IBC News
Arbitrarily Rejection Of Resolution Plan Is Void , NCLT Allahabad Declares The COC's Action As Void
The National Company Law Tribunal ("NCLT"), Allahabad Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Virendra Kumar Gupta (Technical Member), while adjudicating an application filed in Exim Scrips Dealers Pvt. Ltd v Rathi Graphic Technologies Limited, has held that principles of natural justice are applicable to proceedings under the Insolvency and...
NCLT Has Discretion To Not Admit Financial Creditor's CIRP Application Even If Corporate Debtor Is In Default : Supreme Court
The Supreme Court observed that it is not mandatory for the Adjudicating Authority to admit an application to initiate Corporate Insolvency Resolution Process even if a debt existed and the Corporate debtor is in default.However, such discretionary power cannot be exercised arbitrarily or capriciously, the bench comprising Justices Indira Banerjee and JK Maheshwari cautioned.The court...
A Report Under Section 99 Of IBC Cannot Be Filed By Resolution Professional Without The Adjudicating Authority's Directions: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao (Judicial Member) Shri Chandra Bhan Singh (Technical Member), while adjudicating a petition filed in Bank of Baroda Limited v Mr. Pawan V Kikavat, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 ("IBC") for recommending...
IBC Cases Weekly Round-Up: 4 July To 10 July,2022
NCLAT Resolution Professional Is Only Authorized To Operate Accounts Of Corporate Debtor : NCLAT Chennai Case Title: Beauty Etiole Pvt. Ltd. v C. Sanjeevi & Ors. Case No.: Company Appeal (AT) (CH) (Ins.) No. 316/2021 The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member),...
Even Though Limitation Is Not Set Up As Defence, Tribunal Should Examine: NCLT Chennai
The National Company Law Tribunal (NCLT), Chennai Bench, comprising of Justice (Retd.) S. Ramathilagam (Judicial Member) and Shri Anil Kumar B (Technical Member), while adjudicating an application filed in Bank of Baroda v Rajiv Rai, has held that limitation applies to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 ("IBC") for initiating...
Information Memorandum Should Reflect Creditors Claim , If It Finds Place In Balance Sheet : NCLT Indore
The National Company Law Tribunal ("NCLT"), Indore Bench, comprising of Shri Madan B. Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application filed in Bank of Baroda v Divya Jyoti Industries Ltd., has held that if a claim of a creditor appears in the audited balance sheet of the Corporate Debtor, then it is the duty of...
NCLT Have The Power To Replace Liquidator Under Insolvency And Bankruptcy Code, 2016: NCLT Chennai
National Company Law Tribunal, Chennai (NCLT) comprising of Justice S Ramathilagam and Mr. Anil B Kumar held that the NCLT have the power to replace the liquidator during the liquidation process of a Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. (IBC/Code) NCLT initiated the Corporate Insolvency Resolution Process (CIRP) of Jeypore Sugar Company Limited (Jeypore...
NCLAT Delhi Stays 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. & Anr., has stayed the...
Suspended Management Must Be Provided With A Copy Of The Resolution Plan: NCLT Indore Reiterates
The National Company Law Tribunal, Indore Bench, comprising of Shri Madan B. Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application filed in Chandraudai Automobiles Pvt. Ltd. v Rajpal Abhikaran Pvt. Ltd., has held that a copy of the Resolution Plan must be provided to the Suspended Management of the Corporate Debtor and has...
Bankruptcy Code Dilemma and Challenges
It Is Time For The Stakeholders And Authorities To Go Back And Analise And Not To Change The Board Recent detailed order of June 13, 2022 of NCLT Allahabad in the matter of Rathi Graphic Technologies Limited Vs Rajkumar Rathi and Others, has tried to open up debate on appropriateness of the law introduced through the provisions of the Insolvency and Bankruptcy Code, 2016, in India,...
Shri.Jayanti Prasad Takes Charge As Whole-Time Member Of IBBI
The Insolvency and Bankruptcy Board of India ("IBBI") on 05.07.2022 has issued a press release stating that Shri.Jayanti Prasad has taken charge as whole-time Member of Insolvency and Bankruptcy Board of India in New Delhi. He belongs to 1986 batch Indian Audit and Accounts Service officer, superannuated as Deputy Comptroller & Auditor General (Human Resources and...
On Recusal From Hearing, Members Can't Transfer Case To Another Bench In Another Place : NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT") Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Sonia Khosla & Anr. v Montreaux Resorts (P) Ltd. & Ors., has held if Members of NCLT Bench recuse from hearing a case, they cannot...