Insolvency code has strayed from intent: Parliament panel
3 years, 7 months ago

Insolvency code has strayed from intent: Parliament panel

The Hindu  

The Parliament’s Standing Committee on Finance has sought a review of the design and implementation of the Insolvency and Bankruptcy Code as it has deviated from the original intent and questioned the low recovery rates, long delays in the resolution process and the high number of vacancies in the National Company Law Tribunals. The panel, chaired by MP Jayant Sinha, stressed that the low recovery rates under the IBC ‘with haircuts as much as 95% and the delay in resolution process with more than 71% cases pending with NCLT for more than 180 days, clearly point towards a deviation from the original objectives of the Code intended by Parliament’. “Greater clarity in purpose is needed with regard to strengthening creditor rights through the mechanism devised in the Code, particularly considering the disproportionately large and unsustainable ‘haircuts’ taken by the financial creditors over the years,” it observed, suggesting a benchmark be put in place for the quantum of such “haircuts” to be taken by creditors, in line with global standards. While the Corporate Affairs Ministry responded by saying that ‘the commercial wisdom of the Committee of Creditors is supreme’ in IBC cases, the Committee said there was an ‘urgent need to have a professional code of conduct for the COC’ to define and circumscribe their decisions.

Committee Nclt Parliament Code Ibc  strayed  cases  parliament  resolution  original  strength  code  committee  intent  ibc  panel  vacancies  taken  insolvency

History of this topic

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 …

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 …

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 …

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. …

'No Political Appointments' : Supreme Court Decries Poor Functioning Of NCLTs/NCLAT, Says Members Often Lack Domain Knowledge
4 months, 2 weeks ago

'No Political Appointments' : Supreme Court Decries Poor Functioning Of NCLTs/NCLAT, Says Members Often Lack Domain Knowledge

Live Law  

In the judgment ordering the liquidation of Jet Airways, the Supreme Court made several critical remarks against the abysmal functioning of the National Company Law Tribunals and the National Company Law Appellate Tribunal benches.Slamming the "growing tendency" of the NCLT and NCLAT members to ignore the orders of the Supreme Court, the Court stated that only persons of impeccable. In …

No political appointments in NCLT, NCLAT: SC
4 months, 2 weeks ago

No political appointments in NCLT, NCLAT: SC

Hindustan Times  

The Supreme Court on Thursday emphasised that appointments to the National Company Law Tribunal and the National Company Law Appellate Tribunal must not be “political”, even as it voiced serious concerns over delays and inefficiencies affecting India’s insolvency process. In its judgment that ordered the liquidation of debt-ridden Jet Airways, the top court addressed a raft of issues regarding the …

Resolution Professional Has Authority To Determine Creditor's Related Party Status: NCLAT
4 months, 2 weeks ago

Resolution Professional Has Authority To Determine Creditor's Related Party Status: NCLAT

Live Law  

The NCLAT bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the Resolution Professional has the authority to determine the related party status of a creditor. On 31.12.2021, the RP notified the Appellant of its classification as a related party under section 5 of IBC due to its connection with Kanoria Foundation, which …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
7 months, 3 weeks ago

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024

Live Law  

Supreme Court IBC | CIRP Of Holding Company Cannot Include Subsidiary's Assets: Supreme Court Case no. Insolvency Resolution Of Corporate Guarantor Won't Bar Creditor From Filing CIRP Against Corporate Debtor For Balance Debt : Supreme Court Case Title: BRS Ventures Investments Ltd. 313 of 2024 The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
7 months, 3 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai
8 months ago

Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Shri Sanjiv Dutt and Shri K.R. The NCLT held that the Insolvency and Bankruptcy Board of India has the authority to regulate and recognize IPEs as resolution professionals, despite the IBC not explicitly mentioning them as professional service providers. The CoC clarified that although the IBC prima facie recognises only three entities …

NCLT starts insolvency proceedings against Byju's
8 months, 1 week ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

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

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

Live Law  

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 …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
9 months ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

Live Law  

The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

Monthly Digest Of IBC Cases: May 2024
9 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

NCLT orders insolvency proceedings against Zee’s Subhash Chandra
11 months ago

NCLT orders insolvency proceedings against Zee’s Subhash Chandra

Hindustan Times  

The National Company Law Tribunal on Monday initiated insolvency proceedings against Subhash Chandra, founder and chairman emeritus of Zee Entertainment Enterprises Ltd., following a plea by Indiabulls Housing Finance Ltd. Chandra acted as a personal guarantor for a loan to Essel Group's Vivek Infracon Pvt, PTI Subhash Chandra launched Zee Entertainment, considered to be the pioneer of television entertainment industry …

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management
1 year, 2 months ago

NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra allowed the appeals and held that RP cannot be directed to hand over the charge of Corporate Debtor to the Ex-management, once CIRP has stayed. NCLAT Verdict: The NCLAT New Delhi allowed the appeal and held that RP cannot be directed to …

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 …

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 …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 8 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 …

S.220 IBC | Prima Facie Disciplinary Committee Can Consist Only Of Whole Time Members: Bombay High Court Stays Insolvency Professional's Suspension
1 year, 8 months ago

S.220 IBC | Prima Facie Disciplinary Committee Can Consist Only Of Whole Time Members: Bombay High Court Stays Insolvency Professional's Suspension

Live Law  

The Bombay High Court has stayed the suspension of registration of Insolvency Professional Kairav Anil Trivedi, who is accused of misrepresentation and entering into unauthorised agreement in a Corporate Insolvency Resolution Process. On May 23, 2023, the disciplinary committee had passed an order signed by Ravi Mital, IBBI Chairman, suspending Trivedi’s registration for six months. The court said that prima …

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: 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 …

More than 21,200 cases were pending before NCLT till January-end: Govt.
2 years ago

More than 21,200 cases were pending before NCLT till January-end: Govt.

The Hindu  

As many as 21,205 cases, including 12,963 cases under the insolvency law, were pending before the National Company Law Tribunal at the end of January this year, the government said on March 13. In a written reply to Lok Sabha, Minister of State for Corporate Affairs Rao Inderjit Singh said the benches of NCLT and National Company Law Appellate Tribunal …

Weekly Digest Of IBC Cases: 27 February To 6 March 2023
2 years ago

Weekly Digest Of IBC Cases: 27 February To 6 March 2023

Live Law  

NCLAT Case Title: Greymatter Entertainment Pvt. 1043 of 2021 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, has held that IBC does not prevent the Corporate Debtor from establishing defences of ‘Pre-existing dispute’ or ‘No amount due’ through its Reply to Section 9 application and supporting documents, even if it failed …

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29
2 years, 1 month ago

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29

News 18  

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major Zee Entertainment Enterprises Ltd. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal. On Wednesday, NCLT admitted a insolvency plea against ZEEL by private …

Monthly Digest Of IBC Cases: December 2022
2 years, 2 months ago

Monthly Digest Of IBC Cases: December 2022

Live Law  

Supreme Court Provisional Attachment Under PMLA Subsequent To Initiation Of CIRP: Supreme Court To Consider The Issue Case Title: Ashok Kumar Sarawagi v Enforcement Directorate & Anr. : Company Appeal No.1375 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, has held that the only question to …

Government says 25 judicial, technical member positions vacant at NCLT
2 years, 3 months ago

Government says 25 judicial, technical member positions vacant at NCLT

The Hindu  

As many as 25 posts of judicial and technical members are lying vacant at the National Company Law Tribunal and the process has been initiated to fill the vacancies, the government said on Monday. The average time taken for resolution of these cases was 473 days, the Minister said. As per the data, it took an average of 560 days …

Monthly Digest Of IBC Cases: September 2022
2 years, 5 months ago

Monthly Digest Of IBC Cases: September 2022

Live Law  

Supreme Court IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower: Supreme Court Case Title: Maitreya Doshi vs Anand Rathi Global Finance Ltd Case No. 1037 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has held that when the …

IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct
2 years, 8 months ago

IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct

Live Law  

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India, while adjudicating a Show Cause Notice in the matter of Mr. Kedarram Ramratan Laddha, has suspended the Insolvency Professional for a period of one year for accepting assignment as an Interim Resolution Professional without having a valid Authorisation for Assignment and while disciplinary proceedings were pending against him. The …

Corporate Debtor Cannot Be Dragged Into CIRP Mala Fide For Any Purpose Other Than Resolution Of Insolvency: NCLT Mumbai
2 years, 9 months ago

Corporate Debtor Cannot Be Dragged Into CIRP Mala Fide For Any Purpose Other Than Resolution Of Insolvency: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P. N. Deshmukh and Mr. Kapal Kumar Vohra, while adjudicating an application filed in Gateway Offshore Private Limited and Anr. Ltd., has held that a written contract cannot be treated as a pre- requisite to prove the existence of a financial debt and the Adjudicating Authority must be satisfied that …

IBC Cases Weekly Round-Up : June 6 To June 12, 2022
2 years, 9 months ago

IBC Cases Weekly Round-Up : June 6 To June 12, 2022

Live Law  

NCLAT NCLT Has Power To Recall Its Order: NCLAT Case Title: Printland Digital Pvt. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, has terminated the Corporate Insolvency Resolution Process of Kanoria Sugar and General Manufacturing Co. Ltd., which was initiated by NCLT vide an order dated 27.04.2022. 58 of 2022 The …

Monthly Digest Of IBC Cases: May 2022
2 years, 9 months ago

Monthly Digest Of IBC Cases: May 2022

Live Law  

Supreme Court Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

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, …

Committee Of Creditors Are Competent To Revise The Approved Fees Of Resolution Professional: NCLAT
2 years, 10 months ago

Committee Of Creditors Are Competent To Revise The Approved Fees Of Resolution Professional: NCLAT

Live Law  

National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan and Ms. Shresha Merla in the case of Kushwinder Singhal versus Reena Tiwari held that the Committee of Creditors is fully competent to revise its earlier approval of the fees of the Resolution Professional. The erstwhile Resolution Professional of Bestways Transport India Pvt Ltd. Mr. Kushwinder Singhal was …

Ram Charan Company Private Limited appeals against NCLT order
2 years, 10 months ago

Ram Charan Company Private Limited appeals against NCLT order

New Indian Express  

CHENNAI: Chennai-based firm Ram Charan Company Private Limited, which is facing Corporate Insolvency Resolution Proceedings after it failed to pay a loan of Rs 3.5 crore to Classic Exports, has appealed against the order passed by the Chennai Bench of National Company Law Tribunal. This comes after a Division Bench of R Sucharitha, member, and Sameer Kakar, member, of NCLT …

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 …

Supertech seeks time, NCLAT stays formation of committee of creditors
2 years, 11 months ago

Supertech seeks time, NCLAT stays formation of committee of creditors

Live Mint  

Providing some relief to Supertech Ltd, the National Company Law Appellate Tribunal on Tuesday stayed the formation of the committee of creditors under the insolvency proceedings till April 19 as the real estate developer sought time to negotiate with banks. NCLAT's direction came on a petition filed by Ram Kishor Arora, a director of the suspended board of Supertech Ltd, …

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd
3 years, 2 months ago

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd

Live Law  

The Chennai Bench of the National Company Law Appellate Tribunal has stayed the order initiating Corporate Insolvency Resolution Process against Tata Projects Limited upon being informed that the parties have entered into a settlement agreement. The NCLAT comprising Justice M. Venugopal and Kanthi Narahari also directed the IRP to file an application for withdrawal of the. The NCLAT comprising Justice …

NCLT Has Jurisdiction To Adjudicate Contractual Disputes Which Arise Solely From Or Which Relate To Corporate Debtor's Insolvency: Supreme Court
4 years ago

NCLT Has Jurisdiction To Adjudicate Contractual Disputes Which Arise Solely From Or Which Relate To Corporate Debtor's Insolvency: Supreme Court

Live Law  

The Supreme Court observed that the National Company Law Tribunal has jurisdiction to adjudicate contractual disputes, which arise solely from or which relate to the insolvency of the Corporate Debtor.However, for adjudication of disputes that arise dehors the insolvency of the Corporate Debtor, the RP must approach the relevant competent authority, the bench comprising Justices DY. The Supreme Court observed …

Suspension of fresh IBC proceedings, pandemic woes may hit resolution pace for stressed assets
4 years, 2 months ago

Suspension of fresh IBC proceedings, pandemic woes may hit resolution pace for stressed assets

Live Mint  

Suspension of fresh proceedings under the insolvency law as well as the NCLT and the appellate tribunal switching to virtual hearings due to the coronavirus pandemic seem to have put the brakes on the pace of resolution process for stressed assets and realisation for creditors. "There could be a tremendous rush," senior advocate Abhinav Vashisht said, adding that the tribunals …

Insolvency Law In Review – October 2020
4 years, 4 months ago

Insolvency Law In Review – October 2020

Live Law  

BY Rahul Sibal, Siddharth Sunil, Akshata Singh, Pranav Narsaria & Karan Sangani The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. High Courts In Gouri Shankar Chatterjee v. State Bank of India, the Calcutta High Court held that the National Company Law Tribunal did not have the jurisdiction to entertain an …

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp
4 years, 6 months ago

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp

Live Law  

The National Company Law Appellate Tribunal has set aside an order passed by the National Company Law Tribunal, Mumbai bench which had dismissed an application for the initiation of corporate insolvency resolution process against Mittal Corp Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Member, Ms. Shreesha Merla Member directed the NCLT to reconsider the application and …

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]
4 years, 6 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 …

NCLAT Dismisses HDIL's Appeal; Gives Go Ahead To Initiate Insolvency Proceedings
4 years, 8 months ago

NCLAT Dismisses HDIL's Appeal; Gives Go Ahead To Initiate Insolvency Proceedings

Live Law  

The National Company Law Appellate Tribunal has upheld the order passed by NCLT, Mumbai Bench, against the real estate giant Housing Development & Infrastructure Limited for initiation of insolvency proceedings under the Insolvency and Bankruptcy Code 2016. Dismissing the appeal filed by HDIL's Promoter Rakesh Wadhwan, the Principal bench observed that the corporate debtor's claim was erroneous and it had …

NCLAT Sets aside NCLT Order To Add MCA As Party In All IBC Cases And Company Petitions [Read Order]
4 years, 9 months ago

NCLAT Sets aside NCLT Order To Add MCA As Party In All IBC Cases And Company Petitions [Read Order]

Live Law  

The National Company Law Appellate Tribunal set aside an order of National Company Law Tribunal which mandated the impleadment of the Union Ministry of Corporate Affairs as a party in all Insolvency and Bankruptcy Code matters and Company petitions. In short, the impugned order making it applicable throughout the country to all the Benches of the National Company Law Tribunal …

Part II - Adjudicating Authority : Scope Of Jurisdiction During The Corporate Insolvency Resolution Process
4 years, 10 months ago

Part II - Adjudicating Authority : Scope Of Jurisdiction During The Corporate Insolvency Resolution Process

Live Law  

The Statement of Objects and Reasons of the Insolvency and Bankruptcy Code, 2016 states that the Code is enacted with the aim to achieve insolvency resolution of corporate persons in : a time bound manner; and while ensuring maximization of value of its assets. Optimisation of value – ensuring fairplay amongst the various stakeholders during the CIRP, which shall involve …

Insolvency process to be limited to real estate project concerned, not other group projects of developers: NCLAT
5 years, 1 month ago

Insolvency process to be limited to real estate project concerned, not other group projects of developers: NCLAT

Firstpost  

NCLATsuggested there should be “reverse corporate insolvency resolution process” in such cases, where insolvency process is initiated against a realty company, no home buyer can approach NCLT or NCLAT to seek refunds. New Delhi: In a relief to realty players, the National Company Law Appellate Tribunal has held that any insolvency process initiated by a flat buyer or financial institution …

Govt. moves NCLAT against NCLT directive to make MCA party in all insolvency cases
5 years, 3 months ago

Govt. moves NCLAT against NCLT directive to make MCA party in all insolvency cases

The Hindu  

The government moved the National Company Law Appellate Tribunal against an order passed by National Company Law Tribunal to make the Ministry of Corporate Affairs a party in all applications filed under the Insolvency and Bankruptcy Code as well as the Companies Act. Passing an order on November 22 in the Oriental Bank of Commerce versus Sikka Papers case, the …

Union Ministry Of Corporate Affairs Should Be A Party In All IBC Proceedings : NCLT [Read Order]
5 years, 3 months ago

Union Ministry Of Corporate Affairs Should Be A Party In All IBC Proceedings : NCLT [Read Order]

Live Law  

As per the latest orders made by the Principal Bench of the National Company Law Tribunal, it will be mandatory to make Ministry of Corporate Affairs a party to all the cases under the Insolvency & Bankruptcy Code as well as all Company petitions. Stating that making MCA a proper party in all proceedings would facilitate production of authentic record, …

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