IBC News
IBBI Notifies Amendments To Insolvency Professional Regulations
The Insolvency and Bankruptcy Board of India ("IBBI") vide a notification dated 04.07.2022 in the Gazette of India (Extraordinary) has notified amendments to the IBBI (Insolvency Professionals) Regulations, 2016. These amendments have come into force on 04.07.2022. The following clauses have been inserted in the Insolvency Professional Regulations: Clause 8B: Insolvency...
NCLAT Upholds Eligibility Of NTPC As A Resolution Applicant For Jhabua Power Ltd. : NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Avantha Holdings Limited v Mr. Abhilash Lal, has upheld the eligibility of NTPC Ltd. under Section 29A of the IBC to submit Resolution Plan for...
NCLAT Holds Lease Rental As Operational Debt Under The Insolvency And Bankruptcy Code, 2016
A five judge bench of National Company Law Appellate Tribunal comprising of Justice Ashok bhushan, Justice Rakesh Kumar, Justice Rakesh Jain, Mr. Naresh Salecha and Mr. Barun Mitra held that the lease rental qualifies as an operational debt under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) The five judge bench was constituted after a three judge bench of...
Bid For Corporate Debtor As 'Going Concern' To Be Given Preference Over The Standalone Bid; NCLT Ahmedabad
The National Company Law Tribunal, Ahmedabad Bench, comprising of Madan B. Gosavi (Judicial Member) Kaushalendra Kumar Singh (Technical Member), while adjudicating an application filed in Arrhum Tradelink Private Limited v Vineeta Maheshwari & Ors., has held that when two equal bids are received in an auction, then Corporate Debtor must be sold to the bidder who purchases it as a...
Resolution Professional Is Only Authorized To Operate Accounts Of Corporate Debtor : NCLAT Chennai
The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), while adjudicating an appeal filed in Beauty Etiole Pvt. Ltd. v C. Sanjeevi & Ors, has held that the Resolution Professional is only authorized in law to exercise control over Bank Accounts operated by the Corporate Debtor and...
IBC Cases Weekly Round-Up: 27 June To 3 July 2022
NCLT NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers(India) Ltd. Case Title: UCO Bank v Vinod Kumar Mittal Case No.: C.P.(IB)/24(KB)2021 The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), has initiated Insolvency...
NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings
The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath (Judicial Member) Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating a petition filed in L&T Finance Limited v Tikkavarapu Venkaram Reddy, has initiated insolvency resolution process against Mr. Tikkavarapu Venkatarami Reddy, who is the Personal Guarantor...
NCLT Chennai Bench Re-Constituted, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, Chennai Bench, has been re-constituted vide a Circular dated 01.07.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new NCLT Chennai Bench shall comprise of: NCLT Chennai Court Room No. 1 (Second Half) Justice (Retd.) S. Ramathilagam (Judicial Member)Shri Sameer Kakar (Technical Member) NCLT Chennai Court Room No....
NCLT Kochi Bench Re-Constituted, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, Kochi Bench, has been re-constituted vide a Circular dated 01.07.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new Kochi Bench shall comprise of: Dr. Deepti Mukesh (Judicial Member)Shri Ajai Das Mehrotra (Technical Member) The reconstituted Bench shall first take up matters of the NCLT Ahmedabad (Court No. 2)...
NCLT Allahabad Bench Re-Constituted, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, Allahabad Bench, has been re-constituted vide a Circular dated 01.07.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new Bench shall comprise of: Shri Harnam Singh Thakur (Judicial Member)Shri Subrata Kumar Dash (Technical Member) The reconstituted Bench shall first take up matters of the NCLT Chandigarh...
Sale Of Corporate Debtor As A 'Going Concern' Includes Both Assets And Liabilities: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Shri Chandra Bhan Singh (Technical Member), while adjudicating an interim application filed in Harsh Vinimay Pvt. Ltd. v Gajanan Industries Ltd., has held that when a Corporate Debtor is sold as a 'going concern', then such sale shall include both assets and liabilities and not...
IBC Proceedings Can't Dilute Rights Of The Income Tax Department To Reopen Assessment: Madras High Court
The Madras High Court has ruled that proceedings under the Insolvency and Bankruptcy Code (IBC), 2016 cannot dilute the rights of the Income Tax Department to reopen the assessment under Section 148 of the Income Tax Act, 1961. The Court noted that the Resolution Plan submitted by the assessee did not contemplate any concession from the Income Tax Department, even though notice under...