adjudicating decided ground does threshold group pvt epfo creditors 2022 approval submit claim applicable 25th high guarantee dues transactions guarantor ibc extinguished yes admitted calcutta terms proceedings decision approves nclt

Articles for Cirp, search results for initiated

Supreme Court Dismisses Builder's Plea To Confine Insolvency Process To Single Real Estate Project
3 days, 21 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
Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata
1 week, 1 day ago

Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising Justice Bidisha Banerjee and Shri Balraj Joshi has held that an application under Section 95 of the Insolvency and Bankruptcy Code for initiating insolvency proceedings against a personal guarantor is not maintainable before the NCLT if no Corporate Insolvency Resolution Process or liquidation proceeding has been initiated or is pending against the …

Personal Corporate Insolvency Corporate Debtor Tribunal Nclt Proceedings
IBC Monthly Digest: December 2024
1 week, 3 days ago

IBC Monthly Digest: December 2024

Live Law  

SUPREME COURT Case Title : China Development Bank vs Doha Bank OPSC and others Citation : 2024 LiveLaw 1029 The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. Case Number: Company Appeal No.1380 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan, …

India Justice Insolvency Corporate Debtor Title Technical Resolution Professional
Sole Financial Creditor Can't Entertain Request For One-Time Settlement Once CIRP Proceedings Have Commenced: Telangana High Court
1 week, 4 days ago

Sole Financial Creditor Can't Entertain Request For One-Time Settlement Once CIRP Proceedings Have Commenced: Telangana High Court

Live Law  

Telangana High Court has dismissed a Writ petition filed by Mandava Holdings Private Limited challenging the rejection of the one-time settlement proposal offer made to PTC India Financial Services Limited so as to stop CIRPC proceedings without considering the RBI framework for compromise settlement and technical write-offs. Relying on various Supreme Court judgements the bench further reiterated that the primary …

Financial Court Resolution Settlement Rejection Nclt Proceedings
Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT
4 weeks ago

Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the amount deposited with the bank by the corporate debtor in pursuance of an One Time Proposal to show bonafides will remain assets of the corporate debtor and can be taken into custody by the RP under section 18 of the code when …

Money Corporate Debtor Bank Nclat Account Irp Asset
Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT
1 month, 1 week 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 …

Security Corporate Court Insolvency Resolution Corporate Debtor Power
Impleadment Of Party After Closure Of Initial CIRP Plea Against Corporate Debtor: NCLAT Chennai Protects Operational Creditor's Claims
1 month, 2 weeks ago

Impleadment Of Party After Closure Of Initial CIRP Plea Against Corporate Debtor: NCLAT Chennai Protects Operational Creditor's Claims

Live Law  

The National Company Law Appellate Tribunal, Chennai bench of Justice Sharad Kumar Sharma and Mr Jatindranath Swain allowed the impleadment application filed by an Operational Creditor, on the ground that its application to initiate CIRP proceedings against the Corporate Debtor were closed due to initiation of CIRP by another creditor. Ltd. filed an interlocutory application before the National Company Law …

Corporate Debtor Application Plea Nclat Rdc Ozone Cirp Proceedings
Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT
1 month, 2 weeks ago

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain has held that property that is sold which was in possession of the corporate debtor immediately before the judgment in a petition under section 7 of the IBC was reserved cannot be excluded from the purview of the assets of the corporate debtor. An IA was filed by …

Corporate Property Civil Resolution Sale Tribunal Suit
Raheja Developers moves NCLAT against insolvency
1 month, 3 weeks ago

Raheja Developers moves NCLAT against insolvency

Live Mint  

New Delhi, Nov 20 Raheja Developers on Wednesday moved before the appellate tribunal NCLAT to challenge the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. The said order has been now challenged by Navin Raheja, Chairman & Managing Director of the suspended board of the realty firm before the National Company …

Gurugram Nclt Developers Irp Force Majeure Cirp Raheja Developers
Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
5 months, 1 week 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, …

Mumbai Corporate Insolvency Corporate Debtor Process Respondent Nclt
Edelweiss round-tripping money? RBI order against the financial giant scathing in how it’s using group entities to circumvent IBC regulations: A case study
6 months, 3 weeks ago

Edelweiss round-tripping money? RBI order against the financial giant scathing in how it’s using group entities to circumvent IBC regulations: A case study

Op India  

The Reserve Bank of India on the 29th of May 2024 ordered Edelweiss Asset Reconstruction Company Limited to cease and desist from the acquisition of financial assets, including security receipts, and reorganizing the existing SRs into senior and subordinate tranches. As we would now analyze, it would appear that Edelweiss and its group entities seem to have indulged in the …

India Money Regulations Financial Institutions Debt Order Group
Insolvency process begins against Supertech Goup’s Supernova project in Noida
6 months, 3 weeks ago

Insolvency process begins against Supertech Goup’s Supernova project in Noida

Hindustan Times  

The National Company Law Tribunal has initiated corporate insolvency resolution process against Supertech Group’s subsidiary Supertech Realtors Private Limited, which is developing a commercial tower at the Supernova project in Noida, Sector 94, after it failed to pay a debt of ₹150 crore to the Bank of Maharashtra, in pursuance to an order issued by the NCLT on June 12. …

Corporate Insolvency Bank Supernova Noida Nclt Tower Irp
Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai
7 months ago

Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench-VI bench of K. R. Saji Kumar and Sanjiv Dutt has held that the principal debtor and the surety are jointly and severally liable to the creditor which has the right to recover its dues from either or both of them simultaneously. Observations by the NCLT: The NCLT considered the objection raised by the …

Personal Corporate Financial Insolvency Loan Nclt Proceedings
NCLT Mumbai Approves Withdrawal Of Insolvency Proceedings Against Syska LED Lights After Settlement
7 months, 2 weeks ago

NCLT Mumbai Approves Withdrawal Of Insolvency Proceedings Against Syska LED Lights After Settlement

Live Law  

The Mumbai bench of the National Company Law Tribunal of Justice Virendra Singh Bisht and Prabhat Kumar has approved the withdrawal of the Corporate Insolvency Resolution Process initiated against Syska LED Lights Pvt Ltd. Syska LED Lights, a key player in the LED lighting solutions market and part of the Pune-based SSK Group, had previously been admitted into the insolvency …

Insolvency Electronics Lights Nclt Led Inr Cirp
CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
7 months, 3 weeks ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

Corporate Corporate Debtor Operational Held Code Agent Principal
NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002
9 months, 2 weeks ago

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

Live Law  

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 …

Corporate Financial Sale Corporate Debtor Bank Debt Auction
NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor
11 months, 1 week ago

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that a simultaneous CIRP can be initiated against Principal Borrower and Corporate Guarantor under IBC. In cases where the corporate person had offered guarantee in respect of loan transaction, the right of the financial creditor to initiate action against such entity …

Law Kolkata Corporate Financial Corporate Debtor Indian Tribunal
Weekly Digest Of IBC Cases: 22nd To 28th January 2024
11 months, 1 week ago

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

Live Law  

NCLAT Case title: Parikshit Madanmohan Sharma v M.S. 206 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, has held that when the total number of allottees in a real estate project is disputed, then the NCLT should first decide whether the Section 7 petition has been filed …

Insolvency Resolution National Corporate Debtor Title Technical Company
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 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 …

Delhi Corporate Court Corporate Debtor Order Resolution Professional New Delhi
NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance
1 year, 1 month ago

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan and Mr Barun Mitra has dismissed an appeal and held that the scope of enquiry of the National Company Law Tribunal as per Section 31 of Insolvency and Bankruptcy Code, 2016 is confined to scrutinising whether Section 30 IBC has been complied with. Sita Chaudhary, the suspended …

Corporate Resolution Corporate Debtor Resolution Plan Plan Nclt Singh
Top 10 Insolvency Law Judgements [April To September 2023]
1 year, 3 months ago

Top 10 Insolvency Law Judgements [April To September 2023]

Live Law  

In recent times, several noteworthy judgments have been rendered by the Indian Courts and Tribunals in matters relating to the Insolvency and Bankruptcy Code, 2016. M. Suresh Kumar Reddy v. Canara Bank Supreme Court of India Citation: 2023 LiveLaw 428 The Adjudicating Authority has no option but to admit a petition filed under Section 7 of the Insolvency and Bankruptcy …

Law Appeal Court Insolvency Resolution Corporate Debtor Indian
NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists
1 year, 3 months ago

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed in Mayuras Industrial Services vs. S R Shriraam Shekher & Anr. Background Facts: The RP had filed an application seeking an order of withdrawal of the Corporate Insolvency Resolution Process resting upon the Resolution passed by the Committee of Creditors …

Application Order Tribunal Nclt Withdrawal Nclat Code
Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 3 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 …

Law Corporate Court Resolution Corporate Debtor Title Technical
NCLT Mumbai Admits Bagalkot Cement And Industries Ltd. Into Insolvency
1 year, 3 months ago

NCLT Mumbai Admits Bagalkot Cement And Industries Ltd. Into Insolvency

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Mrs. Lakshmi Gurung and Shri Charanjeet Singh Gulati, while adjudicating a petition filed in Vyshali Energy Private Limited v M/s. Vyshali Energy Private Limited and the Corporate Debtor entered into an 'Energy Purchase Agreement' dated 10.04.2017 for the sale and supply of energy by the Operational Creditor to the Corporate Debtor. …

Corporate Corporate Debtor Operational Creditor Operational Notice Demand Nclt