NCLT Mumbai: Society Not Entitled To Recover Past Arrears Of Applicant's Purchase In The Auction From Liquidator Of Corporate Debtor
10 months, 2 weeks ago

NCLT Mumbai: Society Not Entitled To Recover Past Arrears Of Applicant's Purchase In The Auction From Liquidator Of Corporate Debtor

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Shri. Anil Raj Chellan held that the Society is not entitled to recover the past arrears in respect of the unit purchased by the Applicant in the auction from the Liquidator of the Corporate Debtor. The Applicants have filed the present application against the Respondents to restrain Respondent No.01 from recovering outstanding dues from the Applicants payable by the Corporate Debtor, to be included as a member of the society and to allow the use of the parking space forming part of the immovable property purchased by them. NCLT Verdict: The NCLT Mumbai allowed the application and held that the Society is not entitled to recover the past arrears in respect of the unit purchased by the Applicant in the auction from the Liquidator of the Corporate Debtor. Ltd. and Anr., wherein NCLAT held that Society cannot recover the arrears of the dues pertaining to the period prior to execution of the sale deed in favour of the auction purchaser.

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History of this topic

No Irreversible Actions In Winding Up, Company Court Can Transfer Proceedings To NCLT: Bombay High Court
6 months, 2 weeks ago

No Irreversible Actions In Winding Up, Company Court Can Transfer Proceedings To NCLT: Bombay High Court

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The Bombay High Court bench of Justice Abhay Ahuja held that as long as no irreversible actions, such as actual sales of immovable or movable properties, have occurred, the Company Court retains the discretion to transfer proceedings to the NCLT. Brief Facts: The Applicant approached the Bombay High Court to transfer Company Petition No.317 of 2012 to the National Company …

NCLT Hyderabad Holds Port Authority Officers Guilty Of Contempt Of Court, Imposes Month Imprisonment And Fine
6 months, 4 weeks ago

NCLT Hyderabad Holds Port Authority Officers Guilty Of Contempt Of Court, Imposes Month Imprisonment And Fine

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The National Company Law Tribunal Hyderabad, comprising Justice Rajeev Bhardwaj and Mr. Sanjay Puri held Mr. Ravi Kiran Saladi Konda, Deputy Traffic Manager, New Mangalore Port Authority and Mr. Sriman Nayan Mishra, Senior Assistant Traffic Manager, Paradip Port Authority guilty of contempt for disobeying the directions of the Adjudicating Authority and sentenced them to simple imprisonment of 1 month each …

NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC
8 months, 3 weeks ago

NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC

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The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that Any attachment of tainted assets of a Corporate Debtor before the Corporate Insolvency Resolution Process commencement would always be available to fulfill the object and goal of the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held …

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
8 months, 3 weeks ago

NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC

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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 …

NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002
9 months ago

NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002

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The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that Corporate Insolvency Resolution Process can be initiated under Section 7 of Insolvency and Bankruptcy Code, 2016 against an Auction Purchaser in proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. NCLAT Verdict: The NCLAT Delhi …

NCLT Mumbai: Substance Of A Transaction Is Important Over Its Form, Accounting Entries Can Not Determine Character And Nature Of Transaction
1 year ago

NCLT Mumbai: Substance Of A Transaction Is Important Over Its Form, Accounting Entries Can Not Determine Character And Nature Of Transaction

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The National Company Law Tribunal, Mumbai Bench, comprising of Justice Shri V.G. The Applicant had paid the invoices raised upon Maharashtra State Electricity Distribution Company Ltd. against the Corporate Debtor and the payment of the same was to by the Applicant. There is acknowledgment of debt since the Corporate Debtor had paid the interest to the Applicant in the past …

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

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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 …

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
1 year, 2 months ago

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction

Live Law  

The National Company Law Appellate Tribunal, Jaipur Bench comprising of Justice Ashok Bhushan and Barun Mitra, dismissed the appeal filed in Rakesh Kumar vs. The appeal has been preferred by Rakesh Kumar of Suchi Paper Mills Ltd. against the National Company Law Tribunal New Delhi’s order admitting the Corporate Debtor into Corporate Insolvency Resolution Process under Section 9 of the …

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

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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 …

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

Live Law  

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 …

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]
4 years, 3 months ago

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]

Live Law  

The National Company Law Appellate Tribunal allowed an appeal filed by Sushil Ansal, former Director and shareholder of Ansal Properties and Infrastructure Limited setting aside the National Company Law Tribunal, Delhi bench March 17 order for the initiation of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. Stressed Assets Stabilisation Fund and Ors.- MANU/NL/0092/2020 observed that …

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