Articles for Resolution Applicant

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT
6 days, 18 hours ago

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that copy of the Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with the suspended management of the corporate debtor when the suspended management is also a Resolution Applicant. It was further submitted that the CoC had approved the resolution …

Resolution Applicant Tribunal Plan Plans Shared Suspended
Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT
1 month, 1 week ago

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT

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The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that any amount proposed in the settlement plan under section 12A of the IBC cannot be refunded if the plan is later approved and the CIRP is closed. As per the revised MoU, Corporate Insolvency Resolution Process of the Corporate Debtor as well as related …

Corporate Resolution Corporate Debtor Order Resolution Plan Respondent No Plan
Resolution Applicant Whose Name Was Not Included In 'Prospective Resolution Applicants' List Cannot Be Substituted At Later Stage: NCLAT, Delhi
4 months, 3 weeks ago

Resolution Applicant Whose Name Was Not Included In 'Prospective Resolution Applicants' List Cannot Be Substituted At Later Stage: NCLAT, Delhi

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The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun Mitra held that a resolution applicant, who did not take part in the CIRP process from the beginning and was not included in the list of prospective resolution applicants, cannot be suddenly substituted as a resolution applicant to implement the plan of the Corporate Debtor. …

Energy Delhi Investment Resolution Plan Plan Nclt Rbi
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

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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 …

India Real Estate Justice Delhi Mumbai Supreme Court High Court
NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC
5 months, 1 week ago

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC

Live Law  

The National Company Law Tribunal Court V, New Delhi bench comprising Shri Mahendra Khandelwal and Dr. Sanjeev Ranjan held that the Adjudicating Authority cannot consider a Settlement Proposal, even of a higher value than the Resolution Plan, after the approval of the Resolution Plan by the Committee of Creditors. Upon reviewing the minutes of the CoC meetings, NCLT Delhi noted …

Delhi Settlement Proposal Resolution Plan Tribunal Plan Nclt
Madras High Court: Clean State Theory Only Protects Third-Party Successful Resolution Applicant And Not Suspended Board Of Corporate Debtor From Future Claims
6 months, 2 weeks ago

Madras High Court: Clean State Theory Only Protects Third-Party Successful Resolution Applicant And Not Suspended Board Of Corporate Debtor From Future Claims

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The Madras High Court bench of Justice N. Seshasayee held that the Clean State Theory only protects the third party – Successful Resolution Applicant and not the suspended board of the Corporate Debtor from uncertainties of future claims. The High Court remarked: “It should not be forgotten that CST is a judicial coinage to protect the third party-successful resolution-applicant from …

High Court Future Corporate Board Resolution Corporate Debtor State
Monthly Digest Of IBC Cases: May 2024
6 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

Justice Delhi Mumbai Kolkata Supreme Court High Court Insolvency
NCLT Hyderabad: The Term “Connected Person” Under Explanation-I Of Section 29A(J) Of IBC Relates To Resolution Applicant And Not Corporate Debtor
7 months ago

NCLT Hyderabad: The Term “Connected Person” Under Explanation-I Of Section 29A(J) Of IBC Relates To Resolution Applicant And Not Corporate Debtor

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The National Company Law Tribunal Hyderabad, comprising Dr. Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh held that the term “connected person” referred to in Explanation-I read with Section 29A of Insolvency and Bankruptcy Code, 2016 relates to the Resolution Applicant and not the Corporate Debtor. NCLT Verdict: The NCLT Hyderabad allowed the application and held that the term “connected …

Corporate Resolution Corporate Debtor Party Applicant Resolution Plan Nclt
The Complete Supreme Court Annual Digest- 2023 [Part-XII]
7 months, 3 weeks ago

The Complete Supreme Court Annual Digest- 2023 [Part-XII]

Live Law  

Information RTI Act will become 'dead letter': Supreme Court directs States, Union to fill vacancies in Information Commissions. Maneesh Pharmaceuticals Ltd. v. Export Import Bank of India, 2023 LiveLaw 1073 Insolvency and Bankruptcy Code, 2016; Section 7 - Limitation Act, 1963; Section 5 and 18 - Delay of 1392 days - Additional affidavit stating that the delay was only of …

India Karnataka Kerala Delhi Supreme Court High Court High Courts
IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

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Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V 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 absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Law India Justice Delhi Mumbai Kolkata Supreme Court
Monthly Digest Of IBC Cases: February 2024
9 months, 3 weeks ago

Monthly Digest Of IBC Cases: February 2024

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Supreme Court Case Title: Greater Noida Industrial Development Authority Versus Prabhjit Singh Soni & Anr. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that the Adjudicating Authority ought to have granted an exclusion/extension of time when the Resolution Plan received in the …

Law India Justice Mumbai Supreme Court Corporate Resolution
Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code
10 months, 2 weeks ago

Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code

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A company could not avail benefit of the Sabka Vishwas scheme as it was under moratorium under IBC - The Courts are meant to do justice and cannot compel a person to do something which was impossible for him to do - Directed that the payment of amount already deposited by the company be appropriated towards settlement dues under “Sabka …

Supreme Court Corporate Court Insolvency Resolution Corporate Debtor Resolution Professional
Yearly Digest Of IBC Cases: 2023
11 months, 3 weeks ago

Yearly Digest Of IBC Cases: 2023

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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 …

India Justice Supreme Court Court Resolution Gratuity Chief Justice
Top 10 Insolvency Law Judgements [April To September 2023]
1 year, 2 months ago

Top 10 Insolvency Law Judgements [April To September 2023]

Live Law  

In recent times, several noteworthy judgments have been rendered by the Indian Courts and Tribunals in matters relating to the Insolvency and Bankruptcy Code, 2016. M. Suresh Kumar Reddy v. Canara Bank Supreme Court of India Citation: 2023 LiveLaw 428 The Adjudicating Authority has no option but to admit a petition filed under Section 7 of the Insolvency and Bankruptcy …

Law Appeal Court Insolvency Resolution Corporate Debtor Indian
Resolution Professional Responsible For Conducting Section 29A Due Diligence; Can Seek Information, Documents Or Clarification From RA: NCLT Mumbai
1 year, 4 months ago

Resolution Professional Responsible For Conducting Section 29A Due Diligence; Can Seek Information, Documents Or Clarification From RA: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kishore Vemulapalli and Shri Anu Jagmohan Singh, while adjudicating a petition filed in M/s Blue Frog Media Pvt. Ltd., has held that a Resolution Professional is responsible to conduct due diligence relating to Section 29A of IBC, to identify ineligibility of resolution applicant, if any. The Resolution Professional should seek …

Corporate Applicant Company Resolution Plan Plan Nclt Doc
Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate
1 year, 10 months ago

Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate

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The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Ltd., has ordered liquidation of the Corporate Debtor as the Resolution Applicant willfully failed to implement the resolution plan. Subsequently, Edelweiss Asset Reconstruction Company Ltd., being one of the financial creditors, filed an application seeking liquidation of the Corporate Debtor and orders to be passed against the Resolution Applicant …

Corporate Resolution Corporate Debtor Applicant Plan Nclt Bench
Monthly Digest Of IBC Cases: January 2023
1 year, 10 months ago

Monthly Digest Of IBC Cases: January 2023

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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 …

India Supreme Court Appeal Court Resolution National Corporate Debtor
After Adoption Of Swiss Challenge Method, RA Not Allowed To Submit Revised Plan: NCLAT Delhi
1 year, 10 months ago

After Adoption Of Swiss Challenge Method, RA Not Allowed To Submit Revised Plan: NCLAT Delhi

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 Jindal Stainless Ltd. v Mr. Shailendra Ajmera & Anr., has held that after adoption of Swiss Challenge Method to find out the best plan, one Resolution Applicant cannot be allowed to submit a revised plan. The Resolution …

Resolution Power Order Process Resolution Plan Plan Submit
Guarantor Cannot Enjoy 'Right Of Subrogation' Even After CIRP Against Principal Debtor Gets Concluded: NCLT Hyderabad
2 years, 5 months ago

Guarantor Cannot Enjoy 'Right Of Subrogation' Even After CIRP Against Principal Debtor Gets Concluded: NCLT Hyderabad

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, while adjudicating a petition filed in State Bank of India v Shri. Ghanshyam Surajbali Kurmi, has held that a guarantor cannot enjoy a right of subrogation even after the Corporate Insolvency Resolution Process of the Principal Debtor gets concluded. The Financial …

Personal Corporate Financial Resolution Corporate Debtor Resolution Professional Resolution Plan
Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates
2 years, 5 months ago

Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating an application filed in State Bank of India v Rohit Ferro Tech Limited, has held that claims or reliefs which were not a part of the Resolution Plan, cannot be claimed after the said Resolution Plan is approved by the Adjudicating …

Corporate Resolution Applicant Resolution Professional Resolution Plan Plan Professional
Split Verdict Of NCLT, Hyderabad Bench On The Question Of Related Party, Issue Referred To President Of The Principal Bench
2 years, 6 months ago

Split Verdict Of NCLT, Hyderabad Bench On The Question Of Related Party, Issue Referred To President Of The Principal Bench

Live Law  

In a split verdict, a 2-judge Bench of NCLT, Hyderabad in the matter of Trimex Industries Pvt. Sathavahana Ispat Ltd. has referred to the President of the Principal Bench the question of – whether in an application filed by an Operational Creditor u/s 60 of the Code, the CoC can be barred from considering the resolution plan of a Prospective …

Financial Resolution Party Judicial Review Debt Technical Applicant
Monthly Digest Of IBC Cases: April 2022
2 years, 7 months ago

Monthly Digest Of IBC Cases: April 2022

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Supreme Court Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court Case title: Sunil Kumar Jain v Sundaresh Bhatt, Civil Appeal No. The National Company Law Appellate Tribunal, Principal Bench, comprising of comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has upheld the order dated 06.04.2022 …

India Supreme Court High Court Insolvency Resolution Corporate Debtor Title
Weekly Digest Of IBC Cases: 25th April To 1st May, 2022
2 years, 7 months ago

Weekly Digest Of IBC Cases: 25th April To 1st May, 2022

Live Law  

Insolvency and Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates Case Title: Invest Asset Securitisation and Reconstruction Pvt. 583/2021 National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has held that the look back period prescribed under Section 46 of Insolvency & Bankruptcy Code, 2016 does not …

India Supreme Court Insolvency Resolution Corporate Debtor Title Order
Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi
2 years, 8 months ago

Resolution Professional Cannot Decide The Eligibility Under Section 29A Of The Insolvency And Bankruptcy Code, 2016: NCLAT Delhi

Live Law  

A three-judge bench of the National Company Law Appellate Tribunal comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla held that the Resolution Professional is not required to take a decision regarding the ineligibility of the Resolution Applicant under Section 29A of the Insolvency & Bankruptcy Code, 2016. Resolution Professional opposed the same by stating that the …

Opinion Resolution Eligibility Resolution Professional Plan Committee Nclt