NCLT Chandigarh: Suspended Directors Have No Vested Right In The Removal Of Liquidator
1 year, 3 months ago

NCLT Chandigarh: Suspended Directors Have No Vested Right In The Removal Of Liquidator

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The National Company Law Tribunal, Chandigarh comprising of Mr. Harnam Singh Thakur and Mr. Subrata Kumar Dash dismissed an application filed by Kulwinder Singh Makhni for the removal of Mr. Sanjay Kumar Aggarwal and for appointment of a new Liquidator of the Corporate Debtor. It held that the suspended director does not have the authority to recommend the liquidator's removal and the power rests with the Stakeholders Consultation Committee as per Regulation 31A substituted by Liquidation Process Regulations, 2021. Contentions of the Liquidator: The Liquidator rebutted the claims made by the Applicant and argued that the sale of the Corporate Debtor’s assets had been successfully completed through a composite e-auction conducted electronically on 01.04.2023, in compliance with the directions of the NCLT issued on 01.03.2023 with the entire proceeds from the sale being distributed as per the waterfall mechanism. Instead, it requests directions for the liquidator to promptly distribute the proceeds obtained from the sale of the corporate debtor's assets, retaining only the disputed amount related to his alleged liquidator fee and liquidation expenses.

Corporate Fir Removal Liquidator Ibbi Scc Suspended Directors Nclt Chandigarh Sanjay Kumar Aggarwal  suspended  directors  scc  filed  ibbi  sanjay  vested  mr  application  removal  right  liquidator  nclt  chandigarh  corporate

History of this topic

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT
2 days, 19 hours ago

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that non impleadment of the owner in application under section 19 of the code filed by the liquidator due to the uncertainty over the ownership of the premises cannot be termed malafide. However, on 01.07.2020, the liquidator filed Section 19 application under IBC …

Official Liquidator Cannot Institute S. 61 Proceedings To Challenge Directions Issued To IBBI: NCLAT Chennai
1 month ago

Official Liquidator Cannot Institute S. 61 Proceedings To Challenge Directions Issued To IBBI: NCLAT Chennai

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The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma and Jatindranath Swain dismissed an appeal filed by the Liquidator of the Corporate Debtor M/s RLS Alloys Pvt. Facts of the Case The appellant who is the official liquidator of the Corporate Debtor M/s RLS Alloys Pvt. Judgement of the Court The NCLAT stated that the Liquidator cannot …

Liquidator's Reliance On Transaction Audit Report Sufficient To File Application For Avoidance Of Preferential Transactions U/S 43 Of IBC: NCLAT
1 month, 2 weeks ago

Liquidator's Reliance On Transaction Audit Report Sufficient To File Application For Avoidance Of Preferential Transactions U/S 43 Of IBC: NCLAT

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The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that when the Liquidator has got a Transaction Audit Report done and on the basis of which has come to a conclusion that this is a preferential transaction, it cannot be said that he has not formed an independent opinion before filing an application for …

Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week ago

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

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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 …

Corporate Guarantor Can't Be Absolved From Its Liability Only Due To Non-Invocation Of Guarantee: NCLAT Delhi
5 months, 1 week ago

Corporate Guarantor Can't Be Absolved From Its Liability Only Due To Non-Invocation Of Guarantee: NCLAT Delhi

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The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that a Corporate Guarantor cannot be absolved from its liability only due to non-invocation of guarantee. Central Bank of India filed an objection providing details of the working capital term loan secured by the Corporate Guarantor. The Corporate Guarantor filed the appeal …

Weekly Digest Of IBC Cases: 25th To 31st March 2024
8 months, 3 weeks ago

Weekly Digest Of IBC Cases: 25th To 31st March 2024

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Supreme Court Case Title: Deccan Value Investors L.P. & Anr. The Bench Comprising Justices Sanjiv Khanna and Dipankar Datta referred to the Judgment of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Another, where the Supreme Court elaborated and set out several reasons why the resolution applicant cannot be permitted to withdraw or modify the …

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai
8 months, 3 weeks ago

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai

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The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Justice Sharad Kumar Sharma and Shri Jatindranath Swain, has held that the Tribunal cannot hear a case de-novo while adjudicating an application filed for recall of an order. In addition, the Power to Recall an Order / Judgment, earlier passed by this Tribunal, is not the …

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

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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 …

Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai
10 months, 2 weeks ago

Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising of Smt. The Bench has rejected an appeal filed under Section 42 of IBC, whereby Employees Provident Fund Organization challenged a letter sent by the Liquidator at a time when he stood discharged from his duties due to dissolution of the Corporate Debtor. The Employees Provident Fund Organization passed orders under Section …

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator
1 year ago

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Ms. Bidisha Banerjee and Shri Balraj Joshi, has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI Regulations 2016. In 2022, the Liquidator filed an application under Section 54 of IBC seeking dissolution of Corporate Debtor. The liquidator shall …

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 …

NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs
1 year, 2 months ago

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

Live Law  

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

NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC
1 year, 2 months ago

NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC

Live Law  

The National Company Law Tribunal, Mumbai Bench comprising of Ms. Lakshmi Gurung and Shri Charanjeet Singh Gulati, allowed the appeal filed in Securities Board of India vs. Mr. Vishal Ghisulal Jain, Liquidator of, Sterling International Enterprises Ltd. The Tribunal held that a penalty imposed by SEBI’s Adjudicating Officer during the liquidation can be claimed before the Liquidator and can be …

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

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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 …

Weekly Digest Of IBC Cases: 8 May To 14 May 2023
1 year, 7 months ago

Weekly Digest Of IBC Cases: 8 May To 14 May 2023

Live Law  

Supreme Court Case Title: Sanket Kumar Agarwal & Anr v APG Logistics Private Limited Citation: 2023 LiveLaw 406 The Supreme Court Bench comprising Chief Justice of India Dr. Dhananjaya Y Chandrachud and Justice J B Pardiwala, has held that for the purpose of computing limitation for filing of appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, the …

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC
1 year, 7 months ago

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

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

No Bar On Sale Of Corporate Debtor As A Going Concern After First Auction, Permission Of AA not required: NCLT Delhi
1 year, 9 months ago

No Bar On Sale Of Corporate Debtor As A Going Concern After First Auction, Permission Of AA not required: NCLT Delhi

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj and Shri L.N. Gupta, while adjudicating a petition filed in Mr. Surinder Manchanda v Nolsar International Limited, has held that there is no bar on the sale of Corporate Debtor as a going concern even after the first auction has taken place and the Liquidator is …

NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
1 year, 9 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 …

Weekly Digest Of IBC Cases: 30 January To 5 February 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 30 January To 5 February 2023

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Supreme Court Jet Airways Insolvency: Supreme Court Affirms NCLAT Order Directing Successful Bidder To Clear PF, Gratuity Dues Of Employees Case Title: Jalan Fritsch Consortium v Regional Provident Fund Commissioner and Anr. 1423 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, has held the nature of financial debt would …

AA Empowered To Remove The Liquidator: NCLAT Chennai
1 year, 11 months ago

AA Empowered To Remove The Liquidator: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Mr. Barun Mitra, while adjudicating an appeal filed in CA V. Venkata Sivakumar v IDBI Bank Limited & Ors., has held that the Adjudicating Authority has the power to remove the Liquidator. On 29.05.2020 the Adjudicating Authority ordered for liquidation of the Corporate Debtor and appointed …

NCLT Delhi Imposes Cost Of Rs. 1 Lakh On Suspended Director
2 years ago

NCLT Delhi Imposes Cost Of Rs. 1 Lakh On Suspended Director

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das and Shri L.N. 1 Lakh upon the Suspended Director of Corporate Debtor for instituting multiple proceedings seeking same reliefs and wasting precious judicial time. Background Facts Indian Bank had filed a petition under Section 7 of the Insolvency and Bankruptcy Act, 2016, seeking initiation of …

Former Judicial Member Of NCLT Has No Vested Right To Reappointment: Gujarat High Court
2 years ago

Former Judicial Member Of NCLT Has No Vested Right To Reappointment: Gujarat High Court

Live Law  

The Gujarat High Court on Tuesday observed that a former Judicial member of the National Company Law Tribunal has no vested right to reappointment. The bench of Justice N. V. Anjaria and Justice Sandeep N. Bhatt observed thus while dealing with a writ petition filed by a former Judicial Member NCLT, Ahmedabad seeking re-appointment to the post.Kumari was appointed. The …

Liquidator Empowered To Decide The Mode Of Sale, Not Bound By Recommendations Of Stakeholders Committee: NCLT Kolkata
2 years, 3 months ago

Liquidator Empowered To Decide The Mode Of Sale, Not Bound By Recommendations Of Stakeholders Committee: NCLT Kolkata

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Balraj Joshi, while adjudicating an application filed in Sauria Corporation v Kohinoor Pulp & Paper Private Limited, has held that a Liquidator is empowered to decide the mode of sale of Corporate Debtor which is in best interest for maximization of asset value. Thereafter, the Liquidator …

Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi
2 years, 4 months ago

Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra, while adjudicating an appeal filed in Sudhir Kumar Goel & Ors. 143 of 2021 before the Adjudicating Authority, seeking dissolution of the Corporate Debtor and vide an order dated 15.07.2021 the Corporate Debtor stood dissolved. Dissolution of corporate debtor – where the …

IBC Cases Weekly Round Up: July 10 To 17 July, 2022
2 years, 5 months ago

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

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Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 for recommending approval or rejection of insolvency …

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

Live Law  

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 …

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay
2 years, 7 months ago

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay

Live Law  

Supreme Court bench comprising of Justice S Abdul Nazeer and Justice Vikram Nath vide its order dated 06.05.2021 in the case of Mahendra Kumar Jajodia versus State Bank of India, Civil Appeal No. NCLAT held that even in the absence of any pending Corporate Insolvency Resolution Process or Liquidation proceedings, the application under Section 95 of the Insolvency Bankruptcy Code, …

NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited
2 years, 7 months ago

NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited

Live Law  

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Finquest Financial Solutions Pvt. Ltd. v Anuj Jain & Ors., has set aside the order dated 25.01.2022 passed by NCLT Mumbai Bench whereby Ballarpur Industries Ltd. was sent to liquidation. Now the NCLAT Bench has extended the …

Company Tribunal Not A Labour Court Or Administrative Tribunal To Focus Entirely On Removal Of Director : Supreme Court In Tata-Mistry Case
3 years, 8 months ago

Company Tribunal Not A Labour Court Or Administrative Tribunal To Focus Entirely On Removal Of Director : Supreme Court In Tata-Mistry Case

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In the Tata Sons-Cyrus Mistry case, the Supreme Court observed that the Company Law Tribunal cannot interfere with the removal of a person as a Chairman of a Company in a petition under Section 241 of the Companies Act 2013, unless such removal was "oppressive or prejudicial".Under Section 241 of the Companies Act, the National Company Law Tribunal has jurisdiction …

Administrator of DHFL moves NCLT, alleges ₹12,705 cr fraud
4 years, 2 months ago

Administrator of DHFL moves NCLT, alleges ₹12,705 cr fraud

Live Mint  

MUMBAI: The administrator for Dewan Housing Finance Corp. Ltd on Sunday moved the National Company Law Tribunal against the company’s promoters Kapil and Dheeraj Wadhawan for alleged irregularities in loans worth ₹12,705.53 crore to slum rehabilitation projects, the company informed the stock exchanges on Monday. On 2 September, he had moved NCLT against the Wadhawans in connection with “fraudulently charging” …

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