IBC News
Wave Megacity Projects, NCLT Dismisses Wave's Insolvency Plea With A Cost Of One Crore
The National Company Law Tribunal (NCLT), Principal bench comprising of Bhaskara Pantula Mohan (Member Judicial) and Mr. Hemant Kumar Sarangi (Member Technical) dismissed the insolvency petition filed by Wave Megacity Centre Private Limited (Wave) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Bench also imposed a cost of INR One Crore on Wave for filing...
NCLT Chennai Restraints Liquidator From Dealing With Assets Of Jeypore Sugar Co. Ltd.
The National Company Law Tribunal ("NCLT"), Chennai Bench, comprising of Justice S. Ramathilagam (Judicial Member) and Shri Anil Kumar B (Technical Member), while adjudicating an application filed in IDBI Bank v Jeypore Sugar Company Ltd., has restrained the liquidator from dealing with the assets of Jeypore Sugar Company Ltd. ("Corporate Debtor") till the pendency of the...
Ansal Properties Pays The Dues Lately, NCLT Delhi Dismisses Insolvency Petition Imposing A Cost Of Rs. 1 Lakh On Ansal
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri. Abni Ranjan Kumar Sinha (Judicial Member) and Shri. L. N. Gupta (Technical Member), in M/s. Dalmia Family Office Trust v M/s. Ansal Properties and Infrastructure Ltd., has dismissed the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), seeking initiation of the...
NCLT Has Power To Recall Its Order: NCLAT
The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar Jain and Mr. Alok Srivastva recently held that the National Company Law Tribunal has the power to recall its order of closing the right to file reply. Brief Background NCLT New Delhi vide its order dated 22.07.2021 closed the right to file reply of the Corporate Debtor. Appellant filed...
NCLAT Set Asides Insolvency Process Against HCL
The National Company Law Appellate Tribunal (NCLAT) Principal Bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha recently allowed the appeal filed by the suspended director of HCL Technologies (HCL) and set aside the Corporate Insolvency Resolution Process (CIRP) initiated against the HCL. NCLT Bench-II, New Delhi on 17.01.2022 admitted the...
IBC Cases Weekly Round-Up: 30 May To 5 June, 2022
Supreme Court Recovery Certificate Holder Can Initiate CIRP As Financial Creditor Under IBC: Supreme Court Case Title: Kotak Mahindra Bank Limited v A. Balakrishna & Anr. Case No.: 2022 LiveLaw (SC) 534, Civil Appeal No. 689 of 2021 The Supreme Court bench, comprising of Justices L. Nageswara Rao, B.R. Gavai and A.S. Bopanna, has held that a liability in respect of a...
NCLAT Terminates The CIRP Of Kanoria Sugar & General Manufacturing Co. Ltd., As Parties Enter Settlement
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal in Kanoria Sugar and General Manufacturing Co. Ltd. v Punjab National Bank, has terminated the Corporate Insolvency Resolution Process ("CIRP") of Kanoria Sugar and General Manufacturing Co....
NCLAT Stays Insolvency Proceedings Against RHC Holdings Pvt. Ltd.
The National Company Law Appellate Tribunal (NCLAT) Principal Bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha stays the Corporate Insolvency Resolution Process of RHC Holdings Pvt Ltd. initiated by NCLT Principal Bench, New Delhi on 13.05.2022. RHC Holdings Pvt. Ltd. (RHC) is the company through which Singh Brothers namely Malvinder Singh and Shivinder Singh sold...
Preferential, Fraudulent Or Avoidable Transaction, Material Facts To Be Pleaded : NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising Mr. Rohit Kapoor (Judicial Member) and Mr. Harish Chander Suri (Technical Member), while adjudicating the matter of Star India Pvt. Ltd. v Advance Multisystem Broadband Communications Ltd., has held that a transaction cannot be alleged to be preferential, fraudulent or avoidable by the Resolution Professional, unless...
Belated Claims Of Homebuyers, If Reflected In The Records Of Corporate Debtor Shall Be Included In Information Memorandum By Resolution Professional: NCLAT
The National Company Law Appellate Tribunal (NCLAT) Principal bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla, Mr. Naresh Salecha in the case of Puneet Kaur versus K V Developers Private Limited has held that the claims of those homebuyers who could not file their claims within stipulated time but the same were reflected in the record of the Corporate Debtor ought to...
NCLAT Terminates The CIRP Of National Textile Corporation Ltd. As Parties Enter Settlement
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Shri Naresh Salecha (Technical Member), while adjudicating a petition filed in National Textile Corporation Ltd. v Hero Solar Energy Pvt. Ltd., has terminated the Corporate Insolvency Resolution Process ("CIRP") against...
Monthly Digest Of IBC Cases: May 2022
Supreme CourtSupreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No.: Civil Appeal No. 2222 of 2021 The Supreme Court Bench comprising of Justice KM Joseph and Justice Hrishikesh Roy has upheld the NCLAT judgment wherein it was held that...