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Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that non impleadment of the owner in application under section 19 of the code filed by the liquidator due to the uncertainty over the ownership of the premises cannot be termed malafide. However, on 01.07.2020, the liquidator filed Section 19 application under IBC …

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the fee of the liquidator has to be paid within 90 days from the liquidation commencement date as provided under Regulation 21A of the Liquidation Regulations if the secured creditor opts to realise its security interest under section 52 of the code. Observations: …

The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain, Naresh Salecha and Mr Indevar Pandey held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. Brief Facts: The Corporate Insolvency Resolution Process was commenced against Narmada Cereal Private Ltd.. After the CIRP's failure, the National Company Law Tribunal, New …

Liquidator Can Recover Amount Which Belongs To Corporate Debtor By Filing Application U/S 60(5)(c) Of IBC: NCLAT

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that liquidator can recover the amount of the corporate debtor by filing an application under section 60 of the code before the NCLT as it is a matter which arises solely from or which relates to the insolvency of the Corporate …

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No. 105, 106, 990 of 2024 The National Company Law Appellate Tribunal Delhi, comprising Mr. Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey held that …

Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court

The Delhi High Court bench of Justice Subramonium Prasad held that official liquidators must adhere to ethical principles and demonstrate an unwavering commitment to fairness to discharge their duties under the Insolvency and Bankruptcy Code. They must adhere to the highest standards of ethical conduct, diligence, and impartiality to uphold the integrity of the process…” Brief Facts: The Petitioner approached …

Liquidator

IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation

The Insolvency and Bankruptcy Board of India has issued a circular dated 13.02.2024, intimating that when a Financial Service Provider undergoes voluntary liquidation under IBC, then the Liquidator shall declare that: the category of Financial Service Providers has been notified by the Central Government under Section 227 of IBC, and the corporate person has obtained prior permission from the appropriate …

Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising of Smt. The Bench has rejected an appeal filed under Section 42 of IBC, whereby Employees Provident Fund Organization challenged a letter sent by the Liquidator at a time when he stood discharged from his duties due to dissolution of the Corporate Debtor. The Employees Provident Fund Organization passed orders under Section …

NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations

The National Company Law Appellate Tribunal, New Delhi Bench, comprising Justice Ashok Bhushan and Barun Mitra has held that the Liquidator is entitled to his fee under Section 34 of the Insolvency and Bankruptcy Code, 2016 and Regulation 4 of Insolvency and Bankruptcy Board of India Regulations, 2016 and Cost under Regulation 2B of Liquidation Regulations. NCLAT Verdict: The NCLAT …

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

The National Company Law Tribunal, Kolkata Bench, comprising of Ms. Bidisha Banerjee and Shri Balraj Joshi, has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI Regulations 2016. In 2022, the Liquidator filed an application under Section 54 of IBC seeking dissolution of Corporate Debtor. The liquidator shall …