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Articles for Cirp, search results for creditors

Supreme Court Dismisses Builder's Plea To Confine Insolvency Process To Single Real Estate Project
3 days, 23 hours ago

Supreme Court Dismisses Builder's Plea To Confine Insolvency Process To Single Real Estate Project

Live Law  

The Supreme Court recently dismissed an appeal seeking to confine Corporate Insolvency Resolution Process of Spaze Towers Pvt. Ltd. was initiated based on a Section 7 application filed by financial creditors in a class, comprising 26 real-estate allottees of the Spaze Arrow project. The appellant filed an application on November 8, 2024, seeking modification of the NCLAT's interim order to …

Corporate Financial Court Insolvency Corporate Debtor Application Projects
No Claim Survives When Unit Holder Is Handed Over Possession And Conveyance Deed Has Been Executed: NCLAT
2 weeks, 2 days ago

No Claim Survives When Unit Holder Is Handed Over Possession And Conveyance Deed Has Been Executed: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that when a unit holder is handed over possession and a Conveyance Deed has also been executed, no claim survives of such unit holders. The Respondents – Financial Creditors in a class being allottee of a Project namely 'Spaze Arrow' located …

Financial Projects Project Filed Arrow Cirp Financial Creditors
CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 7 Application: NCLAT
2 weeks, 5 days ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates Section 7 Application: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP. Based on the above, the tribunal observed that “we are of the view that Adjudicating Authority did not commit any error …

Trust Application Order Applicant Nclt Mou Filed
CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT
3 weeks ago

CIRP Withdrawal Cannot Be Allowed Unless Application Is Filed By Applicant Who Initiates S.7 Application: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP. Based on the above, the tribunal observed that “we are of the view that Adjudicating Authority did not commit any error …

Trust Application Order Applicant Nclt Mou Filed
ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
4 weeks ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu  

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

Properties Assets Crore Banks Ibc Jsw Cirp
Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad
1 month, 1 week 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 …

Corporate Director Resolution Case Consolidation Tribunal Nclt
Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi
1 month, 1 week ago

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey has held that fraudulent initiation of the CIRP can be set aside by the NCLT or as a corollary by NCLAT also as they have jurisdiction to decide whether any proceeding under the code has been initiated fraudulently or not. 3 who happened to …

Delhi Appeal Application Case New Delhi Respondent No Respondent
Pre-Pack Insolvency Resolution: A Solution for MSME Distress? - Examining India's Pre-Pack Schemes And Their Role In Resolving MSME Insolvency
1 month, 2 weeks ago

Pre-Pack Insolvency Resolution: A Solution for MSME Distress? - Examining India's Pre-Pack Schemes And Their Role In Resolving MSME Insolvency

Live Law  

63 million MSMEs employ nearly 115 million individuals, contributing to over 30% of India's GDP. A streamlined process enables quicker resolutions by allowing a company and its creditors to negotiate a pre-packaged plan before entering formal insolvency proceedings. For instance, since a company and its creditors negotiate the terms before entering formal insolvency proceedings, there's a risk that certain creditors …

India Singapore Legal Insolvency Resolution Nclt Solution
Allotment Of Commercial Space By Corporate Debtor Through Unregistered Allotment Letter Remains Their Asset, Can't Be Excluded From Resolution Plan: NCLAT
1 month, 2 weeks ago

Allotment Of Commercial Space By Corporate Debtor Through Unregistered Allotment Letter Remains Their Asset, Can't Be Excluded From Resolution Plan: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that allotment of commercial spaces by the corporate debtor through unregistered documents like allotment letter, lease deed etc.cannot divest the CD of their ownership. That the Appellant-Nupur Garg, having been allotted commercial space, with regard to which, Lease Deed was also executed by the CD and …

Space Resolution Corporate Debtor Commercial Commercial Space Resolution Plan Tribunal
IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings
2 months ago

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings

Live Law  

On 7th November, 2024, the Insolvency and Bankruptcy Board of India has released a discussion paper on the issues related with the Real Estate with seven proposals. Proposed Inclusion of Land Authorities in Committee of Creditors Meetings In corporate insolvency resolution processes involving real estate companies land authorities are crucial but currently they not represented in the Committee of Creditors. …

Land Proposal Estate Real Authorities Suggests Allottees
Resolution Professional Has Authority To Determine Creditor's Related Party Status: NCLAT
2 months 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 …

Trust Corporate Resolution Corporate Debtor Foundation Resolution Professional Tribunal
The Forgotten Creditors: IBC's Dual Approach For Homebuyers And Other Consumers
4 months, 2 weeks ago

The Forgotten Creditors: IBC's Dual Approach For Homebuyers And Other Consumers

Live Law  

The Insolvency and Bankruptcy landscape in India underwent a significant transformation with the enactment of the Insolvency and Bankruptcy Code in 2016. Homebuyer as Financial Creditor| RERA-IBC Standoff Under the Insolvency and Bankruptcy Code 2016, creditors are categorized into two distinct groups: financial creditors, defined under Section 5, and operational creditors, defined under Section 5. The NCLAT also in the …

India Consumer Financial Insolvency Homebuyers Ticket Rera
Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata
5 months, 1 week ago

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench of Bidisha Banerjee and Balraj Joshi has held that the liquidation of a corporate debtor should be a measure of last resort. Five applicants expressed their interest in the Corporate Debtor: Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Intra Finance Private Limited, Navneet Garg, and Mideast Pipeline Products. On February 20, …

Corporate Resolution Interest Resolution Plan Plan Pvt Offer
NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD
6 months, 2 weeks ago

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD

Live Law  

The National Company Law Tribunal Kochi, comprising Justice T Krishna Valli and Mr. Shyam Babu Gautam dismissed the application to initiate insolvency proceedings against the Personal guarantors under Section 95 of Insolvency and Bankruptcy Code, 2016. It held that creditors cannot initiate insolvency proceedings against personal guarantors solely based on the initiation of the Corporate Insolvency Resolution Process without showcasing …

Personal Corporate Insolvency Tribunal Nclt Proceedings Default
IBBI proposes amendments to insolvency rules; seeks public comments
6 months, 3 weeks ago

IBBI proposes amendments to insolvency rules; seeks public comments

The Hindu  

The Insolvency and Bankruptcy Board of India has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10. These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process, and benefiting creditors and other stakeholders involved in the CIRP. Seeking comments …

Creditors Cirp Insolvency Resolution Ibbi Proposed
NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence
9 months, 1 week 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 …

Delhi Corporate Information Resolution Order Claims Tribunal
NCLT Mumbai: Profits During CIRP Be Allocated To Financial Creditors When RFRP And Resolution Plan Are Silent On Such Allocation
9 months, 3 weeks ago

NCLT Mumbai: Profits During CIRP Be Allocated To Financial Creditors When RFRP And Resolution Plan Are Silent On Such Allocation

Live Law  

The National Company Law Tribunal Mumbai, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan held that the profits accrued during the Corporate Insolvency Resolution Process be allocated to the Financial Creditors when the Request for Resolution Plan and the Resolution Plan are silent on the allocation of profits. NCLT Verdict: The NCLT Mumbai allowed the application and held …

Mumbai Corporate Resolution Resolution Plan Tribunal Period Plan
NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
1 year ago

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process application against the Successful Resolution Applicant on default in payment to Stakeholders/Creditors as per terms of the approved Resolution Plan under Insolvency and Bankruptcy Code, 2016. Where the corporate debtor, any …

Corporate Financial Resolution Resolution Plan Tribunal Plan Five Years
Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice
1 year, 1 month ago

Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Shri Shammi Khan and Dr. Velamur G Venkata Chalapathy, has issued notice in an application seeking recall of the order dated 08.03.2019 whereby the resolution plan of ArcelorMittal India Pvt. The Applicants are creditors of Essar Steels India Ltd., who have alleged that the plan approval order was obtained by casting …

India Resolution Corporate Debtor Order Steel Plan Nclt
NCLAT New Delhi: Approval By CCI Prior To Approval Of Resolution Plan By CoC Is Directory In Nature
1 year, 3 months ago

NCLAT New Delhi: Approval By CCI Prior To Approval Of Resolution Plan By CoC Is Directory In Nature

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Mr. Barun Mitra, dismissed the appeals filed in Soneko Marketing Pvt. Independent Sugar Corporation Ltd. and AGI Greenpac Ltd. submitted their Resolution Plans to the Resolution Professional agreeing that CCI approval was mandatory before the Committee of Creditors approval of the Plan. On 30.09.2022, …

Resolution Resolution Plan Tribunal Plan Nclt Nclat Code
NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan
1 year, 3 months ago

NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Arun Baroka, dismissed an appeal filed in IDBI Bank Ltd. vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. by IDBI Bank Ltd. against Jalesh Kumar Grover, Resolution Professional for GPI Textiles Ltd. challenging the NCLT Chandigarh’s order dated 27.04.2023 dismissing the Appellant’s …

Supreme Court Resolution Resolution Plan Tribunal New Delhi Plan Chandigarh
RP Can Obtain MSME Certificate For The Corporate Debtor Only To Avail Business Advantage Available Under MSMED Act, 2006: NCLT Delhi
1 year, 3 months ago

RP Can Obtain MSME Certificate For The Corporate Debtor Only To Avail Business Advantage Available Under MSMED Act, 2006: NCLT Delhi

Live Law  

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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that a Resolution Professional can obtain a Micro, Small and Medium Enterprises certificate for the Corporate Debtor only for availing business advantage under the …

Business Corporate Management Resolution Corporate Debtor Resolution Professional Plan
If MSME Certificate Obtained Post Initiation Of CIRP, Promoter/Suspended Management Of Corporate Debtor Ineligible To Submit Resolution Plan: NCLT Delhi
1 year, 3 months ago

If MSME Certificate Obtained Post Initiation Of CIRP, Promoter/Suspended Management Of Corporate Debtor Ineligible To Submit Resolution Plan: NCLT Delhi

Live Law  

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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that if the Suspended Management/Promoter obtains a MSME certificate for the Corporate Debtor post initiation of CIRP then such certificate, apart from being invalid, …

Management Resolution Corporate Debtor Resolution Plan Plan Nclt Submit
IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court
1 year, 3 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 …

Supreme Court Corporate Court Resolution Plan Plan Claim Award