NCLT Hyderabad Initiates Insolvency Process Against Trident Sugars LTD.
2 years, 5 months ago

NCLT Hyderabad Initiates Insolvency Process Against Trident Sugars LTD.

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula and Shri Veera Brahma Rao Arekapudi, while adjudicating an application filed in NSL Krishnaveni Sugars Ltd v Trident Sugars Limited, has initiated Corporate Insolvency Resolution Process against Trident Sugars Ltd. and has appointed Mr. Medi Yadaiah as the Interim Resolution Professional. The Operational Creditor had performed its part of obligation in paying the entire amount where as Corporate Debtor had short supplied Molasses of 5051.715 MT against 10,000 MT. The entire quantity produced from the Corporate Debtor was supplied to the Operational Creditor but due to Covid-19 pandemic and resultant lock down from 22.03.2020, the operations at the factory were completely closed. Contentions Of The Operational Creditor The Operational Creditor argued that the petition was not hit by Section 10A of the IBC as the Corporate Debtor was supposed to supply 5000 MT of Molasses in December 2019 to January 2020; and another 5000 MT in February 2020 to March 2020.

Supply Corporate Debtor Operational 2020 Bench Petition Irp Ibc Cirp Creditor Quantity Sugars Molasses Section 10A Trident Sugars Ltd  hyderabad  trident  operational  quantity  corporate  debtor  mt  insolvency  sugars  initiates  2020  creditor  process  nclt  supply  petition

History of this topic

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The National Company Law Tribunal, Mumbai bench, comprising Justice V. G. Bisht and Sh. The Tribunal reiterated that the existence of an arbitral award in favour of the Corporate Debtor did not bar the admission of the CIRP petition. When initiation of CIRP is resisted on the ground of existence of an award in favour of corporate debtor whose amount …

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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 …

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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 …

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NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts

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10 months, 3 weeks ago

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The National Company Law Tribunal Kolkata, comprising Justice Rohit Kapoor and Mr. Balraj Joshi held that the primary goal of Resolution Plan as well as the sale of a Corporate Debtor as a going concern remains the same i.e revival of the Corporate Debtor's business. NCLT Verdict: The NCLT Kolkata allowed the application and held that the primary goal of …

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1 year ago

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The National Company Law Tribunal, Mumbai Bench, comprising of Justice Shri V.G. The Applicant had paid the invoices raised upon Maharashtra State Electricity Distribution Company Ltd. against the Corporate Debtor and the payment of the same was to by the Applicant. There is acknowledgment of debt since the Corporate Debtor had paid the interest to the Applicant in the past …

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1 year, 1 month ago

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1 year, 9 months ago

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The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli and Shri Prabhat Kumar, while adjudicating an application under Section 60 of Insolvency and Bankruptcy Code, 2016 by the Yatra Online Limited in Ezeego One Travel and Tours Limited vs Yatra Online Limited has held that the. The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli and …

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1 year, 9 months ago

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula and Mr. Satya Ranjan Prasad, while adjudicating a petition filed in M/s. Ltd., has held that if an Operational Creditor mistakenly pays excess sum to the Corporate Debtor, then the excess amount would not be categorized as an operational debt, if the claim is entirely based …

NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.
1 year, 9 months ago

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The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Subba Rao and Ms. Madhu Sinha, while adjudicating an application filed in Indusind Bank Ltd. v Siti Networks Ltd., has initiated Corporate Insolvency Resolution Process against Zee Entertainment Enterprises Ltd. Mr. Rohit Mehra has been appointed as the Interim Resolution Professional. In view of the same, the Corporate Debtor …

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2 years, 1 month ago

NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, and Mr. Satya Ranjan Prasad, while adjudicating in a petition filed in State Bank of India v M/s Gayatri Projects Limited, has initiated Corporate Insolvency Resolution Process against Gayatri Projects Ltd., which is a part of the Gayatri Group. Background Facts Gayatri Projects Ltd. is the …

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2 years, 5 months ago

Guarantor Cannot Enjoy 'Right Of Subrogation' Even After CIRP Against Principal Debtor Gets Concluded: NCLT Hyderabad

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, while adjudicating a petition filed in State Bank of India v Shri. Ghanshyam Surajbali Kurmi, has held that a guarantor cannot enjoy a right of subrogation even after the Corporate Insolvency Resolution Process of the Principal Debtor gets concluded. The Financial …

NCLT Have The Power To Replace Liquidator Under Insolvency And Bankruptcy Code, 2016: NCLT Chennai
2 years, 5 months ago

NCLT Have The Power To Replace Liquidator Under Insolvency And Bankruptcy Code, 2016: NCLT Chennai

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National Company Law Tribunal, Chennai comprising of Justice S Ramathilagam and Mr. Anil B Kumar held that the NCLT have the power to replace the liquidator during the liquidation process of a Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. NCLT initiated the Corporate Insolvency Resolution Process of Jeypore Sugar Company Limited on 25.02.2019 and thereafter initiated the liquidation …

Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata
2 years, 5 months ago

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The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating a petition filed in Orbit Towers Pvt. However, the Corporate Debtor failed to do so and the Financial Creditor paid Rs.8,45,19,907/- to the Indian Bank in capacity of a Corporate Guarantor. The Financial Creditor filed a petition under Section 7 of …

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.
2 years, 6 months ago

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.

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The National Company Law Tribunal, Mumbai Bench, comprising of Mr. Kishore Vemulapalli and Mr. Rajesh Sharma, while adjudicating an application in Srei Equipment Finance Ltd. v Nirmal Lifestyle Pvt. Contentions Of The Corporate Debtor The Corporate Debtor submitted that it had requested the Financial Creditor for restructuring the Loan amount due to the financial disruptions caused by COVID 19 pandemic …

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2 years, 7 months ago

Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati

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The National Company Law Tribunal, Amravati Bench, comprising of Justice Telaprolu Rajani, while adjudicating a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the matter of M/s Pridhvi Asset Reconstruction and Securitisation Company Ltd. v M/s Andhra Cement Ltd., has initiated Corporate Insolvency Resolution Process against Andhra Cement Ltd. The Corporate Debtor had approached IDFC …

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