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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
NCLT Allows Personal Guarantor to Classify Account as NPA During Moratorium Period
2 months, 2 weeks ago

NCLT Allows Personal Guarantor to Classify Account as NPA During Moratorium Period

Live Law  

The NCLT has admitted a Section 95 application filed by the applicant bank to initiate CIRP against the Personal Guarantor of M/s CMYK Printech Limited. The tribunal found that the liability of the Personal Guarantor is co-existing with that of the Principal Borrower and that it falls under the ambit of Section 128 of the Indian Contract Act, 1872. The …

Law Finance Corporate NPA New Delhi
No Violation of Section 14(1)(d) IBC in Auction of Subsidiary's Assets Under SARFAESI Act: NCLAT Principal Bench
4 months, 3 weeks ago

No Violation of Section 14(1)(d) IBC in Auction of Subsidiary's Assets Under SARFAESI Act: NCLAT Principal Bench

Live Law  

The National Company Law Appellate Tribunal Principal Bench, New Delhi of Justice Ashok Bhushan and Barun Mitra has held that there is no violation of Section 14 of the Insolvency and Bankruptcy Code in the auction of assets or facilities of a subsidiary company if the assets were handed over to the Corporate Debtor for operation and maintenance under the …

Corporate Rights Assets Agreement Respondent Act Facility
Tribunal stays bankruptcy proceedings against Supertech Township project
5 months, 1 week ago

Tribunal stays bankruptcy proceedings against Supertech Township project

Hindustan Times  

The National Company Law Appellate Tribunal stayed the corporate insolvency resolution proceedings against Supertech Township Projects Limited after it proposed to settle its disputes with Punjab and Sind Bank, its principal financial creditor, within seven days. “In the meantime, in pursuance of the impugned order no further steps shall be taken except collation of claims which have already been invited,” …

Order Project Crore Nclt Nclat Seven Days Supertech
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
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
NCLT Chandigarh - Minimum Threshold Will Be Applicable To Any Amount Raised From Allottee
9 months, 2 weeks ago

NCLT Chandigarh - Minimum Threshold Will Be Applicable To Any Amount Raised From Allottee

Live Law  

The National Company Law Tribunal Chandigarh bench, comprising Justice Dr. P.S.N. Prasad and Justice Umesh Kumar Shukla, has held that the requirement of satisfying the minimum threshold of either 10% or 100 allottees will be applicable to any amount raised from an allottee, irrespective of whether the said allottee is alleging the default of interest or the principal amount. NCLT …

Applicant Minimum Threshold Allottee Ibc Cirp Respondent Nclt
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
NCLAT New Delhi: Date Of Default As Per One Time Restructure Agreement Shall Be Date Of Default
1 year, 3 months ago

NCLAT New Delhi: Date Of Default As Per One Time Restructure Agreement Shall Be Date Of Default

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra, dismissed an appeal filed in Pradeep Madhukar More vs. Central Bank of India. The Appellate Tribunal held that if the Bank has entered into One Time Restructuring Agreement with the Corporate Debtor, the date of default for the purpose of Section 10A …

Corporate Central Bank Bank Agreement Date 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
Weekly Digest Of IBC Cases: 8 To 21 August 2023
1 year, 4 months ago

Weekly Digest Of IBC Cases: 8 To 21 August 2023

Live Law  

NCLAT NCLAT Delhi Upholds Reduction Of Resolution Professional’s Fee By NCLT Case Title: Rohit J. Vora v Religare Finvest Ltd. & Ors. No.1088 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Engine Lease Finance B.V. v Resolution Professional of Go Airlines Ltd. …

Resolution Bank Technical Resolution Professional Company Judicial Tribunal
More than 21,200 cases were pending before NCLT till January-end: Govt.
1 year, 9 months 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 …

Cases Nclt Cirp Law Tribunal
NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers
1 year, 10 months ago

NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers

ABP News  

The National Company Law Tribunal on Tuesday approved the Mumbai-based Suraksha group's bid to acquire Jaypee Infratech, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process, the PTI reported. According to the report, the ruling, which also comes nearly two years after the Committee of …

Resolution Homebuyers Nclt Bid Nbcc Coc Cirp
Voluntary Initiation Of CIRP By Bihar State Construction Corp., NCLAT Delhi Approves
2 years, 3 months ago

Voluntary Initiation Of CIRP By Bihar State Construction Corp., NCLAT Delhi Approves

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Shri Anant Bijay Singh and Ms. Shreesha Merla, while adjudicating an appeal filed in Bihar State Construction Corporation Ltd. Employee Union v Bihar State Construction Corporation Ltd., has upheld the Adjudicating Authority's decision to initiate Corporate Insolvency Resolution Process against Bihar State Construction Corporation Ltd.. BSCCL had moved a petition …

Construction Bihar Company State Bench Nclat Petition
Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations
2 years, 3 months ago

Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations

Live Law  

The Insolvency and Bankruptcy Board of India has amended the IBBI Regulations, 2016 for a third time and has notified the amendment on 13.09.2022. The amendment has introduced Clause 34B and Schedule II to the CIRP Regulations which have brought about the following changes: The fee of the interim resolution professional or the resolution professional, appointed on or after 1st …

Corporate Insolvency Resolution Regulations Corporate Debtor Amendment Committee
CIRP Can Be Initiated Against Corporate Guarantor Without Proceeding Against Principal Borrower: Supreme Court
2 years, 4 months ago

CIRP Can Be Initiated Against Corporate Guarantor Without Proceeding Against Principal Borrower: Supreme Court

Live Law  

The Supreme Court held that Corporate Insolvency Resolution Process can be initiated against the Corporate Guarantor without proceeding against the principal borrower.The liability of the guarantor is co-extensive with that of the Principal Borrower, the bench comprising Justices Indira Banerjee and JK Maheshwari observed.In this case, the Adjudicating Authority admitted. The Supreme Court held that Corporate Insolvency Resolution Process can …

Supreme Court Corporate Court Nclt Bench This Court Principal
Guarantor Cannot Enjoy 'Right Of Subrogation' Even After CIRP Against Principal Debtor Gets Concluded: NCLT Hyderabad
2 years, 5 months ago

Guarantor Cannot Enjoy 'Right Of Subrogation' Even After CIRP Against Principal Debtor Gets Concluded: NCLT Hyderabad

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, while adjudicating a petition filed in State Bank of India v Shri. Ghanshyam Surajbali Kurmi, has held that a guarantor cannot enjoy a right of subrogation even after the Corporate Insolvency Resolution Process of the Principal Debtor gets concluded. The Financial …

Personal Corporate Financial Resolution Corporate Debtor Resolution Professional Resolution Plan
Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata
2 years, 6 months ago

Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating a petition filed in Orbit Towers Pvt. However, the Corporate Debtor failed to do so and the Financial Creditor paid Rs.8,45,19,907/- to the Indian Bank in capacity of a Corporate Guarantor. The Financial Creditor filed a petition under Section 7 of …

Kolkata Financial Rights Corporate Debtor Indian Right Nclt
Wave Megacity Projects, NCLT Dismisses Wave's Insolvency Plea With A Cost Of One Crore
2 years, 7 months ago

Wave Megacity Projects, NCLT Dismisses Wave's Insolvency Plea With A Cost Of One Crore

Live Law  

The National Company Law Tribunal, Principal bench comprising of Bhaskara Pantula Mohan and Mr. Hemant Kumar Sarangi dismissed the insolvency petition filed by Wave Megacity Centre Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. Brief Background Wave filed petition before the NCLT under Section 10 of IBC for initiation of insolvency process against itself on the …

Insolvency Homebuyers Nclt Fir Wave Bench Filing
Ansal Properties Pays The Dues Lately, NCLT Delhi Dismisses Insolvency Petition Imposing A Cost Of Rs. 1 Lakh On Ansal
2 years, 7 months ago

Ansal Properties Pays The Dues Lately, NCLT Delhi Dismisses Insolvency Petition Imposing A Cost Of Rs. 1 Lakh On Ansal

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri. Ansal Properties and Infrastructure Ltd., has dismissed the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against Ansal Properties and Infrastructure Ltd. after the outstanding dues were paid off. 1 Lakh has been imposed on Ansal Properties …

Properties Application Applicant Respondent Bench Adv Ibc
NCLAT Stays The CIRP Of National Textile Corporation Ltd., A Public Sector Enterprise
2 years, 7 months ago

NCLAT Stays The CIRP Of National Textile Corporation Ltd., A Public Sector Enterprise

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Shri Naresh Salecha, while adjudicating a petition filed in National Textile Corporation Ltd. v Hero Solar Energy Pvt. Ltd., has stayed the Corporate Insolvency Resolution Process against National Textile Corporation Ltd., which was initiated by NCLT Delhi vide an order dated 27.05.2022. Brief …

India National Operational Order Solar Nclt Nclat
Weekly Digest Of IBC Cases: 23rd May To 29th May, 2022
2 years, 7 months ago

Weekly Digest Of IBC Cases: 23rd May To 29th May, 2022

Live Law  

NCLAT Urges Central Government And IBBI To Consider Legislative Change For Payment To Operational Creditor Under Resolution Plan Case Title: Damodar Valley Corporation v Dimension Steel and Alloys Case No. 62 of 2022 The National Company law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla has urged the Central Government and the Insolvency and Bankruptcy Board …

Insolvency Resolution Customs National Operational Creditor Operational Limitation Act
Split Verdict Of NCLT, Hyderabad Bench On The Question Of Related Party, Issue Referred To President Of The Principal Bench
2 years, 7 months ago

Split Verdict Of NCLT, Hyderabad Bench On The Question Of Related Party, Issue Referred To President Of The Principal Bench

Live Law  

In a split verdict, a 2-judge Bench of NCLT, Hyderabad in the matter of Trimex Industries Pvt. Sathavahana Ispat Ltd. has referred to the President of the Principal Bench the question of – whether in an application filed by an Operational Creditor u/s 60 of the Code, the CoC can be barred from considering the resolution plan of a Prospective …

Financial Resolution Party Judicial Review Debt Technical Applicant
CIRP Cannot Be Initiated Solely For Interest Amount, If The Principal Amount Is Discharged: NCLT Delhi
2 years, 7 months ago

CIRP Cannot Be Initiated Solely For Interest Amount, If The Principal Amount Is Discharged: NCLT Delhi

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Abni Ranjan Kumar Sinha and Shri L.N. v KAD Housing Private Limited, has held that Corporate Insolvency Resolution Process cannot be initiated against a Corporate Debtor solely on the basis of the un-paid amount of interest, where the entire principal amount has already been discharged by the Corporate Debtor. …

Application Interest Bench Principal Adv Ibc Cirp