All Claims Including Subject Matter Of Ongoing Arbitration Proceedings Stand Extinguished After Approval Of Resolution Plan: NCLT Bengaluru
3 months, 2 weeks ago

All Claims Including Subject Matter Of Ongoing Arbitration Proceedings Stand Extinguished After Approval Of Resolution Plan: NCLT Bengaluru

Live Law  

The NCLT Bengaluru bench of K. Biswal and Shri Manoj Kumar Dubey has held that all claims including subject matter of ongoing arbitration proceedings will stand extinguished after the approval of the Resolution Plan under section 31 of the Code. It was further submitted that any attempt to extinguish ECPWPL's Claim through the resolution plan would be unjust and detrimental as it would, while keeping RP's claim alive, nullify ECPWPL's rights and deprive it from asserting its claim and formulate necessary defences in the arbitration proceedings after the CIRP of the Katerra is complete. In Ghanshyam Mishra & Sons Private Limited v. Edelweiss Asset Reconstruction Company Ltd wherein it was held by the Supreme Court that, “That once a resolution plan is duly approved by the Adjudicating Authority under sub-section of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor.” Hence, the legal principle is clear that once the Resolution Plan is approved, no claim that is not a part of the Resolution Plan can exist or continue. The tribunal also noted that moreover, it is pertinent to point out that even in the NCLAT order in the case of Shaapoorji Pallonji & Co Ltd v. Kobra West Power Co. Ltd relied upon by the Applicant herein, the Hon'ble Appellate Tribunal has not disturbed the Resolution Plan, and only observed that the Applicants are at liberty to pursue all the contentions available to them.

Arbitration Resolution Applicant Claims Resolution Plan Project Tribunal Plan Proceedings Filed Nclat Claim Private Limited Its Claim Subject Matter Katerra Ecpwpl  stand  resolution  submitted  nclt  matter  proceedings  claims  extinguished  including  plan  applicant  arbitration  filed  claim  tribunal  ongoing  subject

History of this topic

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

Claims Filed Subsequent To Cut-Off Date Shall Be Dealt With As Per Resolution Plan Approved By Adjudicating Authority: NCLAT
2 months, 1 week 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, 1 week 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 …

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. …

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

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

Live Law  

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

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai
3 months, 2 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 …

Revisiting Resolution Plan After Commencement Of Liquidation Process Is Against Principle Of Procedural Finality: NCLAT Chennai
3 months, 3 weeks 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 …

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT
4 months, 1 week ago

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that any amount proposed in the settlement plan under section 12A of the IBC cannot be refunded if the plan is later approved and the CIRP is closed. As per the revised MoU, Corporate Insolvency Resolution Process of the Corporate Debtor as well as related …

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai
4 months, 1 week ago

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai

Live Law  

The NCLT Mumbai Bench of Justices Anil Raj Chellan and Kuldip Kumar Kareer affirmed that the clause in the resolution plan for extinguishing the personal guarantees of promoters furnished in favour of all financial creditors or the commercial decision of the CoC to approve such release of personal guarantees, including guarantees executed in favour of dissenting financial creditors, will not …

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case
4 months, 3 weeks ago

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case

Live Law  

The National Company Law Tribunal Kolkata bench has ruled that income tax notices, demand notices, and payments for past dues that accrued prior to the date of approval of the resolution plan stand extinguished. The Tribunal observed that the successful resolution applicant takes over the corporate debtor on a fresh slate principal and assets, and any past dues or claims, …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
4 months, 3 weeks ago

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that the eligibility/ineligibility of Successful Resolution Applicant under section 29A of the Insolvency and Bankruptcy Code (IBC) has to be seen on the date of submission of Resolution Plan. The tribunal found that when the Corporate Debtor was registered as MSME on 22.05.2022, the benefit of Section …

Once Resolution Plan Is Approved By NCLT, Corporate Entity Starts With Clean Slate : Calcutta High Court
9 months, 2 weeks ago

Once Resolution Plan Is Approved By NCLT, Corporate Entity Starts With Clean Slate : Calcutta High Court

Live Law  

The Calcutta High Court bench of Justice Sugato Majumdar held that after the insolvency proceeding is over and the resolution plan is duly approved by the National Company Law Tribunal, the corporate entity starts with a clean slate on rejuvenation. This led to the initiation of the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, by the …

NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence
11 months, 3 weeks ago

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

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held the Resolution Professional can always ask for additional information from creditors to substantiate the claim and exercise due diligence. NCLAT Verdict: The NCLAT Delhi affirmed NCLT's Delhi Order and held that RP can always ask for additional information from creditors to …

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
1 year ago

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

Live Law  

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

Weekly Digest Of IBC Cases: 22nd To 28th January 2024
1 year, 1 month 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: Claims Cannot Be Entertained After Approval Of Resolution Plan By CoC Even If Resolution Plan Is Still Pending For Approval By NCLT
1 year, 4 months ago

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

Live Law  

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

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 5 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 …

Tax Claims Of The Govt. Extinguishes Post Approval Of Resolution Plan By NCLT: CESTAT
1 year, 5 months ago

Tax Claims Of The Govt. Extinguishes Post Approval Of Resolution Plan By NCLT: CESTAT

Live Law  

The Hyderabad Bench of Customs, Excise, and Service Tax Appellate Tribunal has held that all claims prior to the National Company Law Tribunal approval date of government authorities in relation to all taxes for which the appellant was liable to pay shall stand extinguished on the approval date.The bench of Anil Choudhary and A.K. The Hyderabad Bench of Customs, Excise, …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 6 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 …

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court
1 year, 6 months ago

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

Live Law  

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

NCLT Delhi Upholds Termination Of Related Party Agreements By Resolution Professional With Coc’s Consent
1 year, 7 months ago

NCLT Delhi Upholds Termination Of Related Party Agreements By Resolution Professional With Coc’s Consent

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das and Shri L.N. Gupta, while adjudicating a petition filed in India SME Asset Reconstruction Company Limited v M/s Medirad Tech India Limited, has upheld the termination of Related Party agreements by the Resolution Professional since the Committee of Creditors had given ‘No Objection’ for such …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 7 months ago

Weekly Digest Of IBC Cases: 18 To 23 July 2023

Live Law  

Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238 of the Insolvency and Bankruptcy Code, 2016 overrides the provisions of the Electricity Act, 2003. High Court Jharkhand High Court …

Resolution Professional Empowered To Keep Claims In Abeyance: NCLAT Chennai
1 year, 8 months ago

Resolution Professional Empowered To Keep Claims In Abeyance: NCLAT Chennai

Live Law  

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

Weekly Digest Of IBC Cases: 15 To 21 May 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 15 To 21 May 2023

Live Law  

Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. 05/MB-IV/2020 The National Company Law Tribunal, Mumbai bench, comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, has initiated Corporate Insolvency Resolution Process against M/s Tulip Hotels Private Limited. 827/MB-IV/2022 The National Company Law Tribunal, Mumbai …

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT
1 year, 10 months ago

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT

Live Law  

The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that from the date of approval of the resolution plan by the National Company Law Appellate Tribunal, the appeal filed by the applicant has abated, and CESTAT has become functus officio in the matters relating to the appeal filed by Jet Airways.The bench of S.K. The …

Weekly Digest Of IBC Cases: 1 May To 7 May 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 1 May To 7 May 2023

Live Law  

Supreme Court IBC| Principle Of Commercial Wisdom Not Validate A Decision Taken By CoC In Contravention Of Law: Supreme Court Case Title: M.K. Rajagopalan v Dr. Periasamy Palani Gounder Citation: 2023 LiveLaw 403 The Supreme Court Bench comprising of Justice Dinesh Maheshwari and Justice Vikram Nath, has held that a resolution applicant cannot be rendered ineligible to submit a resolution …

Creditor Who Don’t Submit Claim Or Raises Issues In CIRP, Has No Right To Challenge Resolution Plan: NCLAT Delhi
1 year, 11 months ago

Creditor Who Don’t Submit Claim Or Raises Issues In CIRP, Has No Right To Challenge Resolution Plan: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, while adjudicating an appeal filed in Madhya Pradesh Paschim Kshetra Vidyut Vitaran Co. Ltd. v Jagdish Kumar & Anr., has held that a creditor who neither submits its claim before the IRP/Resolution Professional, nor raises any issue during the entire CIRP period, …

Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate
2 years, 1 month ago

Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Ltd., has ordered liquidation of the Corporate Debtor as the Resolution Applicant willfully failed to implement the resolution plan. Subsequently, Edelweiss Asset Reconstruction Company Ltd., being one of the financial creditors, filed an application seeking liquidation of the Corporate Debtor and orders to be passed against the Resolution Applicant …

Past Tax Liabilities That Are Not Part Of Resolution Plan Shall Stand Extinguished: NCLT Mumbai
2 years, 4 months ago

Past Tax Liabilities That Are Not Part Of Resolution Plan Shall Stand Extinguished: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Limited, has held that all past liabilities arising out of any levies/tax dues to any government authorities, etc., which accrued during CIRP period and are not part of the Resolution Plan, shall stand extinguished from the date of approval of the Resolution Plan. On 03.02.2022, the Adjudicating Authority while …

NCLT Delhi Holds Suspended Directors Liable For Running Fraudulently
2 years, 6 months ago

NCLT Delhi Holds Suspended Directors Liable For Running Fraudulently

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Dharminder Singh and Dr. Binod Kumar Sinha, while adjudicating a petition filed in M/s Concord Infrastructure Pvt. Ltd., has approved the resolution plan submitted by Mr. Sunder Kumar Singhal and Mr. Sunil Kumar Agarwal for M/s Shubhkamna Buildtech Pvt. Mr. Sunder Kumar Singhal & Mr. Sunil Kumar Agarwal, who …

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai
2 years, 6 months ago

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while adjudicating a petition filed in Edelweiss Asset Reconstruction Co. Ltd. v Octaga Green Power and Sugar Company Ltd., has reiterated that liquidation of the Corporate Debtor is the last resort and has accordingly directed the Committee of Creditors to reasonably re-consider the …

Creditor Entitled To Claim From Successful Resolution If It's Suit Is Decreed: NCLAT Delhi
2 years, 6 months ago

Creditor Entitled To Claim From Successful Resolution If It's Suit Is Decreed: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan, Justice N Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating in an appeal filed in Goltens India Pvt. The NCLAT Bench held that if the suit is decreed then the creditor shall be entitled to claim from the Successful Resolution Applicant. 24, the e-mail communication sent to the …

NCLT Ahmedabad Denies Approval Of Resolution Plan For Being Unimplementable
2 years, 8 months ago

NCLT Ahmedabad Denies Approval Of Resolution Plan For Being Unimplementable

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Justice Madan B. Gosavi and Shri Kaushalendra Kumar Singh, while adjudicating an application filed in IFCI Ltd. v Anil Mega Food Park Pvt. The Resolution Professional had invited the Expression of Interest / Resolution Plan from prospective resolution applicants for the Corporate Debtor. Consequently, the Resolution Professional had moved an application …

Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates
2 years, 8 months ago

Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating an application filed in State Bank of India v Rohit Ferro Tech Limited, has held that claims or reliefs which were not a part of the Resolution Plan, cannot be claimed after the said Resolution Plan is approved by the Adjudicating …

NCLAT Urges IBBI To Amend CIRP Regulations To Include Claim Which Are Not Filed But Reflecting In Book/Record Of Corporate Debtor
2 years, 9 months ago

NCLAT Urges IBBI To Amend CIRP Regulations To Include Claim Which Are Not Filed But Reflecting In Book/Record Of Corporate Debtor

Live Law  

The National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha in the case of Employees Provident Fund Organisation versus Subodh Kumar Agarwal urges the IBBI to consider an amendment to the IBBI Regulations in order to include claims in information which though not filed with the Resolution Professional but clearly …

Rejected Claims By Resolution Professional In Insolvency Proceedings, To Be Decided By The Arbitrator: Delhi High Court
2 years, 10 months ago

Rejected Claims By Resolution Professional In Insolvency Proceedings, To Be Decided By The Arbitrator: Delhi High Court

Live Law  

The High Court of Delhi held that the claims rejected by Resolution Professional in the insolvency proceedings on the ground that they arose after the Insolvency Commencement Date, are to be decided by the arbitrator. The Court held that extinguishment of claims that arose after the Insolvency Commencement Date is a contentious issue that is to be decided by the …

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022
2 years, 10 months ago

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022

Live Law  

Supreme Court Supreme Court Permits Withdrawal Of SLP Filed By Jayaswal Neco Industries Ltd. Against RBI, Imposing A Cost Of Rs - 10 Lakh Case title: Jayaswal Neco Industries Limited & Another v Reserve Bank of India & Ors. The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal, …

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata
2 years, 11 months ago

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising of Mr. V K Rajasekhar and Balraj Joshi held that an application for preferential transactions cannot be pursued either by the erstwhile Resolution Professional or the new Management of the Corporate Debtor after the approval of the Resolution Plan by NCLT. Resolution Professional received the transaction audit report on 26.06.2020 wherein certain …

‘Hope I Don’t Get To Hear This Case Again’: CJI on Amazon, Future Retail Dispute
2 years, 11 months ago

‘Hope I Don’t Get To Hear This Case Again’: CJI on Amazon, Future Retail Dispute

The Quint  

FRL has sought termination of arbitration proceedings citing a Competition Commission of India order. In December last year, the CCI had imposed a penalty of Rs 202 crore on Amazon and suspended its approval for the deal with Future Coupons, a promoter firm of the group's public listed company Future Retail Ltd, seeking more information. "Thus, we don't have to …

After Approval By The Adjudicating Authority, The Resolution Plan Is No More A Confidential Document: NCLAT
3 years, 1 month ago

After Approval By The Adjudicating Authority, The Resolution Plan Is No More A Confidential Document: NCLAT

Live Law  

The NCLAT in a Bench comprising of Justice Ashok Bhushan and Dr. Ashok Kumar Mishra in Association of Aggrieved Workmen of Jet Airways Limited v. Jet Airways Ltd held that after approval of the Resolution Plan, the Plan does not remain a confidential document, so as to deny its perusal to a claimant, who is aggrieved by the Plan The …

Finality Of Resolution Plans Under IBC And Pending Legal Proceedings
3 years, 8 months ago

Finality Of Resolution Plans Under IBC And Pending Legal Proceedings

Live Law  

The Supreme Court in its recent decision in Ghanashyam Mishra and Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Company Limited, has interpreted the binding nature of resolution plans on the various stakeholders of a corporate debtor and in Para 95 held as follows: " That once a resolution plan is duly approved by the Adjudicating Authority under sub section of …

A Critical Analysis Of RPFC Telangana Vs. Vandana Garg And Ors. Of NCLAT, Chennai Bench
3 years, 10 months ago

A Critical Analysis Of RPFC Telangana Vs. Vandana Garg And Ors. Of NCLAT, Chennai Bench

Live Law  

A recent order dated 12th May 2021 by the NCLAT Chennai Bench in Regional Provident Fund Commissioner Vs. Vandana Garg and Ors. The Insolvency and Bankruptcy Code and Employees' Provident Funds and Miscellaneous Provisions Act contain non-obstante and overriding provisions. Power to recover damages.-- Where an employer makes default in the payment of any contribution to the Fund the Fund …

Will Arbitral Award-Holder's Claim Be Extinguished On Approval Of Award-Debtor's Resolution Plan Under IBC? Yes, Rules Calcutta High Court
3 years, 10 months ago

Will Arbitral Award-Holder's Claim Be Extinguished On Approval Of Award-Debtor's Resolution Plan Under IBC? Yes, Rules Calcutta High Court

Live Law  

On Friday, the Calcutta High Court settled an important question of arbitration law, viz., whether an arbitral award-holder's claim would stand extinguished upon the approval of a Resolution Plan for the award-debtor's revival, when it was not pressed during the Corporate Insolvency Resolution Process. Relying on Supreme Court rulings from 2020, Justice Moushumi Bhattacharya ruled that the claim would get …

Time Is A Crucial Facet Of Scheme Under IBC; Resolution Applicant Must Be Fair In Its Dealings: Supreme Court
4 years ago

Time Is A Crucial Facet Of Scheme Under IBC; Resolution Applicant Must Be Fair In Its Dealings: Supreme Court

Live Law  

Time is a crucial facet of the scheme under the IBC, the Supreme Court said while dismissing the appeal filed by a Resolution applicant.In this case, the National Company Law Tribunal allowed the liquidation of the Corporate Debtor to proceed. Upholding this order, the National Company Law Appellate Tribunal observed that the applicant had failed to implement the Resolution. Time …

Applicants With Successful Resolution Plan Cannot Be Permitted to Withdraw Offer, Says NCLAT
4 years, 5 months ago

Applicants With Successful Resolution Plan Cannot Be Permitted to Withdraw Offer, Says NCLAT

News 18  

New Delhi: The NCLAT has said once a resolution plan for a debt-ridden company is approved by the lenders, then the successful bidder cannot be permitted to withdraw its offer. “We are of the considered opinion that the sanctity of resolution process has to be maintained and the resolution applicant whose resolution plan has been approved by Committee of Creditors …

SC Stays CIRP Proceedings On Behalf Of Operational Creditor Making Futuristic Claims [Read Order]
4 years, 7 months ago

SC Stays CIRP Proceedings On Behalf Of Operational Creditor Making Futuristic Claims [Read Order]

Live Law  

In a significant order, the Supreme Court has stayed the Corporate Insolvency Resolution Process pending against a Corporate Debtor, in view of the "futuristic claims" made by an Operational Creditor. A three-Judge bench comprised of Justices Arun Mishra, BR Gavai and Krishna Murari has issued notice to the Insolvency Resolution Professional of Era Infra Engineering Ltd. and in the meanwhile, …

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections
5 years, 6 months ago

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections

Live Law  

The National Company Law Appellate Tribunal has dismissed an appeal filed by the market regulator SEBI against the NCLT, Guwahati's approval to the Resolution Plan submitted by Abu-Dhabi based 'BRS Ventures Investment Ltd.' for the Corporate Debtor 'Assam Company India Limited. ' The NCLT Guwahati Bench had observed that the resolution plan was approved by 100% voting share of the …

Insolvency Proceedings Can Be Closed Based On Settlement Prior To CoC Formation : NCLAT [Read Judgment]
6 years, 1 month ago

Insolvency Proceedings Can Be Closed Based On Settlement Prior To CoC Formation : NCLAT [Read Judgment]

Live Law  

The National Company Law Appellate Tribunal has asked the Kolkata Bench of National Company Law Tribunal to close an insolvency proceeding by accepting the settlement arrived at between the Corporate Debtor and the Operational Creditor before the Constitution of the Committee of Creditors.The Appellate Tribunal also found that there was a "pre-existing dispute" between the parties, and hence. The National …

Arbitration Proceedings After The Imposition Of Moratorium Under S.14 Of Insolvency And Bankruptcy Code Is Non Est In Law: SC [Read Order]
7 years, 4 months ago

Arbitration Proceedings After The Imposition Of Moratorium Under S.14 Of Insolvency And Bankruptcy Code Is Non Est In Law: SC [Read Order]

Live Law  

In Alchemist Asset Reconstruction Company Limited v. M/s Hotel Gaudavan Private Limited, the Supreme Court bench comprising of Justices Rohinton Fali Nariman and Sanjay Kishan Kaul held that arbitration proceedings instituted after the imposition of moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 is non est in law.In the instant case, NCLT had admitted a petition. In …

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