Law  

The Delhi High Court has issued a show cause notice to the Resolution Professional of crisis-hit Go Air as to why contempt proceedings be not initiated against him, observing that he was unable to undertake regular maintenance of the aircrafts of various lessors in terms of last year's judicial orders.Justice Tara Vitasta Ganju observed that the directions to provide access …

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law
9 months, 2 weeks ago

NCLAT Delhi: Non-Grant Of Reliefs And Concessions By NCLT Does Not Have Any Adverse Effect On The Validity Of The Resolution Plan And Is Not Violative Of The Law

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that non-grant of any reliefs and concessions by NCLT does not have any adverse effect on the validity of the Resolution Plan and is not a violation of the law. JAL and Manoj Gaur erstwhile Managing Director and personal guarantor of Corporate Debtor's loan …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 1 week ago

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

Live Law  

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

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
10 months, 2 weeks 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 …

Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi
11 months, 2 weeks 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 …

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

Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice
1 year, 1 month ago

Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Shri Shammi Khan and Dr. Velamur G Venkata Chalapathy, has issued notice in an application seeking recall of the order dated 08.03.2019 whereby the resolution plan of ArcelorMittal India Pvt. The Applicants are creditors of Essar Steels India Ltd., who have alleged that the plan approval order was obtained by casting …

NCLAT Delhi: Benefit Under Section 17 Of Limitation Act Is Not Available When Fraud Was Played In Creditor Company And Not In Company Of Corporate Debtor
1 year, 1 month ago

NCLAT Delhi: Benefit Under Section 17 Of Limitation Act Is Not Available When Fraud Was Played In Creditor Company And Not In Company Of Corporate Debtor

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan, Mr Barun Mitra and Mr Arun Baroka has rejected an appeal and held that benefits under Section 17 of the Limitation Act, 1963 for filing a belated claim is not available when the fraud was played in the Creditor Company and not in the company of the …

NCLAT Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT
1 year, 1 month ago

NCLAT Delhi: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan, Mr Barun Mitra and Mr. Arun Baroka has rejected an appeal and held that claims cannot be entertained after approval of the Resolution Plan by Committee of Creditors even if the Resolution Plan is still pending for approval of the National Company Law Tribunal. Contentions of Appellant …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 1 month 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: Operational Creditor Not Entitled To Benefit U/S 14 Of Limitation Act When Suit Filed By It Was Withdrawn By Itself Without Any Liberty To Institute Fresh suit
1 year, 1 month ago

NCLAT New Delhi: Operational Creditor Not Entitled To Benefit U/S 14 Of Limitation Act When Suit Filed By It Was Withdrawn By Itself Without Any Liberty To Institute Fresh suit

Live Law  

The National Company Law Appellate Tribunal Principal Bench, New Delhi comprising Mr. Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that an Operational Creditor is not entitled for benefit of Section 14 of the Limitation Act where the Suit filed by it was withdrawn on its own application without any liberty to institute a fresh suit. The …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 2 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, 2 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, 2 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: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
1 year, 2 months ago

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction

Live Law  

The National Company Law Appellate Tribunal, Jaipur Bench comprising of Justice Ashok Bhushan and Barun Mitra, dismissed the appeal filed in Rakesh Kumar vs. The appeal has been preferred by Rakesh Kumar of Suchi Paper Mills Ltd. against the National Company Law Tribunal New Delhi’s order admitting the Corporate Debtor into Corporate Insolvency Resolution Process under Section 9 of the …

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists
1 year, 2 months ago

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed in Mayuras Industrial Services vs. S R Shriraam Shekher & Anr. Background Facts: The RP had filed an application seeking an order of withdrawal of the Corporate Insolvency Resolution Process resting upon the Resolution passed by the Committee of Creditors …

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, 2 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 …

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi
1 year, 2 months ago

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: 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 Engineering Mazdoor Parishad Devas Through Its General Secretary v Teena Saraswat Pandey, has held that a Claimant is obliged to substantiate its claim, failing which, the Resolution Professional’s decision to admit the claim based on the …

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted
1 year, 3 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, 3 months ago

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

Live Law  

Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016, once the Resolution Plan stands approved by the National Company Law Tribunal, the Electricity Department cannot demand payment of arrears, which were payable by the Corporate …

NCLT Proceeded Ex-Parte Against CD On First Hearing After Notice, NCLAT Delhi Says Sufficient Opportunity Not Given As Per Rule 37(2) Of NCLT Rules
1 year, 3 months ago

NCLT Proceeded Ex-Parte Against CD On First Hearing After Notice, NCLAT Delhi Says Sufficient Opportunity Not Given As Per Rule 37(2) Of NCLT Rules

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, while adjudicating an appeal filed in Ami Ashutosh Majumdar v Omkara Assets Reconstruction Pvt. The NCLT had proceeded ex-parte against the Corporate Debtor on the first hearing held post issuance of notice and when the time period to file …

Supreme Court Dismisses Axis Bank's Appeal, Upholds Condonation of Delay In CIRP By SBI Against Corporate Debtor
1 year, 3 months ago

Supreme Court Dismisses Axis Bank's Appeal, Upholds Condonation of Delay In CIRP By SBI Against Corporate Debtor

Live Law  

The Supreme Court today dismissed an appeal by Axis Bank Limited, thereby affirming the condonation of delay in initiating the Corporate Insolvency Resolution Process by the State Bank of India against a corporate debtor under Section 7 of Insolvency and Bankruptcy Code, 2016. Notably, Axis Bank Limited, though not party to the original Section 7 application, filed an appeal challenging …

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court
1 year, 3 months ago

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court

Live Law  

The Supreme Court on Monday said that admitting claims after the Resolution Plan has been accepted by the Committee of Creditors under Insolvency and Bankruptcy Code, 2016 even though the Adjudicating Authority has yet to approve the plan, would make the Corporate Insolvency Resolution Process an endless process. The Apex Court was considering whether the claim pertaining to an arbitral …

Go Airlines can now admit one of its vendors under CIRP: Report
1 year, 5 months ago

Go Airlines can now admit one of its vendors under CIRP: Report

Live Mint  

The National Company Law Tribunal has allowed Go Airlines India's application to admit one of its vendors Blue Mushroom Infozone under the Corporate Insolvency Resolution Process. A division bench headed by Chief Justice Satish Chandra Sharma, while dealing with appeals by the resolution professional appointed under the insolvency law to manage the airline against an order by a single judge, …

Delhi HC refuses stay on lessors inspecting Go First aircraft
1 year, 5 months ago

Delhi HC refuses stay on lessors inspecting Go First aircraft

Live Mint  

New Delhi: A division bench of the Delhi High Court has dismissed an appeal filed by Go First's resolution professional challenging an earlier order that allowed lessors to inspect the airline's aircraft and their parts at regular intervals. On 5 July, a single-judge bench of the Delhi High Court permitted the lessors of the airline to inspect and carry out …

Resolution Professional Empowered To Keep Claims In Abeyance: NCLAT Chennai
1 year, 5 months ago

Resolution Professional Empowered To Keep Claims In Abeyance: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Ms. Shreesha Merla, while adjudicating an appeal filed in Anheuser Busch Inbev India Limited v Mr. Pradeep Kumar Sravanam, has held that it is within the power of the Resolution Professional to keep the claim submitted by the creditors in abeyance, for plurality of reasons. The …

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
1 year, 6 months ago

Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors is re-constituted post approval of a resolution plan, due to recategorization of a creditor, then the approved …

Go First’s Committee of Creditors replaces bankruptcy officials: Report
1 year, 6 months ago

Go First’s Committee of Creditors replaces bankruptcy officials: Report

Live Mint  

The creditors of Go First Airlines have replaced the bankruptcy-related officials appointed by the company, in a move to take full control of the carrier’s resolution process at the National Company Law Tribunal, a report said. The committee of creditors of Go First has replaced the previously appointed interim resolution professional, process advisor and legal agency during its first meeting …

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

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

Firstpost  

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

Discover Related