NOMINAL INDEX China Development Bank vs Doha Bank OPSC and others, 2024 LiveLaw (SC) 1029 Ram Kishor Arora, Suspended Director of Supertech Ltd. vs. Union Bank of India & Anr., Company Appeal (AT) (Insolvency) No. 406 of 2022 & Interlocutory Application No.6557 of 2024 Harpal Singh Chawla (Suspended Director of Spaze Towers Pvt. Ltd.) Versus Vivek Khanna &...
NOMINAL INDEX
China Development Bank vs Doha Bank OPSC and others, 2024 LiveLaw (SC) 1029
Ram Kishor Arora, Suspended Director of Supertech Ltd. vs. Union Bank of India & Anr., Company Appeal (AT) (Insolvency) No. 406 of 2022 & Interlocutory Application No.6557 of 2024
Harpal Singh Chawla (Suspended Director of Spaze Towers Pvt. Ltd.) Versus Vivek Khanna & Ors., Interlocutory Application No.7853 of 2024 in Company Appeal (AT) (Insolvency) No. 2002 of 2024
Mr. Rakesh Kumar Jain vs. M/s ADTV Communications Private Limited, Company Appeal (AT) (Insolvency) No. 849 of 2023 & I.A. No. 2894, 2895 of 2023
Dinesh Kumar Versus Narendra Kumar Sharma & Ors., Company Appeal (AT) (Insolvency) No. 1422 of 2024
Mehul Patel (Member of Suspended Board of Anupam Port Cranes Corporation Ltd.) Vs. Nandish S. Vin & Anr, Company Appeal (AT) (Insolvency) No.2191 of 2024
Ghaziabad Development Authority vs. Competition Commission of India, Competition Appeal (AT) No. 26 of 2018
Varun Gupta vs. ISINOX Pvt. Ltd. Through the IRP Mr. Manishkumar R. Patel & Ors., Comp. App. (AT) (Ins) No. 430 of 2023 & I.A. No. 1429, 1430, 1431 of 2023 & 2005 of 2024
Vadilal Industries Ltd. vs. Fanendra Munot & Ors., Company Appeal (AT) (Ins.) No. 748 of 2023
Vidyadhar Sarfare & Anr Versus CS Anagha Anasingharaju & Ors., Company Appeal (AT) (Insolvency) No.1733 of 2024
M/S ALLIED HI-TECH INDUSTRIES PRIVATE LIMITED VS. KARVY DATA MANAGEMENT SERVICES LIMITED, I.A. (IBC) (PLAN) NO.24 OF 2024 IN CP (IB) No. 25/7/HDB/2022
: M/s. METRO TYRES LIMITED VERSUS M/s. HERO ELECTRIC VEHICLES PVT. LTD, C.P. (IB) –397(ND)/2024
SUPREME COURT
IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court
Case Title : China Development Bank vs Doha Bank OPSC and others
Citation : 2024 LiveLaw (SC) 1029
The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016.
A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5(7) of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there is no default in payment of debt. "Therefore, for submitting the claim by a Financial Creditor, there is no requirement of actual default," the Court held.
NCLAT
NBCC To Lead Completion Of Supertech's Stalled Projects, Securing Homebuyers' Rights
Case Title: Ram Kishor Arora, Suspended Director of Supertech Ltd. vs. Union Bank of India & Anr.
Case Number: Company Appeal (AT) (Insolvency) No. 406 of 2022 & Interlocutory Application No.6557 of 2024
In a landmark judgment, the National Company Law Appellate Tribunal (NCLAT) Delhi bench comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has approved NBCC (India) Ltd.'s proposal to complete 16 incomplete projects of Supertech Limited. NBCC will act as the Project Management Consultant to ensure timely and quality completion of these projects. The judgment advocates for transparency and accountability in the real estate industry and protection of the rights of homebuyers, lenders, and public funds.
Case Title: Harpal Singh Chawla (Suspended Director of Spaze Towers Pvt. Ltd.) Versus Vivek Khanna & Ors.
Case Number: Interlocutory Application No.7853 of 2024 in Company Appeal (AT) (Insolvency) No. 2002 of 2024
The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that when a unit holder is handed over possession and a Conveyance Deed has also been executed, no claim survives of such unit holders. Whether a claim filed by a Financial Creditor in a class, deserves admission, is a question, which need to be first looked into by the RP as per the statutory regulations governing the collation and verification of the claim.
Decree Holder Is “Financial Creditor” Under IBC, Limitation For Filing Section 7 Petition Is Extendable On Acknowledgment Of Debt: NCLAT
Case Title: Mr. Rakesh Kumar Jain vs. M/s ADTV Communications Private Limited
Case Number: Company Appeal (AT) (Insolvency) No. 849 of 2023 & I.A. No. 2894, 2895 of 2023
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench comprising Justice Yogesh Khanna (Judicial member) and Arun Baroka (Technical member) has held that a decree holder falls within the definition of "Financial Creditor" under Section 5(7) and Section 5(8) of the Insolvency and Bankruptcy Code (IBC) if the decree is based on a financial debt. The Tribunal observed that the cause of action for initiating proceedings under Section 7 of the IBC arises when the debt is acknowledged by the debtor. The Tribunal noted that the Petition filed by the Appellant was within the limitation period as the Respondent had acknowledged the debt, extending the limitation period under Section 18 of the Limitation Act, 1963. It initiated the Corporate Insolvency Resolution Process (CIRP) against the Respondent.
Status Report Submitted In Criminal Proceeding Can Have No Bearing While Deciding Application U/S 7 Of IBC: NCLAT
Case Title: Dinesh Kumar Versus Narendra Kumar Sharma & Ors.
Case Number: Company Appeal (AT) (Insolvency) No. 1422 of 2024
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Arun Baroka (Technical Member) has held that Status Report submitted in a criminal proceeding regarding allegations of fraud and forgery can have no bearing while deciding Section 7 Application. The said Status Report is not an evidence on which it can be pronounced that threshold of 100 allottees was not complete in filing of Section 7 Application.
Application U/S 12A Of IBC Can Be Withdrawn By Resolution Professional Before It Is Heard Or Allowed: NCLAT
Case Title: Mehul Patel (Member of Suspended Board of Anupam Port Cranes Corporation Ltd.) Vs. Nandish S. Vin & Anr
Case Number: Company Appeal (AT) (Insolvency) No.2191 of 2024
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) has held that CIRP withdrawal application can be withdrawn by Resolution Professional before the application is heard and allowed.
Case Title: Ghaziabad Development Authority vs. Competition Commission of India
Case Number: Competition Appeal (AT) No. 26 of 2018
Ghaziabad Development Authority (GDA) filed an appeal, challenging the Competition Commission of India's (CCI) order wherein the CCI found that GDA had abused its dominant position in the market for the provision of services related to the development and sale of low-cost residential flats for Economically Weaker Sections (EWS) under the Pratap Vihar Residential Housing Scheme. GDA was found to have unilaterally increased the prices of flats and imposed arbitrary and unfair terms on allottees, violating Section 4(2)(a)(i) of the Competition Act. The CCI imposed a penalty of 5% of GDA's average turnover for the last three years in connection with the relevant market.
Case Title: Varun Gupta vs. ISINOX Pvt. Ltd. Through the IRP Mr. Manishkumar R. Patel & Ors.
Case Number: Comp. App. (AT) (Ins) No. 430 of 2023 & I.A. No. 1429, 1430, 1431 of 2023 & 2005 of 2024
The NCLAT New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Indevar Pandey (Technical Member) has held that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was not maintainable as the transaction in question constituted an 'operational debt' and was not covered under Section 5(8)(e) but was governed by Section 5(20) and Section 21(5) of the Code. The Tribunal allowed the appeal against the admission of petition under section 7 and relegated the Respondents to pursue their remedy under Section 9 of the Code.
Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
Case Title: Vadilal Industries Ltd. vs. Fanendra Munot & Ors.
Case Number: Company Appeal (AT) (Ins.) No. 748 of 2023
The NCLAT New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Indevar Pandey (Technical Member) have reiterated that once the Committee of Creditor (CoC) has approved the resolution plan, then no claim is to be entertained.
Case Title: Vidyadhar Sarfare & Anr Versus CS Anagha Anasingharaju & Ors.
Case Number: Company Appeal (AT) (Insolvency) No.1733 of 2024
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Barun Mitra (Technical Member) has held that CIRP cannot be withdrawn under section 12A read with Regulation 30A unless application for withdrawal is filed by the applicant who initiated the CIRP.
NCLT
NCLT Hyderabad Approves Resolution Plan For Karvy Data Management Services Limited
Case Title: M/S ALLIED HI-TECH INDUSTRIES PRIVATE LIMITED VS. KARVY DATA MANAGEMENT SERVICES LIMITED
Case Number: I.A. (IBC) (PLAN) NO.24 OF 2024 IN CP (IB) No. 25/7/HDB/2022
The National Company Law Tribunal (NCLT) Hyderabad bench of Dr. N. Venkata Ramakrishna Badarinath (Judicial Member) and Shri Charan Singh (Technical Member) has approved the Resolution Plan of Karvy Data Management Services Ltd (KDMSL). It was approved on December 13, 2024. KDMSL, incorporated on 21.04.2008, is a prominent provider of integrated business and knowledge process services. Its clients include UIDAI (Aadhaar Seva Kendras), SEBI (KRA Services) and Protean E-Gov Technologies Limited. Due to operational inefficiencies, market downturns, and external economic reasons, the company experienced financial difficulties, which led to the initiation of Corporate Insolvency Resolution Process (CIRP).
No Provision In IBC To Issue Multiple Demand Notices Before Filing Petition U/S 9 Of IBC: NCLT New Delhi
Case Title: M/s. METRO TYRES LIMITED VERSUS M/s. HERO ELECTRIC VEHICLES PVT. LTD
Case Number: C.P. (IB) –397(ND)/2024
The NCLT New Delhi bench of Justice Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member) has held that there is no such provision in the IBC, 2016 and in the Regulation made thereunder that allows the Operational Creditor to issue multiple demand notices to the Corporate Debtor