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Banking Companies Not Required To Exhaust MSME Revival Option Before Filing Petition U/S 7 Of IBC: NCLT, Mumbai
1 month, 1 week ago

Banking Companies Not Required To Exhaust MSME Revival Option Before Filing Petition U/S 7 Of IBC: NCLT, Mumbai

Live Law  

The NCLT, Mumbai Bench comprising Shri Prabhat Kumar and Justice Shri V.G. She sought a declaration that being a Micro, Small, and Medium Enterprise within the meaning of Micro, Small and Medium Enterprises Development Act, 2006 and the Notification dated 29.05.2015 issued by the Central Government under Section 9 of the Act, as well as circulars and guidelines issued by …

Mumbai Supreme Court Corporate Financial Resolution Corporate Debtor Nclt
NCLT Kolkata: NCLT Has No Jurisdiction To Set Aside Arbitral Award Passed During Moratorium Period U/S 14 Of IBC
7 months, 2 weeks ago

NCLT Kolkata: NCLT Has No Jurisdiction To Set Aside Arbitral Award Passed During Moratorium Period U/S 14 Of IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee and Shri D. Arvind held that the Adjudicating Authority lacks jurisdiction to set aside an arbitral award even when the award was issued post-initiation of Corporate Insolvency Resolution Process and during moratorium period under Section 14 of the Insolvency and Bankruptcy Code, 2016. Subodh Kumar Agarwal, the Resolution Professional of …

Kolkata Jurisdiction Tribunal Nclt Set Award Moratorium
NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC
8 months, 3 weeks ago

NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC

Live Law  

The National Company Law Tribunal Kolkata, comprising Smt. Bidisha Banerjee, and Shri D. Arvind held that Any attachment of tainted assets of a Corporate Debtor before the Corporate Insolvency Resolution Process commencement would always be available to fulfill the object and goal of the Insolvency and Bankruptcy Code, 2016. NCLT Verdict: The NCLT Kolkata allowed the CIRP application and held …

Kolkata Corporate Resolution Corporate Debtor Assets Tribunal Nclt
NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default
10 months, 2 weeks ago

NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Mr. Kishore Vemulapalli and Ms. Anu Jagmohan Singh held that the date of default by the Principal Borrower is not relevant to determine the date of default by the Corporate Guarantor. NCLT Verdict: The NCLT Mumbai allowed the application and held that the date of default by the Principal Borrower is not …

Mumbai Corporate Financial Corporate Debtor Date Nclt Default
Passing Of Decree Or Award Does Not Alter The Nature Of Operational Debt To Financial Debt: NCLT Mumbai
10 months, 3 weeks ago

Passing Of Decree Or Award Does Not Alter The Nature Of Operational Debt To Financial Debt: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan, has held that the nature of an operational debt would not change to financial debt with the passing of a decree or arbitral award in respect of the same. “Undisputedly, the claim on the basis of which arbitral proceedings were initiated by …

Nature Financial Corporate Debtor Operational Work Debt Nclt
NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
11 months, 2 weeks 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
NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers (India) Ltd.
2 years, 5 months ago

NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers (India) Ltd.

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 UCO Bank v Vinod Kumar Mittal, has initiated Insolvency Resolution Process against Mr. Vinod Kumar Mittal, who is the Personal Guarantor to the loan sanctioned to Gontermann-Pipers Limited by UCO Bank. Mr. Vinod Kumar Mittal is one …

India Bank Process Ibc Insolvency Resolution Uco Bank Insolvency Process
Ansal Properties Pays The Dues Lately, NCLT Delhi Dismisses Insolvency Petition Imposing A Cost Of Rs. 1 Lakh On Ansal
2 years, 6 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
Amount Disbursed By NBFC Upon Oral Agreement Not Covered In Financial Debt: NCLT Kolkata
2 years, 8 months ago

Amount Disbursed By NBFC Upon Oral Agreement Not Covered In Financial Debt: NCLT Kolkata

Live Law  

The NCLT Kolkata Bench comprising of Shri Rajasekhar V.K. An oral agreement was entered into between the parties whereby the Financial Creditor would disburse Rs.10,00,000/- to the Corporate Debtor over an interest rate of 16% per annum from the date of disbursal. However, the Corporate Debtor failed to repay the principal amount despite several oral demands by the Financial Creditor. …

Corporate Financial Debt Loan Interest Authority Ibc
NCLT Has No Jurisdiction To Examine Legality Of Action Taken Under MPID Act: Bombay High Court
4 years, 1 month ago

NCLT Has No Jurisdiction To Examine Legality Of Action Taken Under MPID Act: Bombay High Court

Live Law  

The Bombay High Court has held that the National Company Law Tribunal has no jurisdiction to examine the legality or validity of action taken under the Maharashtra Protection of Interest of Depositors Act and it is only the designated Court constituted under Section 6 of the said act that will have exclusive jurisdiction to deal with the same. More significantly, …

Jurisdiction Court Order State Nclt Fir Patil