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Deposit In Pursuance Of One Time Settlement Proposal Remains Corporate Debtor's Asset If Settlement Fails: NCLAT
1 week, 3 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
Interest On Operational Debt Cannot Be Claimed If There Is No Clause In Agreement For Payment Of Interest: NCLAT
1 month, 1 week 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
Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel
3 months, 3 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
Settlement Agreement During Pendency Of Section 7 Petition Does Not Bar From Filing Second Section 7 Petition: NCLAT Delhi
6 months, 3 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
NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default
10 months, 3 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
NCLT Mumbai Refuses To Admit Belated Claim Of EPFO Submitted Post Approval Of Resolution Plan By The CoC
1 year, 4 months ago

NCLT Mumbai Refuses To Admit Belated Claim Of EPFO Submitted Post Approval Of Resolution Plan By The CoC

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Smt. Anuradha Sanjay Bhatia, while adjudicating an application filed in Small Industrial Development Bank of India v E & G Global Estates Limited, has refused to admit the claim of Employee Provident Fund Organization, which was submitted belatedly after the approval of resolution plan by the …

Corporate Resolution Corporate Debtor Applicant Claims Provident Fund Resolution Plan
Shifting Entire Blame On IRP Not Justified; Creditors Must Also Play Catalytic Role In CIRP: NCLAT Delhi
1 year, 9 months ago

Shifting Entire Blame On IRP Not Justified; Creditors Must Also Play Catalytic Role In CIRP: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Shri Guru Containers v Jitendra Palande, has held that creditors must not shift the entire blame on the IRP on grounds of non-performance of duty and make him the scapegoat. Background Facts Shri Guru Containers filed an …

Corporate Operational Order Bench Nclat Irp Creditors
NCLAT Delhi Sets Aside Rs. 25000 Cost Imposed On Resolution Professional By AA
1 year, 9 months ago

NCLAT Delhi Sets Aside Rs. 25000 Cost Imposed On Resolution Professional By AA

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Sanjai Kumar Gupta v Gouri Prasad Goenka, has set aside an order whereby the Adjudicating Authority had imposed a cost of Rs. The Interim Resolution Professional of the Corporate Debtor had filed an application before the Adjudicating …

Director Resolution Application Order Resolution Professional Bench Nclat
Supertech Twin-Towers : Supreme Court Allows Disbursal Of Rs 1 Crore Deposited By IRP To 15 Homebuyers On Pro Rata Basis
2 years ago

Supertech Twin-Towers : Supreme Court Allows Disbursal Of Rs 1 Crore Deposited By IRP To 15 Homebuyers On Pro Rata Basis

Live Law  

In a matter pertaining to compensation sought by homebuyers of Supertech Twin Towers, that has now been demolished, the Supreme Court, on Monday, directed the disbursal of INR One crore that has been deposited by the Interim Resolution Professional of Supertech Ltd. with the Apex Court's Registry on 8th December, 2022. On 26.08.2022, the Apex Court had asked the IRP …

Supreme Court Court Homebuyers Crore Deposited Bench Inr
Supertech Towers Case : Supreme Court Allows Disbursal Of Rs 1 Crore To 15 Homebuyers; Directs Builder's IRP To Depist Rs 1 Crore More
2 years, 2 months ago

Supertech Towers Case : Supreme Court Allows Disbursal Of Rs 1 Crore To 15 Homebuyers; Directs Builder's IRP To Depist Rs 1 Crore More

Live Law  

The Supreme Court, on Friday, directed the disbursal of Rs. One crore that has been deposited by the Interim Resolution Professional of Supertech Ltd with the Apex Court's Registry pursuant to the order dated 26.08.2022. On 26.08.2022, the Apex Court had asked the IRP to deposit an amount of Rs One Crore with the Supreme Court Registry before 30.09.2022. The …

Supreme Court Court Homebuyers Bench Supertech Registry Irp
Adani's IBC Acquisition: Bombay HC Directs MSEDCL To Provide New Electricity Connection Without Clearance of National Rayon Co.'s Past Dues Worth 28Cr
2 years, 2 months ago

Adani's IBC Acquisition: Bombay HC Directs MSEDCL To Provide New Electricity Connection Without Clearance of National Rayon Co.'s Past Dues Worth 28Cr

Live Law  

In a relief for Adani Properties that acquired the National Rayon Corporation under the Insolvency and Bankruptcy Code in 2020, the Bombay High Court directed the State Electricity Department to provide a new electricity connection without seeking clearance of NRC's "Rs. A division bench of Justices Gautam Patel and Gauri Godse prima facie agreed with NRC's argument that MSEDCL's didn't …

Court Resolution Resolution Plan Plan Dues Adani Claim
Supreme Court Weekly Round Up: August 22 To August 28, 2022
2 years, 3 months ago

Supreme Court Weekly Round Up: August 22 To August 28, 2022

Live Law  

AIFF Elections - 'Equal Representation Of Players Necessary', Bhaichung Bhutia Moves Supreme Court Supporting CoA Ex-Indian football captain Baichung Bhutia had moved the Supreme Court seeking the draft constitution finalised by the CoA to be adopted as the new Constitution of the All India Football Federation as it prioritises and promotes welfare of the players over the vested interest of …

India Karnataka Justice Delhi Ukraine Supreme Court Writ Petition
Noida Supertech Twin Towers Demolition: What Happens To Homebuyers' Deposit Money?
2 years, 3 months ago

Noida Supertech Twin Towers Demolition: What Happens To Homebuyers' Deposit Money?

News 18  

The day has finally arrived when the historic Noida Supertech twin towers demolition is going to take place. The Supreme Court on Friday directed the interim resolution professional of Supertech, which is facing insolvency proceedings, to deposit Rs 1 crore with the apex court registry by September 30. The Supreme Court said, “In the meantime, in order to ensure that …

Court Homebuyers Crore Noida Twin Irp Rs 1 Crore
Supreme Court Directs Supertech's IRP To Deposit Rs 1 Crore With Registry For Homebuyers' Relief
2 years, 3 months ago

Supreme Court Directs Supertech's IRP To Deposit Rs 1 Crore With Registry For Homebuyers' Relief

Live Law  

With a view to ensure that homebuyers get some relief, the Supreme Court on Friday asked the Interim Resolution Professional of Supertech Ltd. to deposit an amount of Rs One Crore with the Supreme Court Registry before September 30, 2022. A Bench of Justices DY Chandrachud, JB Pardiwala and Surya Kant also directed the Amicus curiae Gaurav Agarwal and the …

Supreme Court Court Homebuyers Supreme Bench This Court Supertech
Noida Supertech towers to be demolished this Sunday, how much will flat owners get back in refunds? SC's reply
2 years, 3 months ago

Noida Supertech towers to be demolished this Sunday, how much will flat owners get back in refunds? SC's reply

India TV News  

Highlights SC assured home buyers of Supertech twin towers that they will be refunded full amount Apex court asked IRP of firm, to deposit Rs one crore with the apex court registry Supertech's 40-storey twin towers of Sector 93A of Noida are scheduled to be razed on August 28 The Supreme Court Friday assured the home buyers of the to-be-razed …

Court Home Buyers Crore Noida Buyers Refund Towers
NCLAT Delhi Sets Aside The CIRP Of LA Residentia Developers, As Parties Enter Settlement
2 years, 4 months ago

NCLAT Delhi Sets Aside The CIRP Of LA Residentia Developers, As Parties Enter Settlement

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Naresh Salecha, while adjudicating an appeal filed in Amrapali LA-Residentia Flat Buyers Welfare Association v LA Residentia Developers Pvt. The Operational Creditor in 2020 had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 before the NCLT …

Corporate Corporate Debtor Operational Creditor Operational Application Ors Filed
NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.
2 years, 6 months ago

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Mr. Kishore Vemulapalli and Mr. Rajesh Sharma, while adjudicating an application in Srei Equipment Finance Ltd. v Nirmal Lifestyle Pvt. Contentions Of The Corporate Debtor The Corporate Debtor submitted that it had requested the Financial Creditor for restructuring the Loan amount due to the financial disruptions caused by COVID 19 pandemic …

Financial Corporate Debtor Loan Limited Default Irp Ibc
Ram Charan Company Private Limited appeals against NCLT order
2 years, 7 months ago

Ram Charan Company Private Limited appeals against NCLT order

New Indian Express  

CHENNAI: Chennai-based firm Ram Charan Company Private Limited, which is facing Corporate Insolvency Resolution Proceedings after it failed to pay a loan of Rs 3.5 crore to Classic Exports, has appealed against the order passed by the Chennai Bench of National Company Law Tribunal. This comes after a Division Bench of R Sucharitha, member, and Sameer Kakar, member, of NCLT …

Insolvency Nclt Irp Cir Classic Exports Limited Appeals Rccpl
NCLT orders insolvency proceedings against Supertech Ltd over Rs 432 crore default
2 years, 8 months ago

NCLT orders insolvency proceedings against Supertech Ltd over Rs 432 crore default

Firstpost  

This is the second major setback for Noida-based developers in the last year. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said, “there has …

India Delhi Insolvency Projects Company Crore Noida
IBBI Has Jurisdiction To Regulate Payment Of IRP And RP: NCLAT
2 years, 10 months ago

IBBI Has Jurisdiction To Regulate Payment Of IRP And RP: NCLAT

Live Law  

The NCLAT, Principal Bench consisting of Justice Ashok Bhushan, Chairperson and V.P. Singh, Technical Member in the case of Sumit Bansal, Insolvency Professional v. Committee of Creditors of JP Engineers held that the IBBI is clothed with the jurisdiction to regulate payment of remuneration of the RP and IRP both by framing regulations or by issuing executive instructions till regulations …

Regulations Payment Nclat Code Regulate Authority Appellant
In IBC Proceedings, Penalty Can Be Imposed Only Under The Code And Not Under The Companies Act: NCLAT
2 years, 10 months ago

In IBC Proceedings, Penalty Can Be Imposed Only Under The Code And Not Under The Companies Act: NCLAT

Live Law  

The NCLAT in Bench comprising of Justice Ashok Bhushan, Chairperson and Dr. Alok Srivastava, Technical Member in Mr. Ashish Chaturvedi v. Inox Leisure Limited held that when proceedings before the Adjudicating Authority are being carried out under the Insolvency and Bankruptcy Code, 2016, penalty can only be imposed under the Code and not under the Companies Act, 2013. The Appeal …

Penalty Corporate Debtor Act Nclat Code Irp Authority
Biz Will Have to Generate E-invoice for B2B Sales in Oct Within a Month to Avoid Penalty: CBIC
4 years, 2 months ago

Biz Will Have to Generate E-invoice for B2B Sales in Oct Within a Month to Avoid Penalty: CBIC

News 18  

Businesses will have 30 days' time to generate e-invoice for B2B transactions for the month of October, the CBIC said on Wednesday. "Accordingly, as a last chance, in the initial phase of implementation of e-invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the manner prescribed …., shall be deemed to be …

Irp Cbic Invoices Invoice Irn Such Invoice