Weekly Digest Of IBC Cases: 8th To 14th January 2024
Live LawNCLAT Case title: Partha Sarathy Sarkar v Specified Undertaking of Unit Trust of India Ltd & Ors. 1340 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that when the Committee of Creditors passes a resolution to replace the Resolution Professional, then it is not open for the Resolution Professional to question the reasons for its replacement and ask NCLT to adjudicate upon the reasons which persuaded the CoC to pass the resolution. : 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 of its claim and the same cannot be a ground to reject the Corporate Insolvency Resolution Process application under Section 9 of IBC. : Company Appeal No.446 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has held that the non-stamping of document does not render the Corporate Insolvency Resolution Process petition filed to be non-maintainable when there exists other material on record to prove existence of default in the payment of debt. 1439 & 1440 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan, Shri Barun Mitra, and Shri Arun Baroka, has held that when the Committee of Creditors has not confirmed the appointment of Interim Resolution Professional, the IRP can be replaced by the CoC under Section 22 of IBC.