Articles for Nclt

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT
5 days, 5 hours ago

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT

Live Law  

The NCLAT bench of Justice Ashok Bhushan and Arun Baroka has observed that the maximum timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code is 330 days. Relying on the Supreme Court's judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr., the Tribunal observed that an order can only be recalled on limited grounds, …

Supreme Court Exceptional Circumstances Application Order Recall Auction Tribunal
ITC shares rise as ITC Hotels demerger set for January 1, 2025: Key details
Trending News
6 days, 9 hours ago

ITC shares rise as ITC Hotels demerger set for January 1, 2025: Key details

India Today  

Shares of ITC inched higher on Tuesday after the company announced that the demerger of its hotels business, ITC Hotels Ltd, will take effect from January 1, 2025. DETAILS OF THE DEMERGER In its update to the exchanges, ITC stated that both ITC Limited and ITC Hotels Limited have confirmed that all conditions required under Clause 28 of the scheme …

India Hotels Hotel Nclt Itc Jefferies Demerger
ITC sets January 1, 2025 as effective date for demerger of hotel business
6 days, 11 hours ago

ITC sets January 1, 2025 as effective date for demerger of hotel business

Live Mint  

ITC Ltd on Tuesday said that the company has fixed January 1, 2025, as the effective date for demerger of its hotel business after receiving an approval order from the National Company Law Tribunal. ITC share price gained over a percent to ₹475.00 apiece on the BSE after the announcement. “The Company has received a certified copy of the Order …

Itc Hotel Business
Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT
6 days, 13 hours ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

Supreme Court Corporate Corporate Debtor Bank Application Debt Tribunal
Sanjay Raut moves court in defamation complaint against him, Minister's reply sought
1 week ago

Sanjay Raut moves court in defamation complaint against him, Minister's reply sought

India Today  

The Bombay High Court on Monday issued a notice to Maharashtra minister and Shiv Sena leader Dada Bhuse in response to a plea filed by Shiv Sena leader Sanjay Raut in connection with a defamation case filed against him by Bhuse. The article was based on Raut’s own complaint to the ED, which, in turn, referenced a 2018 complaint filed …

Court Shiv Sena Nclt Complaint Raut Bhuse
NCLT Can Allow Date Of Default To Be Amended In CIRP Proceedings: NCLAT
1 week, 1 day 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
IBC Weekly Round Up [2nd December To 8th December, 2024]
2 weeks ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

Live Law  

Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

India Insolvency Resolution Corporate Debtor Title Technical Resolution Professional
Relief for Satyam Raju's Son
2 weeks, 1 day ago

Relief for Satyam Raju's Son

Deccan Chronicle  

Hyderabad: In a relief to B. Teja Raju, vice-chairman, and other directors of Maytas Properties limited and Maytas Infra Ltd, the National Company Law Tribunal Hyderabad Bench allowed them to be appointed as directors of other companies. The tribunal rejected the Union government’s request to declare that none of the directors in the companies shall be eligible for appointment as …

Companies Directors Nclt Hyderabad
NCLAT sends Aakash-Byju’s dispute back to NCLT amid minority shareholder tensions
2 weeks, 3 days ago

NCLAT sends Aakash-Byju’s dispute back to NCLT amid minority shareholder tensions

Live Mint  

The National Company Law Appellate Tribunal on Friday declined to stay an order from the National Company Law Tribunal barring Aakash Educational Services, a subsidiary of the embattled edtech giant Byju’s, from amending its Articles of Association. The appellate tribunal’s decision follows a 29 November directive from the Supreme Court, which instructed Aakash to approach the NCLAT for resolution while …

Shareholders Minority Nclt Minority Shareholders Nclat Stake Blackstone
NCLT member crunch slows down bankruptcy resolution
2 weeks, 3 days ago

NCLT member crunch slows down bankruptcy resolution

Live Mint  

New Delhi: A 30% shortage of key members at India’s bankruptcy courts is slowing the process of debt resolution, according to official data. Twenty-two businesses have found debt resolution under the Insolvency and Bankruptcy Code in October-November period of this year, against 47 in the year-ago period, provisional public data from Insolvency and Bankruptcy Board of India showed. And in …

India Resolution Debt Resolution Bankruptcy Nclt Members Member
All Claims Including Subject Matter Of Ongoing Arbitration Proceedings Stand Extinguished After Approval Of Resolution Plan: NCLT Bengaluru
2 weeks, 4 days ago

All Claims Including Subject Matter Of Ongoing Arbitration Proceedings Stand Extinguished After Approval Of Resolution Plan: NCLT Bengaluru

Live Law  

The NCLT Bengaluru bench of K. Biswal and Shri Manoj Kumar Dubey has held that all claims including subject matter of ongoing arbitration proceedings will stand extinguished after the approval of the Resolution Plan under section 31 of the Code. It was further submitted that any attempt to extinguish ECPWPL's Claim through the resolution plan would be unjust and detrimental …

Arbitration Resolution Applicant Claims Resolution Plan Project Tribunal
IBC reforms: Let’s strengthen the Code as a key growth enabler
2 weeks, 5 days ago

IBC reforms: Let’s strengthen the Code as a key growth enabler

Live Mint  

The Insolvency and Bankruptcy Code transformed India’s approach to corporate financial distress. The IBC succeeded because the entire ecosystem and institutional infrastructure, from regulators, including the new Insolvency and Bankruptcy Board of India, and the legislature to the courts, banks and the market worked for it. The rate of recovery fell to 27% of creditors’ admitted claims in 2023-24 from …

India Insolvency Resolution Nclt Value Need Dues
IBC Monthly Digest: November 2024
2 weeks, 5 days ago

IBC Monthly Digest: November 2024

Live Law  

NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. Case Reference: Company Appeal No.355 of 2024 The NCLAT New Delhi Bench of Justices Ashok Bhushan, Barun Mitra and Arun Baroka held that the IBC being a special statute and having a non-obstante clause under section 238 of the IBC shall prevail over the TRAI …

Mumbai Appeal Court Chennai Insolvency Corporate Debtor Title
Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad
2 weeks, 6 days ago

Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad

Live Law  

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has held that the Personal Guarantor should be treated on an equal legal footing with the Corporate Debtor, as it is clearly established by the law that the liability of Corporate Debtor and Personal Guarantor are co-extensive in nature. The petitioner submitted that the Guarantee Agreement is a …

Contract Personal Corporate Corporate Debtor Limitation Resolution Plan Tribunal
Related Party Can't Be Allowed Backdoor Entry Into CoC On Account Of Its Operational Debt: NCLT Kolkata
2 weeks, 6 days ago

Related Party Can't Be Allowed Backdoor Entry Into CoC On Account Of Its Operational Debt: NCLT Kolkata

Live Law  

The NCLT, Kolkata bench of Justice Ashok Kumar Bhardwaj has held that once a Financial Creditor had been classified as a “related party”, it could not be allowed to gain entry into Committee of Creditors on account of its Operational Debt as it would amount to defeating the legislative intent of keeping related parties out and running of CoC by …

Supreme Court Corporate Corporate Debtor Operational Creditor Operational Party Debt
Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad
3 weeks ago

Decision To Consolidate CIRP Can Be Taken By CoC And Not By Suspended Director Of Corporate Debtors: NCLT Hyderabad

Live Law  

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has affirmed that the decision to consolidate, or not, rests with the CoCs, who are not only better equipped to make such determinations but also have a vested interest in the outcome, and whose commercial wisdom is paramount in insolvency matters and beyond judicial review Brief Facts This …

Corporate Director Resolution Case Consolidation Tribunal Nclt
IBC Weekly Round-Up [25th November To 1st December, 2024]
3 weeks ago

IBC Weekly Round-Up [25th November To 1st December, 2024]

Live Law  

Nominal Index: Mr. Bhagawant Narayan Naik, Versus Ritesh R. Mahajan and Ors., Company Appeal No. Case Title: Mapletree Leather Goods Private Limited v. Savan Godiawala, C/o Deloitte Touche Tohmatsu India LLP Case Number: Company Appeal No.314/2020 The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma, and Jatindranath Swain dismissed two appeals filed by the Corporate Debtor seeking …

Appeal Insolvency Title Companies Act Technical Company Judicial
Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT
3 weeks ago

Pre-CIRP Dues Cannot Be Recovered After Admission Of Corporate Debtor Into Insolvency: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Rakesh Kumar Jain and Mr. Ajai Das Mehrotra has held that pre-CIRP dues cannot be recovered once the corporate debtor is admitted into insolvency due to moratorium under section 14 of the code. 108.44 Crores was deposited by the Corporate Debtor as payment security mechanism and the same is for transmission charges dues payable …

Security Corporate Court Insolvency Resolution Corporate Debtor Power
No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai
3 weeks ago

No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Anil Raj Chellan and Kuldip Kumar Kareer has affirmed that once a resolution plan is duly approved by the Adjudicating Authority under subsection of Section 31 of the Code, the claims as provided in the resolution plan shall stand frozen and will be binding on all stakeholders. the Corporate Debtor failed to hand over possession …

Resolution Sale Corporate Debtor Resolution Plan Agreement Flat Tribunal
Insolvency & Bankruptcy Code Does Not Override Public Body's Statutory Authority To Regulate Its Properties: NCLAT
3 weeks ago

Insolvency & Bankruptcy Code Does Not Override Public Body's Statutory Authority To Regulate Its Properties: NCLAT

Live Law  

The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain, Naresh Salecha and Mr Indevar Pandey held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. Brief Facts: The Corporate Insolvency Resolution Process was commenced against Narmada Cereal Private Ltd.. After the CIRP's failure, the National Company Law Tribunal, New …

Legal Proceedings Land Lease New Delhi Held Nclt Nclat
SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?
3 weeks ago

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

Live Mint  

India’s bankruptcy courts are indignant at being used by creditors as a tool to recover dues from companies that are not really bankrupt, and for wasting their time. “SpiceJet’s case highlights a growing trend where creditors use the IBC forum to pressure corporate debtors into settlement," said Alay Razvi, managing partner at law firm Accord Juris. “SpiceJet’s case is unusual, …

Law India Insolvency Settlements Claims Bankruptcy Nclt
Liquidator Can Recover Amount Which Belongs To Corporate Debtor By Filing Application U/S 60(5)(c) Of IBC: NCLAT
3 weeks, 2 days ago

Liquidator Can Recover Amount Which Belongs To Corporate Debtor By Filing Application U/S 60(5)(c) Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that liquidator can recover the amount of the corporate debtor by filing an application under section 60 of the code before the NCLT as it is a matter which arises solely from or which relates to the insolvency of the Corporate …

Corporate Court Corporate Debtor Bank Application Nclt Crores
Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi
3 weeks, 3 days ago

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain,Mr. Naresh Salecha and Mr. Indevar Pandey has held that fraudulent initiation of the CIRP can be set aside by the NCLT or as a corollary by NCLAT also as they have jurisdiction to decide whether any proceeding under the code has been initiated fraudulently or not. 3 who happened to …

Delhi Appeal Application Case New Delhi Respondent No Respondent
CoC recommends EY honcho as new liquidator in Go First case
3 weeks, 4 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