ICICI Bank moves NCLAT to expedite insolvency plea against Jaiprakash Associates
5 years, 6 months ago

ICICI Bank moves NCLAT to expedite insolvency plea against Jaiprakash Associates

Live Mint  

New Delhi: Private sector lender ICICI Bank Monday approached the National Company Law Appellate Tribunal, seeking a direction to NCLT, Allahabad to expedite the hearing on its insolvency petition against Jaypee group firm Jaiprakash Associates Ltd. In September 2018, ICICI Bank had filed a petition before the Allahabad bench of National Company Law Tribunal seeking to start insolvency proceedings of JAL, which is into infrastructure and real estate. Hearing the matter, a single member NCLT bench of Justice Bansi Lal Bhat directed to list ICICI Bank's plea on 1 July for hearing. According to ICICI Bank, JAL owes around ₹1,296 crore and the bank had approached NCLT to recover the dues, by filing an insolvency plea against JAL, under section 7 of Insolvency & Bankruptcy Code.

Insolvency Bank Nclt Icici Icici Bank Jal  insolvency  tribunal  bank  matter  icici  plea  associates  allahabad  petition  jaiprakash  moves  jal  nclt  nclat  expedite

History of this topic

IBC Monthly Digest: December 2024
1 week, 1 day ago

IBC Monthly Digest: December 2024

Live Law  

SUPREME COURT Case Title : China Development Bank vs Doha Bank OPSC and others Citation : 2024 LiveLaw 1029 The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. Case Number: Company Appeal No.1380 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, …

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
3 weeks, 3 days 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 …

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

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case
1 month, 1 week ago

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

Live Mint  

New Delhi: Riju Raveendran, the largest shareholder of edtech company Byju’s and brother of founder Byju Raveendran, approached the insolvency tribunal on Monday, seeking to be included in the insolvency case deliberations involving the troubled firm, its lenders and the cricket board. They argued that the settlement was tainted as it involved stolen money and questioned how Riju Raveendran could …

BCCI seeks withdrawal of insolvency proceedings against Byju’s
1 month, 4 weeks ago

BCCI seeks withdrawal of insolvency proceedings against Byju’s

Live Mint  

The Board of Control for Cricket in India on Tuesday sought an urgent hearing for its plea to withdraw an insolvency case against edtech firm Byju’s. The BCCI’s counsel requested that the NCLT in Bengaluru prioritize the withdrawal application, arguing that if the withdrawal is granted, it would render other pleas, such as those by US-based Glas Trust and Aditya …

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
3 months, 2 weeks ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
5 months, 1 week ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI
5 months, 1 week ago

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI

The Hindu  

National Company Law Appellate Tribunal Chennai on Wednesday told Byju Raveendran to file details of the source of funds through which he is proposing to settle the dues to Board of Control for Cricket in India. Byju Raveendran, the suspended director, shareholder and promoter of the edtech company had moved an appeal against NCLAT, after the National Company Law Tribunal, …

Byju’s, BCCI in settlement talks to avoid insolvency proceedings
5 months, 1 week ago

Byju’s, BCCI in settlement talks to avoid insolvency proceedings

New Indian Express  

BENGALURU: Edtech firm Byju’s and the Board of Control for Cricket in India are in ‘discussions’ to settle their dispute. Meanwhile, the Karnataka High Court disposed of the petition filed by Byju Raveendran seeking the insolvency proceedings to be suspended. On July 16, the NCLT, Bengaluru bench, admitted an insolvency plea filed by the BCCI against Byju’s over a Rs …

NCLT admits insolvency proceedings against Byju’s
5 months, 3 weeks ago

NCLT admits insolvency proceedings against Byju’s

New Indian Express  

BENGALURU: The National Company Law Tribunal, Bengaluru bench, on Tuesday admitted an insolvency petition filed by the Board of Control for Cricket in India against edtech firm Byju’s over a Rs 158 crore debt. Byju’s, reached its peak valuation of $22 billion in 2022, has to face insolvency proceedings. According to sources, Byju’s is planning to challenge the order at …

Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 3 weeks 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 …

Banks reject Jaiprakash Associate Limited’s one-time offer to settle dues
6 months ago

Banks reject Jaiprakash Associate Limited’s one-time offer to settle dues

Hindustan Times  

The banks have rejected the one-time settlement scheme that was proposed by debt-ridden Jaiprakash Associates Limited to resolve its financial issues. The development came during a hearing before the National Company Law Appellate Tribunal, which is adjudicating a challenge to the insolvency proceedings ordered by the National Company Law Tribunal During the hearing on Wednesday, counsel for the respondent banks …

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD
6 months, 2 weeks ago

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD

Live Law  

The National Company Law Tribunal Kochi, comprising Justice T Krishna Valli and Mr. Shyam Babu Gautam dismissed the application to initiate insolvency proceedings against the Personal guarantors under Section 95 of Insolvency and Bankruptcy Code, 2016. It held that creditors cannot initiate insolvency proceedings against personal guarantors solely based on the initiation of the Corporate Insolvency Resolution Process without showcasing …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
6 months, 2 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months, 3 weeks 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 …

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024
7 months ago

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024

Live Law  

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No. 105, 106, 990 of 2024 The National Company Law Appellate Tribunal Delhi, comprising Mr. Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey held that …

SEBI issues warning to ICICI bank for trying to influence shareholders to vote for delisting ICICI Securities
7 months ago

SEBI issues warning to ICICI bank for trying to influence shareholders to vote for delisting ICICI Securities

Hindustan Times  

The Securities Exchange Board of India issued an administrative warning to ICICI Bank for trying to influence shareholders to vote in favour of delisting ICICI securities, ANI reported. A bird flies past the facade of the ICICI bank head office in Mumbai The market regulator, in a letter to the bank dated June 6, noted that it received several complaints …

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea
7 months ago

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea

Hindustan Times  

New Delhi, June 3 The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank Jaiprakash Associates …

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA
7 months, 2 weeks ago

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA

Live Law  

The National Company Law Appellate Tribunal confirmed the resolution plan proposed by Suraksha Realty Limited for Jaypee Infratech Limited as part of its Corporate Insolvency Resolution Process. The NCLAT's bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, held that Suraksha Realty must pay ₹1,334.31 crore to YEIDA over the next four years. Consequently, YEIDA was held to …

Weekly Digest Of IBC Cases: 13th To 19th May 2024
7 months, 2 weeks ago

Weekly Digest Of IBC Cases: 13th To 19th May 2024

Live Law  

NCLAT NCLAT Delhi Evokes Doctrine Of 'Approbate & Reprobate', Imposes Rs. 124 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey evokes the Doctrine of 'Approbrate and Reprobrate' imposing a cost of Rs. 1589 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. …

Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer
8 months ago

Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer

The Hindu  

The Supreme Court on Wednesday partly heard a State Bank of India-led consortium’s challenge to a decision of the National Company Law Appellate Tribunal to approve a resolution plan proposed by Jalan-Kalrock consortium for Jet Airways. Chandrachud, senior advocate Harish Salve, for the SBI consortium, said the situation has become a “nightmare” for the lenders. The lenders described the NCLAT …

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea
8 months, 2 weeks ago

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea

Live Mint  

The National Company Law Tribunal on Monday has admitted Zee Entertainment Enterprises Ltd. chairman emeritus Subhash Chandra into personal insolvency on the plea filed by Indiabulls Housing Finance over guarantees given to a company called Vivek Infracon. Indiabulls Housing Finance had filed a plea in 2022 to commence personal insolvency proceedings against Subhash Chandra after a loan of ₹170 crore …

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

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
9 months, 2 weeks ago

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad

Live Law  

The National Company Law Tribunal Court-1, Hyderabad bench comprising Dr Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh held that a petition under Section 7 of the Insolvency and Bankruptcy Code cannot be filed by a 'power of attorney' holder unless duly authorized by a Board Resolution. Additionally, the Corporate Debtor referred to a notification issued by the Central Government …

NCLT allows RCap administrator’s plea on implementation of resolution plan
9 months, 3 weeks ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

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
10 months 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 …

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23
10 months, 3 weeks ago

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23

New Indian Express  

NEW DELHI: The Insolvency and Bankruptcy Code has resolved 891 cases of defaults involving banks loans worth R10 lakh crore till December 2023. According to IBBI’s quarterly report, 27,500 applications for initiation of corporate insolvency resolution process against companies involving defaults of R9.74 lakh crore were withdrawn before admission. As many as 79 corporate insolvency cases were resolved in the …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 3 weeks 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 …

Weekly Digest Of IBC Cases: 22nd To 28th January 2024
11 months, 1 week ago

Weekly Digest Of IBC Cases: 22nd To 28th January 2024

Live Law  

NCLAT Case title: Parikshit Madanmohan Sharma v M.S. 206 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, has held that when the total number of allottees in a real estate project is disputed, then the NCLT should first decide whether the Section 7 petition has been filed …

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

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC
1 year, 1 month ago

NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Smt. Bidisha Banerjee and Shri Arvind Devanathan has held that no proceedings can be initiated against the Airport Authority of India as it is a statutory body created under the Airport Authority of India Act, 1944, does not fall under the definition of 'corporate person' under Section 3 of Insolvency and …

Monthly Digest Of IBC Cases: November 2023
1 year, 1 month ago

Monthly Digest Of IBC Cases: November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 2 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: 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, …

IBC Not A Debt Recovery Mechanism, NCLAT Chennai Reiterates
1 year, 3 months ago

IBC Not A Debt Recovery Mechanism, NCLAT Chennai Reiterates

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla, dismissed an appeal filed in Mr. Maulik Kirtibhai Shah vs. United Telecom Limited. against the order of the National Company Law Tribunal Bangalore Bench which had dismissed the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Maulik Kirtibhai Shah seeking …

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 …

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 …

Coffee Day says plea filed against firm for insolvency proceedings by IDBI Trusteeship before NCLT
1 year, 4 months ago

Coffee Day says plea filed against firm for insolvency proceedings by IDBI Trusteeship before NCLT

Hindustan Times  

Coffee Day Enterprises Ltd, the company which operates Cafe Coffee Day outlets, said on Friday that the IDBI Trusteeship Services had filed an application before the National Company Law Tribunal for insolvency proceedings. This comes nearly a month after the National Company Law Appellate Tribunal had stayed an order of the NCLT that had directed initiation of insolvency proceedings against …

Zee, IndusInd Bank ink settlement pact to end dispute
1 year, 9 months ago

Zee, IndusInd Bank ink settlement pact to end dispute

Live Mint  

Zee Entertainment Enterprises Ltd on Wednesday informed the National Company Law Appellate Tribunal that it has entered into a settlement agreement with IndusInd Bank, inching a step closer to its deal with Sony Pictures. In February, the National Company Law Tribunal had admitted an insolvency petition against ZEE by IndusInd under Section 7 of the Insolvency and Bankruptcy Code. It …

Weekly Digest Of IBC Cases: 27 February To 6 March 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 27 February To 6 March 2023

Live Law  

NCLAT Case Title: Greymatter Entertainment Pvt. 1043 of 2021 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, has held that IBC does not prevent the Corporate Debtor from establishing defences of ‘Pre-existing dispute’ or ‘No amount due’ through its Reply to Section 9 application and supporting documents, even if it failed …

NCLT approves Suraksha group’s plan to take over Jaypee Infratech
1 year, 10 months ago

NCLT approves Suraksha group’s plan to take over Jaypee Infratech

Hindustan Times  

The National Company Law Tribunal on Tuesday approved the resolution plan and bid by Mumbai based Suraksha Realty Limited and Lakshdeep Investments to take over debt-ridden realty company Jaypee Infratech Limited, thereby reigniting the hopes of thousands of aggrieved homebuyers of getting their dream homes soon. Since 2017, the Supreme Court monitored NCLT has been hearing the corporate insolvency resolution …

In relief to homebuyers, NCLT clears way for Jaypee projects
1 year, 10 months ago

In relief to homebuyers, NCLT clears way for Jaypee projects

Live Mint  

MUMBAI : In a relief to homebuyers, the Delhi bench of the National Company Law Tribunal on Tuesday allowed Mumbai-based Suraksha Group’s resolution bid for Jaypee Infratech Ltd. An NCLT bench headed by Justice Ramalingam Sudhakar and Justice IN Gupta allowed the petition seeking approval of Suraksha group’s resolution plan. “On 7 March, NCLT approved the resolution plan of Suraksha …

Shifting Entire Blame On IRP Not Justified; Creditors Must Also Play Catalytic Role In CIRP: NCLAT Delhi
1 year, 10 months ago

Shifting Entire Blame On IRP Not Justified; Creditors Must Also Play Catalytic Role In CIRP: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Shri Guru Containers v Jitendra Palande, has held that creditors must not shift the entire blame on the IRP on grounds of non-performance of duty and make him the scapegoat. Background Facts Shri Guru Containers filed an …

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
1 year, 10 months ago

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Punit Goenka v Indusind Bank Ltd. & Anr., has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process was initiated against Zee Entertainment Enterprises Ltd. Background Facts Zee Entertainment Enterprises Ltd. is an Indian media …

NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.
1 year, 10 months ago

NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.

Live Law  

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 …

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29
1 year, 10 months ago

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29

News 18  

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major Zee Entertainment Enterprises Ltd. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal. On Wednesday, NCLT admitted a insolvency plea against ZEEL by private …

“Misconceived, Not Maintainable”: NCLAT Delhi Dismisses Appeal Filed By IBBI
1 year, 10 months ago

“Misconceived, Not Maintainable”: NCLAT Delhi Dismisses Appeal Filed By IBBI

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar Jain and Mr. Naresh Salecha, while adjudicating an appeal filed in Insolvency & Bankruptcy Board of India v GTL Infrastructure Ltd. & Ors., has dismissed an appeal filed by the Insolvency and Bankruptcy Board of India, challenging the dismissal of a Section 7 petition in a matter …

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