High Court Resolution Professional Not To Be Hauled Up In Criminal Case Against Company: Kerala High Court Stays ED Notice To RP Case Title: M/s Kerala Chamber Of Commerce And Industry vs. Directorate of Enforcement Case Number: CRL.MC No. 3605 of 2024 The Kerala High Court stated that prima facie, a Resolution Professional appointed under the Insolvency and Bankruptcy...
High Court
Case Title: M/s Kerala Chamber Of Commerce And Industry vs. Directorate of Enforcement
Case Number: CRL.MC No. 3605 of 2024
The Kerala High Court stated that prima facie, a Resolution Professional appointed under the Insolvency and Bankruptcy ('IB') Code for carrying the Corporate Insolvency Resolution Process ('CIRP') of the Company cannot be hauled up in a criminal proceeding initiated against the Company.
Winding Up Proceedings On Nascent Stage, To Be Transferred To NCLT: Delhi High Court
Case Title: Arabian Oilfield Suppliers & Services vs Greka Drilling (India) Limited
Case No.: CO.PET. 88/2016 & CO.APPL. 381/2016, CO.APPL. 382/2016, CO.APPL. 1514/2018
The Delhi High Court bench of Justice Dharmesh Sharma held that winding up proceedings pending before High Courts, which are at a nascent stage and have not progressed to an advanced stage, ought to be transferred to the NCLT.
Case Title: Shantanu Prakash vs State Bank Of India & Ors
Case No.: W.P.(C) 1730/2024, CM APPL. 7177/2024 & CM APPL. 11269/2024
The Delhi High Court bench of Justice Mini Pushkarna held that the concerned party must be provided with all requisite documents that form the basis of Show Cause Notices ('SCNs') by the banks. It held that this enables the party to submit a proper reply and address all allegations effectively. Without access to these underlying documents, the procedure of issuing an SCN and filing a response would be rendered meaningless.
NCLAT
Case Title: Sarda Energy and Minerals Limited vs. Ashish Arjunkumar Rathi & Ors.
Case No.: Company Appeal (AT) (Insolvency) No. 1395 – 1397 of 2023
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson) and Mr. Arun Baroka (Technical Member) sets aside an order on violation of natural justice holding that the Adjudicating Authority (NCLT Mumbai) has no right to substitute its own assumption over the commercial wisdom of Committee of Creditors (CoC).
NCLAT Seeks Google's Response On Appeals Against Play Store Billing Policy
Case Title: People Interactive India Pvt. Ltd. vs. Competition Commission of India & Ors.
Case No.: Competition App. (AT) No. 7 of 2024
The National Company Law Appellate Tribunal (NCLAT), New Delhi bench of Justice Yogesh Khanna (Judicial Member) and Ajai Das Mehrotra (Technical Member) admitted appeals filed by several prominent entities, including Kuku FM, Shaadi.com, Indian Broadcasting and Digital Foundation (IBDF), and People Interactive India Pvt. Ltd. This move follows their dissatisfaction with the Competition Commission of India's (CCI) decision to deny interim relief from complying with Google's contentious billing policies.
Case Title: Mukund Rajhans (Suspended Director of Topaki Media Private Limited) vs. Rajasthan Patrika Private Limited & Anr.
Case No.: Company Appeal (AT) (Ins.) No. 1398 of 2023
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that the Corporate Debtor cannot escape liability by contending that it is merely an agent and by taking recourse under Section 230 of the Indian Contract Act, 1872.
Case Title: Mukund Rajhans (Suspended Director of Topaki Media Private Limited) vs. Rajasthan Patrika Private Limited & Anr.
Case No.: Company Appeal (AT) (Ins.) No. 1398 of 2023
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand Notice under Section 8 of Insolvency and Bankruptcy Code (IBC).
NCLT
Case Title: Mr. Sanjay Gupta Liquidator of Lanco Babandh Power Limited vs. Mr. Tarun Kumar Panda & Ors.
Case No.: Contempt Petition No.16 of 2023 in IA No.939 of 2020 in CP (IB) No.296/7/HDB/2018
The National Company Law Tribunal ('NCLT') Hyderabad, comprising Justice Rajeev Bhardwaj (Judicial Member) and Mr. Sanjay Puri (Technical Member) held Mr. Ravi Kiran Saladi Konda, Deputy Traffic Manager, New Mangalore Port Authority and Mr. Sriman Nayan Mishra, Senior Assistant Traffic Manager, Paradip Port Authority ('Respondents') guilty of contempt for disobeying the directions of the Adjudicating Authority and sentenced them to simple imprisonment of 1 month each with a fine of Rs 1000.
NCLT Defers Hearing On Go First's Insolvency Case To July
The National Company Law Tribunal (NCLT), New Delhi division bench of Justice Mahendra Khandelwal (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) has postponed the hearing on the insolvency plea of Go First, the grounded airline, to July 11, 2024. This decision came among concerns regarding the future of the airline. The tribunal stated it needed time for further examination of the recent developments, particularly the ramifications of the Delhi High Court's order, before reaching a verdict.
NCLT Grants Approval For Viacom18 And Star India Merger Scheme
Case Title: In the matter of The Scheme of Arrangement Among Viacom18 Media Private Limited (“Transferor Company”) And Digital18 Media Limited (“Transferee Company or Demerged Company”) And Star India Private Limited (“Resulting Company”)
Case No.: CA (CAA)/64/MB-IV/2024
The National Company Law Tribunal (NCLT) in Mumbai has taken the first step towards the completion of merger deal involving Reliance Industries Ltd's Viacom18, its subsidiary Digital18, and Walt Disney's Star India. The tribunal's Mumbai bench has admitted the merger scheme.
Case Title: Mr. Narayanam Nageswara Rao vs. Mr. K. Sivalingam (RP) and Anr.
Case No.: IA. Nos. 897 & 898 of 2024 in CP (IB) No. 299/7/HDB/2018
The National Company Law Tribunal ('NCLT') Hyderabad, comprising Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member) held that the term “connected person” referred to in Explanation-I read with Section 29A(j) of Insolvency and Bankruptcy Code, 2016 ('IBC') relates to the Resolution Applicant and not the Corporate Debtor.
NCLT Mumbai Approves Withdrawal Of Insolvency Proceedings Against Syska LED Lights After Settlement
Case Title: Ms. Neeraj Singh Proprietor of M/S. N.J. Electronics Vs Syska Led Lights Private Limited
Case Number: IA 2297/2024 in C.P. (IB)/63(MB)2024
The Mumbai bench of the National Company Law Tribunal (NCLT) of Justice Virendra Singh Bisht (Judicial Member) and Prabhat Kumar (Technical Member) has approved the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Syska LED Lights Pvt Ltd. This decision was made after a settlement agreement was reached between Syska and its operational creditor, Neeraj Singh, proprietor of NJ Electronics.
Case Title: Edelweiss Asset Reconstruction Company Ltd. vs ND S Art World Pvt. Ltd.
Case No.: IA 2243/2024 (New IA) in C.P. (IB)/895(MB)2022
The National Company Law Tribunal ('NCLT') Mumbai, comprising Justice Virendra Singh Bisht (Retd.) (Judicial Member) and Mr. Prabhat Kumar (Technical Member) allowed the plea of ND Studio Resolution Professional's (“RP”) granting exclusion of 116 days from the Corporate Insolvency Resolution Process (“CIRP”) period acknowledging the genuine hardships due to the ongoing criminal proceedings.
NCLT Issues Three Notices To Byju's Over Unpaid Dues, Hearing Scheduled For July 3
The National Company Law Tribunal (NCLT) has issued notices to Think and Learn Pvt Ltd, the parent company of Byju's, due to claims of unpaid dues from several creditors.
Three companies, McGraw Hill, Cogent E-services, and AG Automation, have filed cases against Byju's. McGraw Hill claims that Byju's owes them Rs 1.43 crore, while Cogent E-services says they are owed Rs 6 crore. The NCLT has set hearings for these cases on July 3, giving Byju's two weeks to respond and another week for the creditors to reply.
Record Approval Of Resolution Plans Under IBC in FY2024 By NCLT
The National Company Law Tribunal (NCLT) achieved a record number of approvals for resolution plans under the Insolvency and Bankruptcy Code (IBC) in the financial year 2023-24 (FY24). According to an analysis by ICRA, the NCLT approved 269 resolution plans, a significant increase from the previous high of 189 plans in FY23. This notable rise in approvals is attributed to the surge in corporate debtors admitted under the IBC in FY23, largely influenced by the economic impacts of the Covid-19 pandemic.