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Articles for Irp

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
9 hours, 26 minutes ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

Claims Resolution Plan Tribunal Claim Irp Sra Appellant
Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT
1 week, 2 days ago

Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the amount deposited with the bank by the corporate debtor in pursuance of an One Time Proposal to show bonafides will remain assets of the corporate debtor and can be taken into custody by the RP under section 18 of the code when …

Money Corporate Debtor Bank Nclat Account Irp Asset
NBCC to complete 16 stalled Supertech projects; 10 things homebuyers should know
1 week, 3 days ago

NBCC to complete 16 stalled Supertech projects; 10 things homebuyers should know

Hindustan Times  

In a move that will bring relief to almost 50,000 buyers, the National Company Law Appellate Tribunal has appointed the government’s construction arm NBCC as a project management consultant to complete real estate company Supertech Ltd's 16 projects that have been delayed in Uttar Pradesh, Uttarakhand, Haryana and Karnataka. NCLAT has appointed the government’s construction arm NBCC as a project …

Karnataka Construction Court Uttar Pradesh Haryana Uttarakhand Order
NCLAT appoints NBCC as consultant to complete Supertech's 16 housing projects in UP, Uttarakhand, Haryana and Karnataka
1 week, 4 days ago

NCLAT appoints NBCC as consultant to complete Supertech's 16 housing projects in UP, Uttarakhand, Haryana and Karnataka

Hindustan Times  

In a move that will bring relief to thousands of homebuyers, the National Company Law Appellate Tribunal has appointed the government’s construction arm NBCC as a project management consultant to complete real estate company Supertech Ltd's 16 real estate projects in Uttar Pradesh, Uttarakhand, Haryana and Karnataka at a cost of almost ₹9,500 crore. National Company Law Appellate Tribunal has …

Karnataka Court Uttar Pradesh Haryana Uttarakhand Projects Project
[IBC] Telangana HC Quashes Proceedings Against Ex-Director Of Company, Says IRP Had Already Taken Charge When Complaint Was Filed
1 week, 5 days ago

[IBC] Telangana HC Quashes Proceedings Against Ex-Director Of Company, Says IRP Had Already Taken Charge When Complaint Was Filed

Live Law  

The High Court of Telangana has delivered an important decision on the issue regarding criminal liability of Directors and corporate governance. Gena Pharmaceuticals Limited of manufacturing and marketing drugs with objectionable Counsel for the petitioner, Advocate Zubin JF Poovathinkal, contended that the petitioner had stepped down from the position of Director in 2019, and the company's complete control was transferred …

Court Director Criminal Company Liability State Held
Guarantor Cannot Become Financial Creditor Without Making Any Payment In Discharge Of Guarantee: NCLAT
3 weeks, 4 days ago

Guarantor Cannot Become Financial Creditor Without Making Any Payment In Discharge Of Guarantee: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that guarantor cannot become a financial creditor without paying any amount towards discharging the liability of the principal borrower for whom the guarantee was given. The IRP sent a report in which two more unsecured financial creditors, the appellants herein, were …

Corporate Financial Bank Loan Payment Nclat Irp
Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT
1 month ago

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey affirmed that a shareholder of the company is not the “aggrieved party” as per the provisions of the Code therefore appeal filed by him under section 61 of the Code would not be maintainable. In the aforesaid Company matter, the Respondent no.1 submitted copy …

Appeal Corporate Shareholders Corporate Debtor Operational Creditor Companies Act Company
Raheja Developers moves NCLAT against insolvency
1 month ago

Raheja Developers moves NCLAT against insolvency

Live Mint  

New Delhi, Nov 20 Raheja Developers on Wednesday moved before the appellate tribunal NCLAT to challenge the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. The said order has been now challenged by Navin Raheja, Chairman & Managing Director of the suspended board of the realty firm before the National Company …

Gurugram Nclt Developers Irp Force Majeure Cirp Raheja Developers
Development Rights Constitute Property U/S 3(27) Of IBC, Can Be Included In Information Memorandum By RP U/S 29 Of Code: NCLAT
1 month ago

Development Rights Constitute Property U/S 3(27) Of IBC, Can Be Included In Information Memorandum By RP U/S 29 Of Code: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra affirmed that development rights are property within the meaning of section 3 of the IBC which can be included in the Information Memorandum by Resolution Professional under section 29 of the IBC. The Tribunal further observed that the Adjudicating Authority has jurisdiction to enter into as to whether …

India Bengaluru Development Corporate Property Rights Collaboration
Interest On Operational Debt Cannot Be Claimed If There Is No Clause In Agreement For Payment Of Interest: NCLAT
1 month ago

Interest On Operational Debt Cannot Be Claimed If There Is No Clause In Agreement For Payment Of Interest: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that no interest on principal amount can be claimed if there is no clause to this effect in the agreement executed between the parties. The RP has also filed reply to the Supplementary Affidavit, which was filed by the Appellant, with regard to interest, it was pleaded …

Corporate Debt Interest Payment Agreement Nclt Filed
NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
1 month, 1 week ago

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection

Live Law  

The NCLAT bench comprising Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has allowed the refund of pre-Corporate Insolvency Resolution Process electricity dues paid by the Successful Resolution Applicant. Thus the pre-CIRP dues by the appellant were paid under protest and under protection of the order of NCLT and thus it related to the revival of the Corporate Debtor in …

Corporate Electricity Resolution Tribunal Held Respondent Plan
Resolution Professional Has Authority To Determine Creditor's Related Party Status: NCLAT
1 month, 2 weeks ago

Resolution Professional Has Authority To Determine Creditor's Related Party Status: NCLAT

Live Law  

The NCLAT bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the Resolution Professional has the authority to determine the related party status of a creditor. On 31.12.2021, the RP notified the Appellant of its classification as a related party under section 5 of IBC due to its connection with Kanoria Foundation, which …

Trust Corporate Resolution Corporate Debtor Foundation Resolution Professional Tribunal
Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order
2 months, 3 weeks ago

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order

The Hindu  

The Supreme Court on Thursday reserved its judgment on an appeal filed by of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal allowing the ed-tech firm Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India. During back-to-back hearing in the case, the apex …

India Supreme Court Court Bcci Nclat Irp Glas Trust
Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel
3 months, 2 weeks ago

Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel

New Indian Express  

BENGALURU: Byju's insolvency resolution professional Pankaj Srivastava has removed the edtech company's US-based lender Glas Trust from the committee of creditors. They said no interim resolution professional in the history of the Insolvency and Bankruptcy Code of India has ever attempted to unlawfully strip financial creditors of claims of this magnitude amounting to more than USD 1.35 billion without any …

Trust Bengaluru Insolvency Nclt Bcci Nclat Pankaj
Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai
4 months, 4 weeks ago

Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Shri Sanjiv Dutt and Shri K.R. The NCLT held that the Insolvency and Bankruptcy Board of India has the authority to regulate and recognize IPEs as resolution professionals, despite the IBC not explicitly mentioning them as professional service providers. The CoC clarified that although the IBC prima facie recognises only three entities …

Board Insolvency Resolution Regulations Resolution Professional Professional Professionals
NCLT begins insolvency resolution process against Supertech
5 months ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

Insolvency Resolution Bank Order Projects Process Project
Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week ago

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be …

India Real Estate Justice Delhi Mumbai Supreme Court High Court
How Authoritarian Oppression Breeds Religious Extremism in Central Asia
6 months ago

How Authoritarian Oppression Breeds Religious Extremism in Central Asia

The Diplomat  

For centuries, Central Asia has served as a major center of Islamic culture and civilization. Soviet leaders Joseph Stalin and Nikita Khrushchev sought to isolate Central Asia from the Muslim world and replace Islam with Soviet-backed doctrines of communism and atheism by such measures as closing or destroying mosques and religious schools, burning veils in public, and discontinuing Islamic Shariah …

Political Asia Islamist Islam Party State State Control
Insolvency process begins against Supertech Goup’s Supernova project in Noida
6 months, 1 week ago

Insolvency process begins against Supertech Goup’s Supernova project in Noida

Hindustan Times  

The National Company Law Tribunal has initiated corporate insolvency resolution process against Supertech Group’s subsidiary Supertech Realtors Private Limited, which is developing a commercial tower at the Supernova project in Noida, Sector 94, after it failed to pay a debt of ₹150 crore to the Bank of Maharashtra, in pursuance to an order issued by the NCLT on June 12. …

Corporate Insolvency Bank Supernova Noida Nclt Tower Irp
Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution
6 months, 1 week ago

Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution

Live Law  

The Madras High Court comprising of Justice N. Seshasayee held that every claim by operational creditors involves a right to their property under Article 300A of the Constitution of India. Observations by the High Court: The Madras High Court dismissed the writ petition and highlighted a key point that every claim by operational creditors involves a right to their property …

India Corporate Constitution Property Court Right High
Settlement Agreement During Pendency Of Section 7 Petition Does Not Bar From Filing Second Section 7 Petition: NCLAT Delhi
6 months, 2 weeks ago

Settlement Agreement During Pendency Of Section 7 Petition Does Not Bar From Filing Second Section 7 Petition: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising Justice Rakesh Kumar Jain, Shri Naresh Salecha and Shri Indevar Pandey, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Desh Bhushan Jain, Erstwhile Director of Angel Promoters Pvt. has held that a second petition under Section 7 is maintainable if the Corporate Debtor defaulted in …

Corporate Corporate Debtor Settlement Promoters Agreement Angel Pvt
Noida authority in high court to delay registry at Lotus 300 till dues are paid
7 months, 3 weeks ago

Noida authority in high court to delay registry at Lotus 300 till dues are paid

Hindustan Times  

The Noida authority has filed a review petition before the Allahabad high court challenging its earlier order that directed that registry of apartments in Lotus 300 housing project in Sector 107, Noida, be executed without further delay. The authority has expressed its inability to issue permission for registry as land cost dues amounting to ₹ 166 crore is still pending …

High Court Court Project Noida Dues 300 Lotus
NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'
8 months, 1 week ago

NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal, Justice Sharad Kumar Sharma and Jatindranath Swain, has stayed the insolvency proceedings initiated against Deccan Charters Pvt. On 04.05.2022, the Financial Creditor filed an application under Section 7 of IBC seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, over a default of Rs. On …

Business Corporate Nclt Nclat Charter Bta Irp
NCLT Bengaluru Admits Charter Aircraft Service Provider 'Deccan Charters' Into Insolvency
8 months, 1 week 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