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, …
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 …
The banks have rejected the one-time settlement scheme that was proposed by debt-ridden Jaiprakash Associates Limited to resolve its financial issues. The development came during a hearing before the National Company Law Appellate Tribunal, which is adjudicating a challenge to the insolvency proceedings ordered by the National Company Law Tribunal During the hearing on Wednesday, counsel for the respondent banks …
The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, and Mr. Satya Ranjan Prasad, while adjudicating an application filed in Canara Bank v Feno Plast Limited, has recalled its Order whereby CIRP was initiated against the Corporate Debtor, as the said Order was obtained by the Financial Creditor over misrepresentation before the Adjudicating Authority. The …
The National Company Law Appellate Tribunal bench comprising of Justice Anant Bijay Singh and Ms. Shreesha Merla held that the amount deposited towards the One-time settlement by the Corporate Debtor will be an asset of the Corporate Debtor and the Resolution Professional is entitled to take custody of the same. It was also submitted that there was an understanding between …
