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Articles for Ibc, search results for approval

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT
6 days ago

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that copy of the Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with the suspended management of the corporate debtor when the suspended management is also a Resolution Applicant. It was further submitted that the CoC had approved the resolution …

Resolution Applicant Tribunal Plan Plans Shared Suspended
Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
1 week ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

Supreme Court Corporate Corporate Debtor Bank Application Debt Tribunal
Delisting Regulations Of SEBI Not Applicable To Delisting Of Equity Shares Under Resolution Plan: Bombay High Court
2 weeks, 2 days ago

Delisting Regulations Of SEBI Not Applicable To Delisting Of Equity Shares Under Resolution Plan: Bombay High Court

Live Law  

The Bombay High Court bench of Justices M.S.Sonak and Jitendra Jain has held that Delisting Regulations framed by the SEBI would not be applicable to the delisting of shares of the company in pursuance of the approval of a Resolution Plan under section 31 of the code. The petitioner submitted that the impugned regulation violates the objective of the SEBI …

India Court Resolution Regulations Resolution Plan Plan Sebi
Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT
1 month, 2 weeks ago

Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra affirmed that a settlement proposal under Section 12A of the IBC cannot be put before the CoC after the CoC has approved the resolution plan. Contentions The appellant submitted that Section 12A of IBC read with CIRP Regulation 30A provides scope for submission of multiple settlement proposals particularly …

Resolution Settlement Proposal Resolution Plan Tribunal Plan Singh
NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
1 month, 3 weeks ago

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that the eligibility/ineligibility of Successful Resolution Applicant under section 29A of the Insolvency and Bankruptcy Code (IBC) has to be seen on the date of submission of Resolution Plan. The tribunal found that when the Corporate Debtor was registered as MSME on 22.05.2022, the benefit of Section …

Law Corporate Resolution Compliance New Delhi
Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru
4 months, 3 weeks ago

Claims Submitted After Resolution Plan Approval Including Related Moratorium Period Not Allowed Under IBC: NCLT Bengaluru

Live Law  

The National Company Law Tribunal Bengaluru bench of K. Biswal and Manoj Kumar Dubey has held that claims submitted after the approval of the Resolution Plan, including those related to the moratorium period, are not allowed under the Insolvency and Bankruptcy Code. The NCLT noted that the RP's letter highlighted that some employees did not have Unique Identification Numbers due …

Resolution Employees Claims Held Period Plan Nclt
Resolution Applicant Whose Name Was Not Included In 'Prospective Resolution Applicants' List Cannot Be Substituted At Later Stage: NCLAT, Delhi
4 months, 3 weeks ago

Resolution Applicant Whose Name Was Not Included In 'Prospective Resolution Applicants' List Cannot Be Substituted At Later Stage: NCLAT, Delhi

Live Law  

The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun Mitra held that a resolution applicant, who did not take part in the CIRP process from the beginning and was not included in the list of prospective resolution applicants, cannot be suddenly substituted as a resolution applicant to implement the plan of the Corporate Debtor. …

Energy Delhi Investment Resolution Plan Plan Nclt Rbi
HNG case and CCI: Regulatory norms flouted to delay IBC process
6 months, 2 weeks ago

HNG case and CCI: Regulatory norms flouted to delay IBC process

Op India  

Liberalised economies have the potential to unleash the potential of industries and businesses, however, that potential can only be realised when these markets are fair and competitive. In this case, the CCI approval of the AGI plan was necessary because the combination of AGI and HNG would create a monopolistic market, owing to the two companies being number 1 and …

Finance India Kolkata Market Resolution Competition Regulatory
Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai
7 months, 2 weeks ago

Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that claims cannot be admitted after the approval of the resolution plan by the Committee of Creditors even if approval by the Adjudicating Authority under section 31 of the Insolvency and Bankruptcy Code, 2016 is pending. In November 2021, Mr. Jai …

Resolution Resolution Plan Respondent Plan Nclt Approval Kumar
NCLT Bengaluru Admits Charter Aircraft Service Provider 'Deccan Charters' Into Insolvency
8 months, 2 weeks ago

NCLT Bengaluru Admits Charter Aircraft Service Provider 'Deccan Charters' Into Insolvency

Live Law  

The National Company Law Tribunal, Bengaluru Bench, comprising of Shri K. Biswal and Shri Manoj Kumar Dubey, has admitted Deccan Charters Pvt. Deccan Charters is a Bengaluru based company which operates chartered helicopters and fixed wing aircrafts and also provides services such as aircraft maintenance, aircraft management and aviation training. In 2017, Shaishav Shah & Family and Himanshu Shah & …

Business Corporate Aircraft Nclt Bench Charter Bta
NCLT Mumbai Holds Resolution Professional Accountable For Biased Conduct, Sets Aside Approved Resolution Plan
8 months, 3 weeks ago

NCLT Mumbai Holds Resolution Professional Accountable For Biased Conduct, Sets Aside Approved Resolution Plan

Live Law  

The National Company Law Tribunal Mumbai bench, comprising of Justice Reeta Kohli and Madhu Sinha, has held the Resolution Professional accountable for biased conduct aimed at facilitating the approval of the Successful Resolution Applicant Plan by the Committee of Creditors. Consequently, the NCLT has set aside the Resolution Plan of the SRA, as approved by the COC, holding SRA ineligible …

Resolution Resolution Professional Resolution Plan Plan Nclt Approval Sra
NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital
9 months, 1 week ago

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice V.G. 9,661 crore resolution plan submitted by IndusInd International Holdings Ltd for Reliance Capital under Section 31 of the Insolvency and Bankruptcy Code, 2016. Background Facts: On 06.12.2021, NCLT Mumbai admitted the Corporate Insolvency Resolution Process application and appointed Mr. Nageswara Rao Y as the Administrator of Reliance Capital Limited. Case Title: …

Resolution Applicant Resolution Plan Plan Crore Nclt Reliance
NCLT Has Inherent Power To Recall Order Approving Resolution Plan Which Is Not Submitted As Per IBC : Supreme Court
10 months, 1 week ago

NCLT Has Inherent Power To Recall Order Approving Resolution Plan Which Is Not Submitted As Per IBC : Supreme Court

Live Law  

The Supreme Court on Monday observed that the Adjudicating Authority i.e., NCLT under Insolvency and Bankruptcy Code, 2016 has the power to recall its order approving the resolution plan if the resolution plan is not submitted as per the mandate of the Code. The Resolution Applicant had preferred a recall application before the AA seeking recall of its order approving …

Supreme Court Court Resolution Power Application Order Recall
Weekly Digest Of IBC Cases: 13th To 19th November 2023
1 year, 1 month ago

Weekly Digest Of IBC Cases: 13th To 19th November 2023

Live Law  

NCLAT Case Title: Patsons Construction v Shri Ram Ratan Kanoongo Case No. 1269 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has set aside a direction passed by the NCLT requiring a creditor to pay usage charges of a machine to the Corporate Debtor in absence …

Resolution Title Application Plan Nclt Machine Bench
NCLT Ahmedabad Rejects Resolution Plan For Failing To Address Issues Of Cash Flow, Value Of Assets And Statutory Dues
1 year, 1 month ago

NCLT Ahmedabad Rejects Resolution Plan For Failing To Address Issues Of Cash Flow, Value Of Assets And Statutory Dues

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Mrs. Chitra Hankare and Dr. Velamur G Venkata Chalapathy, has declined to approve a resolution plan which failed to address the issue of cash flows, value of assets, statutory dues and proposed payment of merely Rs. “The Resolution Plan does not address the cash flows and value of the Assets enumerated …

Assets Claims Resolution Plan Statutory Nclt Value Dues
NCLAT New Delhi: Haircut In Resolution Plan Cannot Be Construed As Being Violative Of Section 30(2)(E) Of IBC
1 year, 1 month ago

NCLAT New Delhi: Haircut In Resolution Plan Cannot Be Construed As Being Violative Of Section 30(2)(E) Of IBC

Live Law  

The National Company Law Appellate Tribunal Principal Bench, New Delhi comprising Mr. Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that a haircut in Resolution Plan cannot be construed as being violative of Section 30 of the Insolvency and Bankruptcy Code, 2016 and the minority homebuyers have to necessarily sail with the majority within the class. The …

Resolution Resolution Plan New Delhi Appellants Plan Nclat Coc
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
Differential Payments Can Be Made To Assenting And Dissenting Unsecured Financial Creditors: NCLAT Delhi
1 year, 4 months ago

Differential Payments Can Be Made To Assenting And Dissenting Unsecured Financial Creditors: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Peter Beck and Partner Vermoegensverwaltung GMBH v Sharon Bio-medicine Limited & Ors., has held that differential payments can be made between the unsecured Financial Creditors who voted in favour of the plan and the ones who …

Financial Resolution Corporate Debtor Payment Plan Nil Bench
Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi
1 year, 5 months ago

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi

Live Law  

The National Company Law Tribunal, Principal Bench, comprising of Chief Justice Ramalingam Sudhakar and Shri Avinash K Srivastava, while adjudicating a petition filed in the matter ofM/s. Ltd.,has held that a co-joint reading of Sections 52, 53 and 30 of IBC reveals that a Dissenting Financial Creditor is at best entitled to the liquidation value commensurate with its security interest. …

Security Corporate Financial Resolution Corporate Debtor Interest Plan
Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai
1 year, 7 months ago

Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Smt Anuradha Sanjay Bhatia, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Birla Cotsyn Limited vs Birla Global Corporate Private Limited has held that prior approval of the Adjudicating Authority under Section 33 of IBC, 2016 is mandatory before initiating an …

Corporate Financial Legal Proceedings Tribunal Limited Liquidator Ibc
NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC
1 year, 9 months ago

NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Noble Marine Metals Co WLL v Kotak Mahindra Bank Limited & Ors., has upheld the order of Adjudicating Authority whereby a Resolution Plan was remitted back to the Committee of Creditors for making changes, only to the …

Corporate Resolution Resolution Plan Plan Committee Bench Nclat
Weekly Digest Of IBC Cases: 27 February To 6 March 2023
1 year, 9 months 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 …

Corporate Resolution National Corporate Debtor Company Law Technical Resolution Professional
Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate
1 year, 10 months ago

Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Ltd., has ordered liquidation of the Corporate Debtor as the Resolution Applicant willfully failed to implement the resolution plan. Subsequently, Edelweiss Asset Reconstruction Company Ltd., being one of the financial creditors, filed an application seeking liquidation of the Corporate Debtor and orders to be passed against the Resolution Applicant …

Corporate Resolution Corporate Debtor Applicant Plan Nclt Bench
Partial Payment Of PF & Gratuity Dues Violative Of Section 30(2)(E) Of IBC: NCLAT Chennai Reiterates
1 year, 10 months ago

Partial Payment Of PF & Gratuity Dues Violative Of Section 30(2)(E) Of IBC: NCLAT Chennai Reiterates

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 Mrs. C.G. The Bench held that the approved resolution plan violated Section 30 of IBC, by paying only 35.13% of the PF and Gratuity dues and thus treating the workmen/employees as Secured Creditors. Contention Of Appellants The …

Corporate Resolution Gratuity Payment Provident Fund Resolution Plan Tribunal