The NCLT New Delhi bench of Justice Shri Bachu Venkat Balaram Das and Shri Atul Chaturvedi has held that there is no such provision in the IBC, 2016 and in the Regulation made thereunder that allows the Operational Creditor to issue multiple demand notices to the Corporate Debtor. This fact is itself enough to draw an inference that the Corporate …
The National Company Law Tribunal Kolkata comprising Smt. Bidisha Banerjee and Shri D. Arvind held that the filing of default information with Information Utility in compliance with Rule 20 of IBBI Regulations 2017 is not mandatory compliance. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that the filing of default information with Information Utility in compliance with …
The National Company Law Tribunal has released a Circular dated 03.04.2023, requesting the Petitioners in Sections 7 and 9 of IBC proceedings to produce the record of Information Utility for effective hearing of their case and comply with Regulation 20 of Insolvency and Bankruptcy Board of India Regulation, 2016. Brief background Regulation 20 was inserted in the Insolvency and Bankruptcy …
The Calcutta High Court has struck down the order passed by the National Company Law Tribunal on May 12, 2020 which mandated submission of record of default from Information Utility in Section 7, Insolvency & Bankruptcy Code applications, both prospectively as well as retrospectively. The impugned order passed by the Principle Bench, New Delhi of NCLT read as: "All concerned …
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