IBC: Calcutta HC Quashes NCLT Order Mandating Submission Of Record Of Default For Filing Sec 7 Applications [Read Judgment]

The Calcutta High Court has struck down the order passed by the National Company Law Tribunal (NCLT) on May 12, 2020 which mandated submission of record of default from Information Utility in Section 7, Insolvency & Bankruptcy Code (IBC) applications, both prospectively as well as retrospectively. The impugned order passed by the Principle Bench, New Delhi of NCLT read...

NCLAT Sets Aside NCLT's Order For Acquisition Of RICOH By Dharamshi- Jhunjhunwala Consortium [Read Order]

The National Company Law Appellate Tribunal (NCLAT) allowed the appeal filed by Kotak Investment Advisors Limited (KIAL) challenging an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) which had approved the resolution plan submitted by a consortium of Kalpraj Dharamshi and Rekha Jhunjhunwala. KIAL was one of the bidders for Ricoh India Limited...

NCLAT Upholds Takeover Of Dighi Port By Adani group's Adani Ports & Special Economic Zone [Read Order]

NCLAT has upheld the takeover of the debt-ridden Dighi Port by Adani Ports & Special Economic Zone (APSEZ) confirming the order of the Adjudicating Authority (NCLT) which had approved the resolution plan of APSEZ in March, 2020. The said order was impugned by the Director and promoter of Dighi Ports Mr. Vijay Kalantri who assailed the order on grounds that it did not take into...

'Powers Of CCI & Arbitral Tribunal Not Overlapping': Bombay HC Upholds Arbitral Award In Favour Of Mahyco Monsanto Biotech [Read Judgment]

The Bombay High Court has upheld the arbitral award allowing monetary claims of agri-business giant Mahyco Monsanto Biotech Ltd (MMB) against Nuziveedu Seeds Ltd and its associate companies with respect to Sub Licensing Agreements (SLA) concerning the use of Bt Cotton seeds.The arbitral award passed in January 2019 was challenged by Nuziveedu and its associates primarily on the ground that...

'Default' Of Instalments Under Settlement Agreement Not "Operational Debt" Under IBC: NCLT [Read Order]

Whether 'Default' of instalments under a settlement Agreements is an "Operational Debt" under the Insolvency and Bankruptcy Code, 2016 ("the Code")? This question has been answered in negative by the National Company Law Tribunal, New Delhi in its Judgement dated 22.07.2020 passed in the matter of "Brand Realty Services Limited vs Sir John Bakeries India Private Limited,...

NCLAT Judgment Gives Respite To companies,Eases Way To Exit Insolvency Process [Read Order]

The National Company Law Appellate Tribunal (NCLAT) has paved the way for companies to exit ongoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) even when an interim resolution professional has been appointed and a moratorium period imposed. The Principal bench headed by Acting Chairperson Justice Bansi Lal Bhat, Justice Anant Bijay...

NCLAT Dismisses HDIL's Appeal; Gives Go Ahead To Initiate Insolvency Proceedings

The National Company Law Appellate Tribunal (NCLAT) has upheld the order passed by NCLT, Mumbai Bench, against the real estate giant Housing Development & Infrastructure Limited (HDIL) for initiation of insolvency proceedings under the Insolvency and Bankruptcy Code 2016 (IBC). HDIL had contended that it was not given enough opportunity to put forth its case and hence the order...

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]

The National Company Law Tribunal (NCLT), Chennai Bench has ruled that Section 10A of the Insolvency and Bankruptcy Code, 2016 (IBC), which bars the initiation of insolvency proceedings against a defaulter, will be applicable to pending applications with respect to defaults arising on or after March 25. NCLT also observed that it was 'untenable' to suggest that Sec. 10A would be...

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]

The Chennai Bench of National Company Law Tribunal (NCLT) has held that the Central Government's decision to enhance the minimum threshold for the initiation of insolvency proceedings is prospective in nature. On March 24, 2020 the Centre issued a Notification under Section 4 of the Insolvency & Bankruptcy Code 2016 (IB Code), through which the minimum threshold for a petition to...

NCLAT Substitutes IRP On The Ground That He Was Financial Creditor's Ex-Employee [Read Order]

The National Company Law Appellate Tribunal (NCLAT) in a recent decision upheld the direction of the Adjudicating Authority to substitute the Interim Resolution Professional on the ground that he was an ex-employee of the Financial Creditor. The financial creditor in the present case, State Bank of India (SBI), had initiated insolvency proceedings against one M/s. Metenere Ltd (the...

Filing Of Default Record Necessary For News Sec 7 IBC Filings : NCLT

The National Company Law Tribunal has directed filing of default record from Information utility along with new petitions under Section 7 of the Insolvency and Bankruptcy Code, 2016.The order issued in this regard said :"All concerned are directed to file default record from Information Utility alongwith the new petition being filed under Section 7 of Insolvency & Bankruptcy Code,...

NCLT Notifies Transfer Of 3 Members With Immediate Effect [Read Notification]

The National Company Law Tribunal on Tuesday notified the transfer of three of its Members with immediate effect. The following are the members who have been transferred: 1. HP Chaturvedi, Member (Judicial) - NCLT Ahmedabad to NCLT Mumbai 2. MB Gosavi, Member (Judicial) - NCLT Kolkata to NCLT Ahmedabad 3. Rajasekhar VK, Member (Judicial) - NCLT Mumbai to NCLT Kolkata The...