IBC News
OTS Proposal Is An 'Acknowledgement Of Debt' Under Section 18 Of Limitation Act: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Tejas Khandhar v Bank of Baroda, has held that a One Time Settlement (OTS) proposal falls within the definition of 'acknowledgement of debt' under Section 18 of the Limitation...
NCLT Mumbai Initiates Insolvency Proceedings Against Future Retail Ltd., Rejects Amazon's Intervention Plea
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 Bank of India v Future Retail Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against Future Retail Ltd. and has appointed Mr. Vijay Kumar V Iyer as the Interim...
NCLT Not A Debt Collection Forum ; Operational Creditor's Application To Initiate CIRP Must Be Dismissed If The Debt Is Disputed: Supreme Court
The Supreme Court observed that application of the Operational Creditor for initiation of Corporate Insolvency Resolution Process (CIRP) must be dismissed, if the debt is disputed.It is not the object of the IBC that CIRP should be initiated to penalize solvent companies for non-payment of disputed dues claimed by an operational creditor, the bench of Justices Indira Banerjee and...
IBC Cases Weekly Round Up: July 10 To 17 July, 2022
Supreme Court NCLT Has Discretion To Not Admit Financial Creditor's CIRP Application Even If Corporate Debtor Is In Default:Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No.: 2022 LiveLaw (SC) 587, CA 4633 OF 2021 The Supreme Court Bench comprising of Justices Indira Banerjee and JK Maheshwari has observed that it is not mandatory for...
NCLT Hyderabad Initiates Insolvency Process Against Trident Sugars LTD.
The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating an application filed in NSL Krishnaveni Sugars Ltd v Trident Sugars Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against Trident Sugars Ltd. and...
Guarantor Cannot Enjoy 'Right Of Subrogation' Even After CIRP Against Principal Debtor Gets Concluded: NCLT Hyderabad
The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath (Judicial Member) Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating a petition filed in State Bank of India v Shri. Ghanshyam Surajbali Kurmi, has held that a guarantor cannot enjoy a right of subrogation even after the Corporate...
NCLAT Principal Bench To Resume Physical Hearing From 1st August
The National Company Law Appellate Tribunal, New Delhi, has released a Standard Operating Procedure (SOP) dated 15.07.2022 for conduct of physical hearing before the NCLAT Principal Bench, New Delhi from 01.08.2022 onwards. The SOP has been released exclusively for the hearings before NCLAT Principal Bench, New Delhi and the decision to resume physical hearing has been taken in light...
NCLT Mumbai Initiates Insolvency Proceedings Against Sahara Hospitality, Owner Of Hotel Sahara Star
The National Company Law Tribunal's (NCLT) Mumbai bench has initiated insolvency proceedings against Sahara Hospitality Limited, that owns Hotel Sahara Star, for an alleged default of around Rs 50 crore. Judicial Member Justice P.N. Deshmukh (retd) and Technical Member Shyam Babu Gautam admitted a Company Petition (CP) under Section 9 of the Insolvency & Bankruptcy Code,...
National E-Assessment Centre Acted Thick Skinned: Gujarat High Court
The Gujarat High Court held that it was pandemic time when the department should have adopted a liberal approach in refusing the request for time for filing objections to the draft assessment order and finally passing the assessment order. The department acted thick-skinned. The division bench of Justice N.V. Anjaria and Justice Bharghav D. Karia has observed that the...
NCLT Ahmedabad Denies Approval Of Resolution Plan For Being Unimplementable
The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Justice Madan B. Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application filed in IFCI Ltd. v Anil Mega Food Park Pvt. Ltd., has declined to approve the Resolution Plan submitted by M2K Developers Pvt. Ltd. for Anil Mega Food Park Pvt. Ltd., for not...
NCLAT Chennai Rejects Claim Of PF Department For Delay Of 936 Days
The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Kanthi Narahari (Technical Member), while adjudicating an appeal filed in The Regional Provident Fund Commissioner v Mr. Vasudevan, has dismissed a claim filed by the Provident Fund Commissioner after a delay of 936 days and held that no indulgence or...
NCLT Mumbai Directs Income Tax Authority To Refund TDS To Corporate Debtor Undergoing Liquidation
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Retd.) (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating an application filed in Asset Reconstruction Company (India) Ltd. v Precision Fasteners Ltd., has directed the Deputy Commissioner of Income Tax to refund the TDS charged from the Corporate Debtor when...