NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC

Case Title: Noble Marine Metals Co Wll V Kotak Mahindra Bank Limited & Ors.

Case No.: Company Appeal (AT) (Insolvency) No. 653 of 2022.

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), has upheld the order of Adjudicating Authority whereby a Resolution Plan was remitted back to the Committee of Creditors for making changes, only to the extent of a clause which provided for mandatory release of the personal guarantee given by the Promoters of the Corporate Debtor. The Bench held that of a Resolution Plan does not satisfy the parameters of Section 30(2)(e) of IBC, then the same can be sent back to CoC for review.

'Assets', Have Proved To Be `Fictitious’/`Fraudulent’, Created In The`Books Of Accounts’, With An Intent To `Defraud’ The ‘Creditors’; NCLAT Chennai

Case Title: Mr. Shibu Job Cheeran & Ors. v Mr. Ashok Velamur Seshadri

Case No.: Company Appeal (AT) (CH) (Ins.) No. 350 of 2021

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member), has held that for an application under Section 66 of IBC to succeed, it must be proved that (i) Directors participated in carrying on business of the Corporate Debtor despite knowing likely insolvency of the Corporate Debtor; and (ii) Business of the Corporate Debtor has been carried out with an intent to defraud the creditors.

NCLT

NCLT Mumbai Allows Withdrawal Of CIRP Against Meta Arch Pvt. Ltd.

Case Title: Ardex Endura (India) Private Limited v Meta Arch Private Limited

Case No.: CP(IB)/3546/(MB)/2018

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), has permitted withdrawal of CIRP against Meta Arch Private Limited. Meta Arch Private Limited (“Corporate Debtor”) is engaged in real estate development and has projects across Kenya, Pune, Mumbai, Dubai et al.

No Attachment Of Property Under PMLA Once Liquidation Commences: NCLT Jaipur

Case Title: M/s Packwell (India) Ltd. v M/s Emgee Cables and Communication Ltd

Case No.: CP No. (IB)- 601/ND/2018

The National Company Law Tribunal (“NCLT”), Jaipur Bench, comprising of Shri Deep Chandra Joshi (Judicial Member) and Shri Prasanta Kumar Mohanty (Technical Member), has held that PMLA would cease to have the power to attach the property of the Corporate Debtor, when the order of the Liquidation has already been passed.

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

Case Title: SGM Webtech Private Limited V. Boulevard Projects Private Limited

Case No: CP (IB) No.967(PB)/2018

The National Company Law Tribunal (“NCLT”), Principal Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri Avinash K. Srivastava (Technical Member) has approved the Resolution Plan submitted by Max Estates Limited for Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One. The Resolution Plan is valued at ₹1118,38,93,145/-.

NCLT Delhi Approves Resolution Plan Of Suraksha Realty & Lakshdeep Investments & Finance For Jaypee Infratech LTD.

Case Title: IDBI Bank Limited v Jaypee Infratech Limited

Case No.: Company Petition No. (IB)-77(ALD)/2017

The National Company Law Tribunal (“NCLT”), Special Bench (New Delhi), comprising of Justice Ramalingam Sudhakar (Judicial Member) and Shri L.N. Gupta (Technical Member), has approved the Resolution Plan submitted by Consortium of M/s. Suraksha Realty Ltd. and M/s. Lakshdeep Investments & Finance Pvt. Ltd. for Jaypee Infratech Ltd. Jaypee Infratech Limited (“Corporate Debtor”) is an infrastructure development company which is engaged in the development and maintenance of the Yamuna Expressway, on a build-transfer-operate basis, as well as development of five integrated townships along the Expressway.

Debt Arising Out Of Different Work Orders Can Be Clubbed To Meet Minimum Threshold Of Rs. 1 Crore: NCLT Mumbai Reiterates

Case Title: A J Buildcon Private Limited v Patel Engineering Limited

Case No.: CP (IB) No.627/MB-IV/2021

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), has reiterated that debts arising from different work order(s) can be clubbed to satisfy the minimum threshold limit of Rs. 1 Crore under IBC. The Bench has initiated CIRP against Patel Engineering Ltd. and appointed Ms. Neeraja Kartik as the Interim Resolution Professional.

No Bar On Sale Of Corporate Debtor As A Going Concern After First Auction, Permission Of AA not required: NCLT Delhi

Case Title: Mr. Surinder Manchanda v Nolsar International Limited

Case No.: Company Petition No. (IB)-1031(ND)/2018

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri L.N. Gupta (Technical Member), has held that there is no bar on the sale of Corporate Debtor as a going concern even after the first auction has taken place and the Liquidator is not obliged to seek permission of Adjudicating Authority for conducting such sale.

HIGH COURT

Whether Proceedings Under NI Act Become Infructuous If Creditor Opts IBC?: Delhi High Court Issues Notice

Case Title: Ashwani Arya &Anr. vs. Rajat Mitra Proprietor M/s. Caldron Graphics

Case No.: CRL MC No. 1376/2023

The Delhi High Court Bench comprising of Justice Jasmeet Singh, has issued notice in the petition filed under Section 482 of CrPC, wherein quashing of summons issued in a proceeding under Section 138 of Negotiable Instruments Act has been sought by the Director of Corporate Debtor, which is under liquidation. The issue before the Court is whether proceedings under Section 138 of Negotiable Instruments Act become infructuous if the Creditor subsequently avails remedy under IBC in view of the same debt and default and the Corporate Debtor goes under liquidation.

IBBI

IBBI Revises Format For Serving Copy Of Application To Board

Circular No. IBBI/LAD/58/2023

The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a Circular dated 04.03.2023, revising the format in which a copy of petition under IBC is to be served to IBBI by the Applicant, before filing of such application for initiation of CIRP. The IBBI has revised format for serving a copy of the application, to ensure filing of authentic information and enabling sharing of information with IU efficiently. The Revised Format requires the Applicant to mention its personal details, details of the application and also of the proposed Insolvency Professional. A step-by-step guide for submission of the application has also been provided alongwith the Circular. Further, on submission of the application online, the applicant shall get an acknowledgment. The provisions of the Circular supersede IBBI’s Circular No. IBBI/IU/35/2020 dated 29.10.2020.