IBC News
Threshold Limit Under Insolvency And Bankruptcy Code Will Also Include Interest: NCLAT
The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan, Justice M Satyanarayana Murthy and Mr. Naresh Salecha held that minimum threshold mentioned under Section 4 of the Insolvency & Bankruptcy Code, 2016 (IBC/Code) can include both the principal amount and the interest. Brief Facts The Operational Creditor supplied various...
Liability Of Personal Guarantor Survives Even On Becoming Citizen Of A Foreign Country: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Shri Barun Mitra (Technical Member), while adjudicating an appeal in Sudip Dutta v State Bank of India, has held that the liability of a Personal Guarantor does not get extinguished upon subsequent acquisition...
Monthly Digest Of IBC Cases: July 2022
Supreme Court NCLT Not A Debt Collection Forum ; Operational Creditor's Application To Initiate CIRPMust Be Dismissed If The Debt Is Disputed: Supreme Court Case Title: SS Engineers vs Hindustan Petroleum Corporation Ltd Case No.: 2022 LiveLaw (SC) 617, CA 4583 OF 2022 The Supreme Court Bench comprising of Justices Indira Banerjee and V. Ramasubramanian observed that...
IBC Cases Weekly Round-Up: 25 July To 31 July, 2022
NCLAT Payment Of Earnest Money Towards Purchase Of Land Is Not A Financial Debt: NCLAT Delhi Case Title: S. Chandriah v Sunil Kumar Agarwal & Ors. Case No.: Company Appeal (AT) Insolvency No. 22 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Naresh Salecha (Technical Member), has...
NCLT Mumbai Terminates The CIRP Of Sahara Hospitality, As Parties Enter Settlement
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in Delta Electro Mechanical Pvt. Ltd. v Sahara Hospitality Ltd., has permitted withdrawal of insolvency proceedings and termination of Corporate Insolvency Resolution Process...
Gujarat High Court Stays IBBI's Order Requiring Resolution Professional To Undergo Pre-Registration Educational Course From IPA
The Gujarat High Court, Ahmedabad Bench, comprising of Justice A.S. Supehia, while adjudicating a writ petition in Sunil Kumar Agarwal v Insolvency and Bankruptcy Board of India (IBBI), has stayed the order passed by the Disciplinary Committee of IBBI against the Resolution Professional, requiring the latter to undergo pre-registration educational course from the IPA of which he is...
NCLAT Delhi Sets Aside The CIRP Of LA Residentia Developers, As Parties Enter Settlement
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Amrapali LA-Residentia Flat Buyers Welfare Association (ALRFBWA) v LA Residentia Developers Pvt. Ltd. & Ors., has set aside...
NCLT Disallows JSW To Withdraw From Status Of Successful Resolution Applicant Of Ind-Barath Energy
The National Company Law Tribunal, Hyderabad Bench, comprising of Bhaskara Pantula Mohan (Judicial Member) and Dr. Binod Kumar Sinha (Technical Member), while adjudicating an application filed in Bank of Baroda v Ind-Barath Energy (Utkal) Ltd., has held that under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC"), Adjudicating Authority is not empowered to terminate...
NCLAT Sets Aside The Order Of NCLT Rejecting CIRP Initiation, Finds That The Service On The Respondent Was Effected As Per Master Data Details.
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Sparta Global Projects Pvt. Ltd. v KUGD Services Pvt. Ltd., has directed the Adjudicating Authority to admit a petition under Section 9...
DHL Supply Chain Files Insolvency Plea Against Eicher Motors: NCLT Delhi To Decide The Issue Of Maintainability
The National Company Law Tribunal (NCLT), New Delhi Bench, comprising of Dharminder Singh (Judicial Member) and Sumita Purkayastha (Technical Member), while adjudicating an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC") in DHL Supply Chain Pvt. Ltd. v Eicher Motors Ltd., has directed DHL to convince the Bench on the maintainability of the...
IBC Cases Weekly Round Up: 18 July To 24 July, 2022
SUPREME COURT NCLT Not A Debt Collection Forum ; Operational Creditor's Application To Initiate CIRP Must Be Dismissed If The Debt Is Disputed: Supreme Court Case Title: SS Engineers vs Hindustan Petroleum Corporation Ltd Case No.: 2022 LiveLaw (SC) 617, CA 4583 OF 2022 The Supreme Court Bench comprising of Justices Indira Banerjee and V. Ramasubramanian observed that...
Payment Of Earnest Money Towards Purchase Of Land Is Not A Financial Debt: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in S. Chandriah v Sunil Kumar Agarwal & Ors., has held that payment of Earnest Money towards purchase of land is a financial liability but not a 'financial debt' as per the...