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 NCLT, seeking withdrawal of the liquidation application and direction to the CoC to re-vote on the resolution plan along with the addendums. “We direct the Committee of Creditors to re-vote on the Resolution Plan of the applicant after taking into consideration of the addendums dated 21/09/2023and27/10/2023 submitted by the applicant; Accordingly, we extend the CIRP period of the corporate debtor by 30 days from the date of uploading the order on the NCLT Website.

Corporate Resolution Corporate Debtor Resolution Professional Resolution Plan Plan Nclt Value Bench 30 Days Promoter Coc Ibc Liquidation Submitted Cirp Debtor Addendums  corporate  value  resolution  kolkata  promoter  promoters  nclt  liquidation  addendums  cirp  plan  rejected  debtor  revote  submitted  pendency

History of this topic

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
2 weeks, 2 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 …

NCLAT dismisses plea against resolution plan approval for Duncans Ind
2 weeks, 5 days ago

NCLAT dismisses plea against resolution plan approval for Duncans Ind

Live Mint  

New Delhi, Mar 9 Appellate tribunal NCLAT has set aside petitions against the NCLT order that approved the resolution plan for Duncans Industries. The National Company Law Appellate Tribunal also clarified that while approving the resolution plan for Duncans Industries, the NCLT has not made any observations regarding the "grant or non-grant of renewal of leases" of tea gardens. The …

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
2 weeks, 5 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 …

Timely Implementation Of Resolution Plan Is The Underlying Objective Of The IBC: NCLAT
3 weeks ago

Timely Implementation Of Resolution Plan Is The Underlying Objective Of The IBC: NCLAT

Live Law  

The National Company Law Appellate Tribunal Principal Bench, New Delhi in the case of Darwin Platform Infrastructure Limited vs Union Bank of India, recently dismissed the appeal filed by Darwin Platform, upholding an order passed by the National Company Law Tribunal, Mumbai, which had reinstated the Corporate Insolvency Resolution Process. The case arose from the failure of the appellant to …

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT
3 weeks, 1 day 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 …

Order Approving Resolution Plan Passed Beyond 330 Days Cannot Be Questioned When Application Seeking Approval Was Filed Within CIRP Period: NCLAT
3 weeks, 6 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
1 month 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
1 month 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 …

Adjudicating Authority Is Empowered To Decide Whether Successful Resolution Applicant Is Liable To Pay Pre-CIRP Electricity Dues U/S 60(5) Of IBC: NCLAT
1 month ago

Adjudicating Authority Is Empowered To Decide Whether Successful Resolution Applicant Is Liable To Pay Pre-CIRP Electricity Dues U/S 60(5) Of IBC: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the National Company Law Tribunal is empowered to decide an issue whether Successful Resolution Applicant is liable to pay Pre-Corporate Insolvency Resolution Process electricity dues after the approval of the resolution plan and taking over of the corporate debtor …

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

IBC Weekly Round-Up [17th February-23rd February 2025]
1 month ago

IBC Weekly Round-Up [17th February-23rd February 2025]

Live Law  

Nominal Index: BANK OF BARODA v. FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. Case Title: Edelweiss Asset Reconstruction Company Ltd. vs. Chirag Rejendrakumar Shah Case Number: Company Appeal No.242 of 2025 The National Company Law Appellate Tribunal New Delhi bench comprising Justice Ashok Bhushan, Barun Mitra and Arun Baroka have re-iterated that that liquidation of the Corporate Debtor should …

NCLT terminates insolvency resolution process against Logix Infra
1 month, 2 weeks ago

NCLT terminates insolvency resolution process against Logix Infra

Hindustan Times  

NOIDA: The national company law tribunal has terminated the ongoing corporate insolvency resolution process against the realty firm - Logix Infrastructure private limited - that was facing the proceedings since 2023. The February 6 order also termed all decisions taken by resolution professional Pawan Kumar Goyal after his appointment as “null and void”. The NCLT order that came in response …

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court
Trending News
1 month, 3 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 …

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal
1 month, 3 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, 4 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 …

Economic Survey 2025: IBC nudging companies to resolve their distress early
1 month, 4 weeks ago

Economic Survey 2025: IBC nudging companies to resolve their distress early

Live Mint  

The Economic Survey 2024-25 lavished praise on the Insolvency and Bankruptcy Code for transforming the behaviour of distressed companies, highlighting that the law has acted as a deterrent, encouraging many firms to resolve their financial distress early in order to avoid the consequences of a resolution process. they are resolving when default is imminent, on receipt of a notice for …

Decision To Liquidate Corporate Debtor Cannot Be Faulted When Revival Is Not A Viable Option: NCLAT
1 month, 4 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, 4 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, 4 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 …

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT
1 month, 4 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 …

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”
2 months ago

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”

Live Law  

The NCLT, New Delhi, Principal bench comprising Justice Ramalingam Sudhakar and Avinash K. Srivastava has allowed the claim of Ghaziabad Development Authority as a financial creditor in the Red Mall case and directed its inclusion in the Committee of Creditors. The claim was rejected by the Resolution Professional who held GDA as an Operational creditor in view of the judgment …

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, 2 weeks 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, 2 weeks 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, 3 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 …

Annual Digest Of IBC Cases: 2024
2 months, 3 weeks ago

Annual Digest Of IBC Cases: 2024

Live Law  

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 absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

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

NCLT Hyderabad Approves Resolution Plan For Karvy Data Management Services Limited
3 months ago

NCLT Hyderabad Approves Resolution Plan For Karvy Data Management Services Limited

Live Law  

The National Company Law Tribunal Hyderabad bench of Dr. N. Venkata Ramakrishna Badarinath and Shri Charan Singh has approved the Resolution Plan of Karvy Data Management Services Ltd. The consortium of Sangamam Power Projects Private Limited, Sirmour Small Hydro Power Private Limited, and Sharp Ventures Private Limited submitted the resolution plan. Mr. Bendi Raviteja and Mr. Vineeth Reddy Vakiti, counsels …

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

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. …

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT
Trending News
3 months, 1 week ago

Resolution Plan Approved By CoC Binds All Stakeholders Including Dissenting Financial Creditor: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that the Resolution Plan which is approved in commercial wisdom of the CoC binds all stakeholders including the dissenting financial creditor. It was also argued that the Appellant being financial creditor having 6.64% voting share had no right or jurisdiction to challenge the decision of the …

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT
3 months, 1 week 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 …

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
3 months, 1 week ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT
3 months, 1 week ago

Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. On the other hand, the respondents submitted that the submission of the Appellants that they do not have any obligation to issue/ …

SBI-led committee to be set up to formulate new list of large stressed accounts with banks for resolution under IBC
3 months, 2 weeks ago

SBI-led committee to be set up to formulate new list of large stressed accounts with banks for resolution under IBC

Live Mint  

The government has decided to set up a committee under the State Bank of India chairman to examine and submit a fresh list of stressed accounts with banks for transfer to NCLT and bolster the resolution pipeline This would be in addition to the top 20 accounts identified by banks earlier for admission at the NCLT. During the meeting, Nagaraju …

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, 3 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 …

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai
3 months, 3 weeks ago

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Anil Raj Chellan and Kuldip Kumar Kareer has affirmed that once a resolution plan is duly approved by the Adjudicating Authority under subsection of Section 31 of the Code, the claims as provided in the resolution plan shall stand frozen and will be binding on all stakeholders. the Corporate Debtor failed to hand over possession …

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

Only Assets Are Transferred In Going Concern Sale Of Corporate Debtor Under Liquidation, Liabilities Must Be Settled U/S 53 Of IBC: NCLT Mumbai
4 months ago

Only Assets Are Transferred In Going Concern Sale Of Corporate Debtor Under Liquidation, Liabilities Must Be Settled U/S 53 Of IBC: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Ms. Reeta Kohli and Ms. Madhu Sinha has held that in a sale of the corporate debtor in liquidation as a going concern, only assets are transferred and liabilities have to be discharged as per section 53 of the Code. It is thus incumbent upon us to rely upon the law settled by the Hon'ble …

Resolution Cases Near 41K by September-End: NCLT
4 months ago

Resolution Cases Near 41K by September-End: NCLT

Deccan Chronicle  

Chennai: A total of 40,943 cases have been filed with National Company Law Tribunal under the Insolvency and Bankruptcy Code, till 30 September, 2024. Of this, 1068 cases under Corporate Insolvency Resolution Process were resolved and have realised Rs 3.55 lakh crore. Of this, Corporate Insolvency Resolution Process saw resolution of 1068 cases and realised a total of Rs 3,55,374 …

Information Memorandum Based On Which Resolution Plan Is Submitted And Approved By CoC Cannot Be Modified: NCLAT
4 months ago

Information Memorandum Based On Which Resolution Plan Is Submitted And Approved By CoC Cannot Be Modified: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that Information Memorandum prepared by the Resolution Professional based on which the Resolution Plan was submitted and later approved by the CoC, cannot be modified.In this case, the allotment units to homebuyers were cancelled by the erstwhile management of the Corporate …

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

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

Allotment Of Commercial Space By Corporate Debtor Through Unregistered Allotment Letter Remains Their Asset, Can't Be Excluded From Resolution Plan: NCLAT
4 months ago

Allotment Of Commercial Space By Corporate Debtor Through Unregistered Allotment Letter Remains Their Asset, Can't Be Excluded From Resolution Plan: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that allotment of commercial spaces by the corporate debtor through unregistered documents like allotment letter, lease deed etc.cannot divest the CD of their ownership. That the Appellant-Nupur Garg, having been allotted commercial space, with regard to which, Lease Deed was also executed by the CD and …

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

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT
4 months, 1 week ago

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain affirmed that the sale of the Corporate Debtor as a going concern under Regulations 32 & 32A of the Liquidation Regulations is more transparent and effective; therefore, the sale of the Corporate Debtor as a going concern will have precedence, rather than resorting to the Scheme of Compromise …

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