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Articles for Liquidation, search results for delhi

CoC recommends EY honcho as new liquidator in Go First case
3 weeks, 5 days ago

CoC recommends EY honcho as new liquidator in Go First case

Live Mint  

New Delhi: The Committee of Creditors of the bankrupt airline Go First has voted to appoint Dinkar Venkatasubramanian as the liquidator for the airline’s liquidation proceedings. Third-party foreign funding In the case, the resolution professional had also requested the NCLT’s approval for third-party funding from a US-based entity to support Go First’s arbitration case against engine maker Pratt & Whitney …

India Arbitration Insolvency Funding Nclt Coc Liquidation
Jet Airways liquidation: A wake-up call for India’s insolvency code
1 month, 2 weeks ago

Jet Airways liquidation: A wake-up call for India’s insolvency code

Live Mint  

New Delhi: The Supreme Court’s decision ordering the liquidation of Jet Airways, once India’s leading airline, has provided sufficient fodder for bankruptcy experts urging for an overhaul of India’s insolvency framework. JKC’s repeated non-compliance with the terms of the resolution plan caused the value of the plan to diminish significantly," said Devesh Dubey, senior associate at Sanjay RPK Law, a …

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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 …

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CoC Is Empowered To Liquidate Corporate Debtor Any Time After It's Constitution Or Before Resolution Plan Is Confirmed: NCLT Delhi
6 months, 1 week ago

CoC Is Empowered To Liquidate Corporate Debtor Any Time After It's Constitution Or Before Resolution Plan Is Confirmed: NCLT Delhi

Live Law  

The National Company Law Tribunal Court V, New Delhi bench of Mahendra Khandelwal and Dr Sanjeev Ranjan has held that CoC in the legislative scheme of the Insolvency and Bankruptcy Code, 2016 is empowered to take the decision to liquidate the Corporate Debtor, any time after its constitution and before confirmation of the resolution plan. Radhey Shyam Yadav approached the …

Corporate Resolution Corporate Debtor Nclt Liquidator Coc Liquidation
Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court
6 months, 2 weeks ago

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

Live Law  

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 …

Board Insolvency Delhi High Court Fees Registered Petitioner Liquidator
NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC
6 months, 3 weeks ago

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the set-off/adjustment of demand with refund by Income Tax Department during the intervening period when the Corporate Insolvency Resolution Process timeline period has expired but before passing of Liquidation Order under Section 33 of Insolvency and Bankruptcy Code, 2016 amounts …

Delhi Corporate Tax Order Income Period Department
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
11 months, 2 weeks ago

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

Live Law  

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 …

Regulation Regulations Costs Cost Respondent Fee Scheme
NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
11 months, 3 weeks ago

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra held that decisions of the Committee of Creditors to liquidate under Section 33 of Insolvency and Bankruptcy Code, 2016 have to be with reasons and the liquidation cannot be decided arbitrarily. Background Facts: On 10.08.2023, the Adjudicating Authority admitted the application of …

Corporate Corporate Debtor Nclat Irp Coc Ibc Liquidation
NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...
1 year, 1 month ago

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha dismissed the appeal filed against the order of the National Company Law Tribunal Kolkata Bench dated 23.02.2023. The Appellate Tribunal held that the Liquidator is required to follow the terms and conditions of Clause 12 of Schedule 1 of the Liquidation …

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Monthly Digest Of IBC Cases: September 2023
1 year, 2 months ago

Monthly Digest Of IBC Cases: September 2023

Live Law  

Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required …

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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. …

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Notice Period Of 30 Days Should Be Given For E-Auction, Even Though There Are No Timelines Under Liquidation Regulations: NCLAT Delhi
1 year, 5 months ago

Notice Period Of 30 Days Should Be Given For E-Auction, Even Though There Are No Timelines Under Liquidation Regulations: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan a nd Shri Naresh Salecha, while adjudicating an appeal filed in Naren Seth v Sunrise Industries & Ors, has held that a notice period of thirty days should be given in e-auction to obtain best value, even though Insolvency & Bankruptcy Board of India Regulations, 2016 do …

Nclt Bench 30 Days Nclat Given Liquidator Best Value
No Bar On Sale Of Corporate Debtor As A Going Concern After First Auction, Permission Of AA not required: NCLT Delhi
1 year, 9 months ago

No Bar On Sale Of Corporate Debtor As A Going Concern After First Auction, Permission Of AA not required: NCLT Delhi

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj and Shri L.N. Gupta, while adjudicating a petition filed in Mr. Surinder Manchanda v Nolsar International Limited, has held that there is no bar on the sale of Corporate Debtor as a going concern even after the first auction has taken place and the Liquidator is …

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NCLAT Delhi Upholds Liquidation Of M/S Ajanta Offset And Packaging Limited
1 year, 9 months ago

NCLAT Delhi Upholds Liquidation Of M/S Ajanta Offset And Packaging Limited

Live Law  

NCLAT has disposed of the appeal against the order of the NCLT, Delhi which directed the liquidation of the Corporate Debtor, M/s Ajanta Offset and Packaging Limited. Interestingly, Suspended Directors of the Corporate Debtor appeared before the Adjudicating Authority on 06.09.2021 and submitted that they were interested in submitting Resolution Plan for revival of the Corporate Debtor. The appellant argued …

Delhi Corporate Resolution Order Resolution Plan Plan Nclt
Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD
2 years ago

Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Bankey Bihari Infrahomes Pvt. Ltd. v Mr. Alok Kumar Kuchchal & Anr., has upheld the Adjudicating Authority's decision to proceed with liquidation of Corporate Debtor as the Scheme of Compromise & Arrangement submitted by …

Corporate Corporate Debtor Order Process Scheme Bench Kumar
COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi
2 years, 2 months ago

COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Sreedhar Tripathy v Gujarat State Financial Corporation & Ors., has held that when the Committee of Creditors decides to liquidate the Corporate Debtor, the decision of liquidation is open to judicial review by the …

Corporate Corporate Debtor Judicial Review Decision Authority Coc Ibc
Monthly Digest Of IBC Cases: September 2022
2 years, 2 months ago

Monthly Digest Of IBC Cases: September 2022

Live Law  

Supreme Court IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower: Supreme Court Case Title: Maitreya Doshi vs Anand Rathi Global Finance Ltd Case No. 1037 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has held that when the …

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NCLAT Delhi Sets Aside Order Of Liquidation; Grants Additional Opportunity For Inviting Resolution Plans
2 years, 3 months ago

NCLAT Delhi Sets Aside Order Of Liquidation; Grants Additional Opportunity For Inviting Resolution Plans

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Nikhil Tandon v Sanjeev Bindal & Ors., has set aside an order for liquidation of Corporate Debtor and has given one more opportunity to the Committee of Creditors and Resolution Professional for finding out as to whether …

Corporate Resolution Corporate Debtor Order Resolution Professional Resolution Plan Plan
Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi
2 years, 4 months ago

Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra, while adjudicating an appeal filed in Sudhir Kumar Goel & Ors. 143 of 2021 before the Adjudicating Authority, seeking dissolution of the Corporate Debtor and vide an order dated 15.07.2021 the Corporate Debtor stood dissolved. Dissolution of corporate debtor – where the …

Corporate Corporate Debtor Filed Bench Nclat Authority Ibc
NCLAT Delhi Directs Tax Authorities To Withdraw Notices For Freezing Accounts Of Corporate Debtor
2 years, 4 months ago

NCLAT Delhi Directs Tax Authorities To Withdraw Notices For Freezing Accounts Of Corporate Debtor

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Mr. Hemant Mehta v Asst. The Adjudicating Authority vide an order dated 31.01.2022 directed the Liquidator to take up with the relevant government authorities and their grievances redressal mechanism to de-freeze the bank …

Corporate Tax Corporate Debtor Bank Notices Bench Nclat
Insolvency Law in Review – February & March 2022
2 years, 6 months ago

Insolvency Law in Review – February & March 2022

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In Jet Aircraft Maintenance Engineers Welfare Association v. Shri Ashish Chhawchharia Resolution Professional for Jet Airways Ltd. & Others, the NCLAT, New Delhi held that the provision of moratorium under Section 14 of the Code and the provision of Regulation 29 of …

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