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NCLT Can Allow Date Of Default To Be Amended In CIRP Proceedings: NCLAT
1 week, 2 days ago

NCLT Can Allow Date Of Default To Be Amended In CIRP Proceedings: NCLAT

Live Law  

The National Company Law Appellate Tribunal bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the NCLT is empowered to allow the parties to amend the pleadings before the final orders in Corporate Insolvency Resolution Process proceedings are passed. The initial default date of 31.10.2020 falls within the moratorium period under Section 10A, …

Corporate Corporate Debtor Bank Tribunal Held Period Nclt
Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT
2 weeks, 4 days ago

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that upon declaration of the loan account/ debt as NPA that date can be reckoned as the date of default to enable the Financial Creditor to initiate action under Section 7 of the Code. There being default by the Corporate Debtor prior to 01.03.2020 and also …

Corporate Bank Application Debt Period Date File
Essel Group's Shirpur Gold Refinery, NCLT Initiates Insolvency Proceedings Following ₹92 Crore Default
5 months, 3 weeks ago

Essel Group's Shirpur Gold Refinery, NCLT Initiates Insolvency Proceedings Following ₹92 Crore Default

Live Law  

Subhash Chandra-promoted Essel Group's Shirpur Gold Refinery Limited has been admitted for corporate insolvency resolution following an application filed by Prudent ARC at the Mumbai bench of the National Company Law Tribunal. However, the NCLT observed that the account's classification as NPA was a valid date of default for initiating insolvency proceedings. The NCLT referred to the judgment of the …

Insolvency Loan Date Limited Default Insolvency Proceedings Adv
NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts
9 months, 2 weeks ago

NCLAT Delhi: Section 29A(C) Disqualifies Those Managing And Controlling Corporate Debtor Who Failed To Clear Debts

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that Section 29A of Insolvency and Bankruptcy Code, 2016 disqualifies not only those in management and control of the Corporate Debtor when its account was declared Non-Performing Asset but also those in management and control of the Corporate Debtor in close proximity …

Delhi Corporate Management Resolution Corporate Debtor Control Resolution Plan
NCLAT New Delhi: Date Of Default As Per One Time Restructure Agreement Shall Be Date Of Default
1 year, 2 months ago

NCLAT New Delhi: Date Of Default As Per One Time Restructure Agreement Shall Be Date Of Default

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra, dismissed an appeal filed in Pradeep Madhukar More vs. Central Bank of India. The Appellate Tribunal held that if the Bank has entered into One Time Restructuring Agreement with the Corporate Debtor, the date of default for the purpose of Section 10A …

Corporate Central Bank Bank Agreement Date Nclat Code
South Africa Submits Formal Extradition For Two Gupta Brothers From UAE
2 years, 4 months ago

South Africa Submits Formal Extradition For Two Gupta Brothers From UAE

ABP News  

New Delhi: The South African government on Monday said it submitted a formal extradition application to the United Arab Emirates for Rajesh Gupta and Atul Gupta the wealthy India-born brothers of the Gupta family. “This is within the 60-day period from date of arrest of the Gupta brothers, as set out in the Extradition Treaty between South Africa and the …

Africa South Africa Application South Uae Dubai South African
MP High Court Upholds Eligibility Criteria Laid Down By Bank Of Baroda For Its Borrowers To Avail Benefits Of Resolution Framework 2.0 Issued By RBI
2 years, 6 months ago

MP High Court Upholds Eligibility Criteria Laid Down By Bank Of Baroda For Its Borrowers To Avail Benefits Of Resolution Framework 2.0 Issued By RBI

Live Law  

The Madhya Pradesh High Court, Indore Bench has recently upheld the eligibility criteria laid down by the Bank of Baroda for its borrowers to avail the benefits of the Resolution Framework 2.0 issued by the Reserve Bank of India. Justice Vivek Rusia held that the eligibility criteria of the Bank of Baroda, whereby only those borrowers were eligible whose accounts …

Policy Court Resolution Bank Eligibility Date Rbi
New rules to shield honest bank staff
3 years, 1 month ago

New rules to shield honest bank staff

Deccan Chronicle  

Mumbai: Nationalised banks will adopt common staff accountability policies for loan accounts of up to Rs 50 crore, excluding fraud accounts, that turn bad on or after April 1, 2022. The finance ministry has issued a uniform staff accountability framework for banks to follow in cases of NPA accounts up to Rs 50 crore from the start of the next …

Bank Accountability Banks Iba Staff Npa Staff Accountability
Entries In Balance Sheet Do Not Amount To Acknowledgment Of Debt Under Sec 18 Limitation Act : NCLAT Declines Reference Against 'V Padmakumar' Decision
4 years ago

Entries In Balance Sheet Do Not Amount To Acknowledgment Of Debt Under Sec 18 Limitation Act : NCLAT Declines Reference Against 'V Padmakumar' Decision

Live Law  

A five-member Bench of the National Company Law Appellate Tribunal on Tuesday turned down a reference made by a three-member Bench, seeking re-consideration of the decision in V. Padamakumar Vs. The Bench headed by Justice Bansi Lal Bhat, Acting Chairperson, noted that the impugned Judgment was passed in view of several authoritative pronouncements of the Apex Court, and, "It was …

Law Judgment Court Corporate Debtor Limitation Act Limitation Judicial