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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, …

Order

The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that pendency of One Time Settlement Proposal which is yet to be accepted, cannot be a ground to refuse initiation of insolvency process against the personal guarantors. Brief Facts These two appeals have been filed challenging the order passed by National …

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 …

ORDERS/JUDGMENTS Benefit Of Doubt Regarding Correctness Of Answer Key Goes In Favour Of Exam Authority & Not Candidate: Allahabad High Court Case title - Gyan Prakash Singh vs. State of U.P. Absconder/Proclaimed Offender Not Entitled To Anticipatory Bail: Allahabad High Court Case title - Anand Shankar Pandey And 2 Others vs. State Of U.P And Another Case Citation: 2023 LiveLaw …

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1125 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has directed the liquidation of the Corporate Debtor, M/s Ajanta …

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1417 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr Alok Srivastava and Mr. Barun Mitra, has held that the Adjudicating Authority is …

NCLT Hyderabad Recalls Order Initiating CIRP In View Of Concealment of Facts By Financial Creditor

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 …

Its Order

The Supreme Court on Friday pulled up the Bank of Maharashtra for challenging a High Court's order of directing the bank to accept the OTS proposal given by a farmer who had availed a loan from the bank. Such a litigation in Supreme Court will spoil the families of farmers financially," the bench of Justices DY Chandrachud and Surya Kant …

Hyderabad: The municipal administration and urban development department has quietly released a government order extending the one-time settlement scheme for property tax payers, even as the model code of conduct is in place for the MLC polls in nine districts. The government had ordered a waiver of 90 per cent accumulated arrears on property tax provided that taxpayers cleared the …