IBC News
Fifteen NCLT Members To Retire On 3rd July, NCLT Benches To Suffer From Shortage Of Members
The National Company Law Tribunal Benches across the country are set to undergo shortage of Members as fifteen Members are retiring on 03.07.2022 and no extension has been granted to their tenure till now. The NCLT benches have been re-constituted with the remaining Members vide circulars dated 01.07.2022. Background The Ministry of Corporate Affairs ("MCA") vide a notification...
Monthly Digest Of IBC Cases: June 2022
NCLAT Belated Claims Of Homebuyers, If Reflected In The Records Of Corporate Debtor Shall Be Included In Information Memorandum By Resolution Professional: NCLAT Case Title: Puneet Kaur v K V Developers Private Limited Case No.: Company Appeal (AT) (Insolvency) No. 390 of 2022 The National Company Law Appellate Tribunal (NCLAT), Principal Bench, comprising of Justice...
"IBC Does Not Protect The Interest Or Claim Of A Partner Against Another Partner Or The Firm": NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Judicial Member) and Shri Kapal Kumar Vohra (Technical Member), while adjudicating a petition filed in Parul A Vora v Kavya Buildcon Pvt. Ltd., has held that the Insolvency and Bankruptcy Code, 2016 ("IBC") does not protect the interest or claim of a Partner against another Partner or...
Bank Of India V Future Retail: NCLT Mumbai Reserves Order On Amazon's Intervention Application
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 an intervention application filed by Amazon in Bank of India v Future Retail Ltd., has vide an order dated 27.06.2022 reserved the matter for orders on the intervention...
Cannot Invoke Article 226 If An Effective And Statutory Remedy Exists Before NCLAT: Madras High Court
The High Court of Madras Bench comprising of Justice T. Raja and Justice K. Kumaresh Babu, while adjudicating a writ petition filed in Sunku Vasundhara v State Bank of India, has held that when an effective and statutory remedy lies before the Appellate Authority i.e. National Company Law Appellate Tribunal (NCLAT), aggrieved parties cannot invoke Article 226 of the Constitution of...
Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), while adjudicating a petition filed in Orbit Towers Pvt. Ltd. v Sampurna Suppliers Pvt. Ltd., has held that if a Guarantor pays the debt on behalf of the Principal Borrower, then it steps into the shoes of the Creditor and...
CIRP Conducted In A "Brazen Manner": IBBI Suspends Insolvency Professional For Three Years
The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice dated 08.04.2022 in the matter of Mr. Partha Sarathy Sarkar (Insolvency Professional), has suspended the Insolvency Professional for a period of three years for acting in contravention of the Insolvency and Bankruptcy Code, 2016 ("IBC") and the IBBI...
NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers (India) Ltd.
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), while adjudicating a petition filed in UCO Bank v Vinod Kumar Mittal, has initiated Insolvency Resolution Process against Mr. Vinod Kumar Mittal, who is the Personal Guarantor to the loan sanctioned to Gontermann-Pipers (India)...
IBC Cases Weekly Round Up: 20 June To 26 June, 2022
NCLAT NCLAT Stays The Constitution Of COC In The CIRP Of Bombay Rayon Fashions Ltd. Case Title: Prashant Agarwal v Vikash Parasprampuria Case No.: Company Appeal (AT) (Ins.) No. 690 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Kanthi Narahari (Technical Member), has stayed...
IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct
The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice in the matter of Mr. Kedarram Ramratan Laddha (Insolvency Professional), has suspended the Insolvency Professional for a period of one year for accepting assignment as an Interim Resolution Professional without having a valid Authorisation for Assignment...
Whether Income Tax Demand And Penalty Extinguished In CIRP ? Delhi High Court Stays Demand Notice
The Delhi High​​ Court bench of Justice Manmohan and Justice Manmeet Pritam Singh stayed an income tax assessment order and consequential demand and notice of penalty, which were assailed on grounds of being in contravention of the order of the National Company Law Tribunal (NCLT). An application filed by the Union of India (through the Ministry of Corporate Affairs) under...
Limitation Is Refreshed Each Year When Corporate Debtor Admits Debt In Its Financial Statements: NCLT Kolkata Initiates CIRP Against GIT Textiles
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), while adjudicating an application filed in UCO Bank v GIT Textiles Manufacturing Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against GIT Textiles Manufacturing Ltd. for a default that had occurred in...