IBC News
Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), while adjudicating an application filed in State Bank of India v Rohit Ferro Tech Limited, has held that claims or reliefs which were not a part of the Resolution Plan, cannot be claimed after the said Resolution Plan is approved by...
Corporate Debtor Cannot Be Dragged Into CIRP Mala Fide For Any Purpose Other Than Resolution Of Insolvency: NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Judicial Member) and Mr. Kapal Kumar Vohra (Technical Member), while adjudicating an application filed in Gateway Offshore Private Limited and Anr. v Runwal Realtors Pvt. Ltd., has held that a written contract cannot be treated as a pre- requisite to prove the existence of a financial debt...
NCLAT Stays The Constitution Of COC In The CIRP Of Bombay Rayon Fashions Ltd.
The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Kanthi Narahari (Technical Member), while adjudicating an appeal filed in Prashant Agarwal v Vikash Parasprampuria, has stayed the constitution of the Committee of Creditors ("CoC") in the Corporate Insolvency Resolution Process ("CIRP") of...
NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Mr. Kishore Vemulapalli (Judicial Member) and Mr. Rajesh Sharma (Technical Member), while adjudicating an application in Srei Equipment Finance Ltd. v Nirmal Lifestyle (Kalyan) Pvt. Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against Nirmal Lifestyle (Kalyan) Pvt. Ltd. ("Corporate Debtor")...
IBC Cases Weekly Round Up: June 13 To 19 June, 2022
Issuance Of Post Dated Cheques Is Not An Unqualified Admission Of Debt, NCLT Allahabad Dismisses Section 7 ApplicationCase Title: N.C. Goel & Maya Goel v Piyush Infrastructure India Private Limited Case No.: CP (IB) No.453/ALD/2019 The National Company Law Tribunal ("NCLT"), Allahabad Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Virendra Kumar...
Application By Chairman Of Monitoring Committee For CIRP Of Corporate Debtor's Debtor, Maintainable: NCLT Delhi
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri Abni Ranjan Kumar Sinha (Judicial Member) and Shri Hemant Sarangi (Technical Member), while adjudicating an application in Educomp Infrastructure & School Management Ltd. v Millenium Education Foundation, has held that a Chairman of Monitoring Committee can file and application under IBC for...
IBBI Amends Its Regulations On Information Utilities
The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 ("Information Utility Regulations") vide a notification dated 14.06.2022, bearing No. IBBI/2022-23/GN/REG085, in order to improve the availability of information. These amendments have come into...
NCLT Mumbai Initiates Insolvency Process Against Bombay Rayon Fashions Ltd.
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Mr. Kishore Vemulapalli (Judicial Member) and Mr. Rajesh Sharma (Technical Member), while adjudicating an application filed in Vikash Parasprampuria v Bombay Rayon Fashions Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against Bombay Rayon Fashions Ltd. The order was...
Issuance Of Post Dated Cheques Is Not An Unqualified Admission Of Debt, NCLT Allahabad Dismisses Section 7 Application
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 N.C. Goel & Maya Goel v Piyush Infrastructure India Pvt. Ltd., has held that issuance of post dated cheques cannot be taken to be unqualified admission of debt, because...
IBC Cases Weekly Round-Up : June 6 To June 12, 2022
NCLAT NCLT Has Power To Recall Its Order: NCLAT Case Title: Printland Digital (India) Pvt. Ltd. v Nirmal Trading Company Case No.: Company Appeal (AT) (Insolvency) No. 504 of 2022 The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Alok Srivastva (Technical Member) recently held that the National...
NCLAT Limits Supertech's Insolvency Process To One Project
The National Company Law Appellate Tribunal (NCLAT) principal bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha has modified its stay order on constitution of Committee of Creditors of Supertech Ltd. (Supertech) and limited the Corporate Insolvency Resolution Process of Supertech to one project i.e., Eco Village II. Earlier, the NCLAT vide its order dated 12.04.2022...
NCLT Closes The Right To File Reply Due To Delay, NCLAT Delhi Allows Appeal And Directs To Take Reply On Record
The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Ashok Kumar Mishra (Technical Member), while adjudicating an appeal in Samyak Metals Pvt. Ltd. v Ugro Capital Ltd., has permitted taking on record of a Reply, which was allegedly lying with the Registry for over 50 days for curing of defects and...