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 have filed the appeals against NCLT New Delhi's Order approving the Resolution Plans in the CIRP of the Corporate Debtor. NCLAT Verdict: The NCLAT Delhi dismissed the appeals and 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. The Appellate Tribunal relied on the Supreme Court's decision in Anuj Jain vs Axis Bank Ltd. relating to the question of consideration of 758 acres of land in the Resolution Plan, which became available to the Corporate Debtor following the avoidance application and the Supreme Court's judgment on 26.02.2020.

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History of this topic

SC reaffirms mandatory CCI approval in insolvency cases: Former SC Judge Justice AK Sikri strongly concurs with the landmark HNG judgement
1 week, 1 day ago

SC reaffirms mandatory CCI approval in insolvency cases: Former SC Judge Justice AK Sikri strongly concurs with the landmark HNG judgement

Op India  

In a landmark decision passed by the Supreme Court of India in the Hindustan National Glass case on the 29th of January 2025, has reinforced the legislative intent behind Section 31 of the Insolvency and Bankruptcy Code, clarifying that prior approval of the Competition Commission of India is mandatory before a resolution plan involving a combination can be approved by …

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
1 week, 5 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 upholds ICICI Sec delisting, dismisses appeal against NCLT order
Trending News
2 weeks, 1 day ago

NCLAT upholds ICICI Sec delisting, dismisses appeal against NCLT order

New Indian Express  

In a major relief for ICICI Bank and ICICI Securities, the National Company Law Appellate Tribunal on Monday dismissed petitions challenging ICICI Securities’ delisting process from the stock exchanges. A Delhi-based two-member NCLAT bench, comprising Justice Yogesh Khanna and Technical Member Ajay Das Mehrotra, dismissed petitions filed by Quantum Mutual Fund and Manu Rishi Gupta, a public shareholder. Quantum and …

NCLAT dismisses plea against resolution plan approval for Duncans Ind
2 weeks, 1 day 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, 1 day 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
2 weeks, 3 days 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
2 weeks, 4 days 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, 2 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 …

Decoding the Supreme Court’s decision: Implications for India’s merger control regime
3 weeks, 3 days ago

Decoding the Supreme Court’s decision: Implications for India’s merger control regime

Live Mint  

Ever since India’s implementation of the Insolvency and Bankruptcy Code, it has been clear that all transactions emanating from resolution plans under the corporate insolvency resolution process, where the entities meet the jurisdictional thresholds under the Competition Act, 2002, will require approval of the Competition Commission of India. Recently, the Supreme Court in the case of Independent Sugar Corporation Ltd …

When Debt Is Not Unequivocally Admitted By Corporate Debtor, Application U/S 9 Of IBC Must Not Be Entertained: NCLAT
3 weeks, 3 days 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
3 weeks, 5 days 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
3 weeks, 5 days 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
3 weeks, 5 days 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 …

Moratorium During Insolvency Process Does Not Bar Cheque Dishonour Proceedings Against Persons Referred U/S 141 Of NI Act: Kerala High Court
1 month, 1 week ago

Moratorium During Insolvency Process Does Not Bar Cheque Dishonour Proceedings Against Persons Referred U/S 141 Of NI Act: Kerala High Court

Live Law  

The Kerala High Court yesterday, observed that during the Corporate Insolvency Resolution Process, initiation of cheque dishonour proceedings, due to the moratorium, is prohibited only against the corporate debtor and not against the persons referred under Section 141 of the Negotiable Instruments Act. “ When the Corporate Insolvency Resolution Process of the company is underway, the corporate debtor would be …

Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT
1 month, 1 week ago

Once Resolution Plan Is Approved By CoC & Submitted To Adjudicating Authority For Approval, No Other Plan Can Be Considered By CoC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the Resolution Plan even prior to the approval of the Adjudicating Authority is binding inter se the Committee of Creditors and the SRA. Contentions: The appellant submitted that the Appellant is a Promoter of the CD and is ready to carry …

IBC Weekly Round-Up [2nd February-9th February 2025]
1 month, 1 week ago

IBC Weekly Round-Up [2nd February-9th February 2025]

Live Law  

Nominal Index: Damodar Valley Corporation vs. Mackeil Ispat & Forging Ltd. & Anr., Company Appeal No. 2316 of 2024' M/s.Isthara Parks Private Limited v M/s.Valmar Projects LLP & Ors., CP No.216/9/IIDB/2023 Aditya Birla Finance Limited vs. Mr. Pankaj Srivastava, IA No. 149/BB/2023 High Court Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court Case …

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week
1 month, 2 weeks ago

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week

Live Law  

The National Company Law Appellate Tribunal, Chennai bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain have directed the National Company Law Tribunal to decide the application filed by Board of Control for Cricket in India to withdraw the corporate insolvency resolution process against Byju's within a week's time. The Tribunal disposed of Riju Raveendran's appeal challenging the reinstatement of …

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, 2 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, 2 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 …

IBC | Resolution Professional Dutybound To Ensure Resolution Plan Is Legally Compliant Before Placing It In CoC : Supreme Court
1 month, 3 weeks ago

IBC | Resolution Professional Dutybound To Ensure Resolution Plan Is Legally Compliant Before Placing It In CoC : Supreme Court

Live Law  

While holding by a 2:1 majority that the proviso to Section 31 of the Insolvency and Bankruptcy Code is mandatory in nature, the Supreme Court recently observed that a Resolution Professional is obligated to ensure that a resolution plan placed before the Committee of Creditors is legally compliant.It was opined that when a resolution plan containing a combination that leads …

IBC | For Resolution Plan Involving Combination, Prior Approval Of Competition Commission Mandatory Before CoC Examination : Supreme Court
Trending News
1 month, 3 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, 3 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, 3 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 …

Assets Of Subsidiary Can't Be Treated As Assets Of Holding Company In CIRP: NCLAT Sets Aside Order Directing Fresh Valuation Of Assets
1 month, 3 weeks ago

Assets Of Subsidiary Can't Be Treated As Assets Of Holding Company In CIRP: NCLAT Sets Aside Order Directing Fresh Valuation Of Assets

Live Law  

The National Company Law Appellate Tribunal New Delhi bench comprising Justice Rakesh Kumar Jain and Mr. Naresh Salecha has observed that the assets of a subsidiary company cannot be treated as part of the assets of its holding company in a Corporate Insolvency Resolution Process. The Tribunal held that the Adjudicating Authority does not have the jurisdiction to direct fresh …

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”
1 month, 3 weeks 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, 1 week 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 …

NCLAT Upholds Status Of Canara Bank As Financial Creditor For Providing Loans To Homebuyers Of CD, Distinguishes Value Infracon Judgment
2 months, 1 week ago

NCLAT Upholds Status Of Canara Bank As Financial Creditor For Providing Loans To Homebuyers Of CD, Distinguishes Value Infracon Judgment

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain and Mr. Naresh Salecha upholds the claims of the Canara Bank for the loans advanced to the corporate debtor on behalf of the Homebuyers on the ground that a specific clause was mentioned in the tripartite agreement executed between the parties that in case of default made by the borrower, …

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 …

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power
2 months, 1 week ago

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power

Live Mint  

New Delhi, Jan 12 The National Company Law Appellate Tribunal has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal, while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes …

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, 2 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 …

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT
2 months, 2 weeks ago

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that after initiation of moratorium under Section 14, sub-section, no assessment proceedings can be continued by the EPFO. On the other hand it is the case of the respondent that no claim was filed by the Appellant before the Plan was approved …

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
2 months, 3 weeks 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 …

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 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 …

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 …

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

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 …

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC
3 months, 2 weeks ago

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC

Live Mint  

New Delhi, Dec 7 Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process. Even when the resolution plan is agreed upon, Rao said there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange …

Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT
3 months, 2 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 …

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 …

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 …

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