IBC News
NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), while hearing a batch of appeals filed against the resolution plan of Jet Airways (India) Ltd. by aggrieved employees and workmen of Jet Airways; Punjab National Bank; TLD MEAI FZE; Jet Aircraft Maintenance Engineers...
NCLAT Stays The CIRP Of National Textile Corporation Ltd., A Public Sector Enterprise
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 stayed the Corporate Insolvency Resolution Process ("CIRP") against...
Temporary Unavailability Of A Member To Sign The Order Not A Ground For Fresh Hearing, If Order Was Passed With Consent Of Such Member: NCLAT Delhi
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 an appeal in Ashish Chandravandan Patel v Axis Bank Ltd. & Anr, has held that an order passed with the consent of both Members of an NCLT Bench but signed by...
Recovery Certificate Holder Can Initiate CIRP As Financial Creditor Under IBC : Supreme Court
The Supreme Court, on Monday, held that a liability in respect of a claim arising out of a Recovery Certificate under the Recovery of Debts and Bankruptcy Act, 1993 would be a "financial debt" within the meaning of Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC) and a holder of such Recovery Certificate would be a "financial creditor" under Section 5(7) of the IBC....
Weekly Digest Of IBC Cases: 23rd May To 29th May, 2022
NCLAT 1. NCLAT Urges Central Government And IBBI To Consider Legislative Change For Payment To Operational Creditor Under Resolution Plan Case Title: Damodar Valley Corporation v Dimension Steel and Alloys Case No.: Company Appeal (AT) (Insolvency) No. 62 of 2022 The National Company law Appellate Tribunal (NCLAT) bench comprising of Justice Ashok Bhushan and Ms....
NCLAT Urges IBBI To Amend CIRP Regulations To Include Claim Which Are Not Filed But Reflecting In Book/Record Of Corporate Debtor
The National Company Law Appellate Tribunal (NCLAT) principal bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha in the case of Employees Provident Fund Organisation versus Subodh Kumar Agarwal urges the IBBI to consider an amendment to the IBBI (Insolvency Process for Corporate Persons) Regulations in order to include claims in information which though...
Split Verdict Of NCLT, Hyderabad Bench On The Question Of Related Party, Issue Referred To President Of The Principal Bench
In a split verdict, a 2-judge Bench of NCLT, Hyderabad in the matter of Trimex Industries Pvt. Ltd. v. M/s. Sathavahana Ispat Ltd. has referred to the President of the Principal Bench the question of – whether in an application filed by an Operational Creditor u/s 60(5) of the Code, the CoC can be barred from considering the resolution plan of a Prospective Resolution...
NCLT Delhi Dismisses Insolvency Petition Against NBCC India Ltd., A Navratna Enterprise
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Mr. Dharminder Singh (Judicial Member) and Ms. Sumita Purkaysatha (Technical Member), while adjudicating the matter of Biosafe Lab India Pvt. Ltd. v NBCC India Ltd., has dismissed an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC") seeking initiation of Corporate...
Why So Much Confusion Around The Jurisdictional Issue Under Personal Insolvency
This article analysis the issues and confusion revolving around the issue of 'Adjudicating Authority' for personal guarantor to corporate debtors and whether the Debt Recovery Tribunals have jurisdiction to entertain applications for insolvency of personal guarantors to Corporate Debtors. IBBI January-March 2022 issue of "Insolvency and Bankruptcy News" for the first time...
NCLT Delhi Initiates Insolvency Process Against National Textile Corporation Ltd., A Public Sector Enterprise
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Mr. Dharminder Singh (Judicial Member) and Ms. Sumita Purkaysatha (Technical Member), while adjudicating a petition filed in Hero Solar Energy Pvt. Ltd. v National Textile Corporation Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against National Textile Corporation Ltd. and has appointed...
CBIC Issues SOP for NCLT Cases In Respect Of The IBC
The Central Board of Indirect Taxes and Customs (CBIC) has issued the Standard Operating Procedure (SOP) for National Company Law Tribunal (NCLT) cases in respect of the Insolvency and Bankruptcy Code (IBC).The Board has instructed that the Insolvency and Bankruptcy Board of India establish the role of the GST and Customs authorities in certain crucial matters under the Insolvency...
NCLAT Urges Central Government And IBBI To Consider Legislative Change For Payment To Operational Creditor Under Resolution Plan
The National Company law Appellate Tribunal (NCLAT)bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla in the case of Damodar Valley Corporation versus Dimension Steel and Alloys urges the Central Government and the Insolvency and Bankruptcy Board of India (IBBI) to consider legislative change regarding the payment to operational creditors under the resolution plan. The...