IBC News
National Company Law Appellate Tribunal Gets Five More Judges
The NCLAT has been facing a severe shortage of Judges . By appointing five new Judges ,the Judges strength has gone up from seven to twelve. The new five Judges are now appointed by Notification dated 12.05.2022. As per the Notification ,Two former High Court Judges and one sitting Judge are appointed as Judicial Members . Two Former bureaucrats from All India Services have been appointed...
Arrears Of Salary Due Beyond Three Years, Barred By Limitation, Cannot Be The Basis For Initiating CIRP: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, New Delhi, comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member) while adjudicating an appeal filed in Omega Laser Products B.V. v Anil Agrawal, has held that arrears of salary due beyond a period of 3 years would be barred by limitation for the purposes of initiating...
Appeal To NCLAT Shall Be Filed Within A Period Of 30 Days, Reiterates Supreme Court
The Supreme Court bench comprising of Justice L N Rao and Justice P S Narasimha in the case of Safire Technologies Pvt Ltd versus Regional Provident Fund Commissioner reiterates that an appeal against the order of NCLT shall be filed before the NCLAT within a period of 30 days and the appellate tribunal can only condone delay for a period of 15 days. The appellant filed a civil...
IBC - Moratorium Period Can Be Excluded In Computing Limitation Period In A Suit/Application By Corporate Debtor: Supreme Court
The Supreme Court has held that the entire period during which the moratorium was in force in respect of corporate debtor can be excluded while computing the period of limitation for a suit or proceeding by the corporate debtor.In this case, the appellant, had approached the Apex Court challenging the Delhi High Court's order allowing the application filed by respondent corporate debtor...
Threshold Of Rs.1 Crore Is Required For Initiation of CIRP, Even If The Cause Of Action Arises Out Of Failure Of The Consent Terms Of The Earlier Section 7 Application: NCLAT
National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla in the case of Prafulla Purushottamrao Gadge v. Narayan Mangal held that an application filed after 24.03.2020 under Section 7 of the Insolvency and Bankruptcy Code, 2016 below the threshold of Rs. One Crore is not maintainable. The suspended director of the Corporate...
NCLT Is Empowered To Pierce The Corporate Veil To Ascertain The Real Successful Bidder: NCLT Delhi
The National Company Law Tribunal (NCLT), New Delhi Bench, comprising of Dharminder Singh (Judicial Member) and Sumita Purkayastha (Technical Member), while adjudicating applications filed in the matter of Argentium International Pvt. Ltd. v Utm Engineering Pvt. Ltd, has held that the NCLT has the power to pierce the 'corporate veil' in order to ascertain the real successful bidder....
Supreme Court Issues Notice On Plea Challenging Constitutionality Of IBC Provisions Relating To Personal Guarantors
The Supreme Court has issued notice on a petition filed by a personal guarantor which raises a constitutional challenge to the personal insolvency provisions under the Insolvency & Bankruptcy Code, 2016 ("Code"). Since a similar issue is pending, the Court has directed to tag the present case along with the pending Special Leave Petition No. 16464 of 2021( Surendra B. Jiwrajka Vs...
IBBI Suspends IP Subrata Monindranath Maity Who Has Been Arrested By CBI Over Bribe Allegations
The Insolvency and Bankruptcy Board of India ("IBBI") has suspended Insolvency Professional, Mr. Subrata Monindranath Maity, vide an interim ex-parte order dated 09.05.2022, after the Central Bureau of Investigation ("CBI") had arrested Mr. Subrata over bribe allegations. Mr. Subrata was registered as an Insolvency Professional with IBBI bearing Registration...
Project Wise CIRP Of Real Estate Company Is Outside The Purview Of Insolvency And Bankruptcy Code, 2016: NCLT Chennai
The National Company Law Tribunal, Chennai Bench comprising of Justice S. Ramathilagam and Mr. Anil Kumar B (Technical Member) in the Case of N Kumar v. Tata Capital Housing Finance Ltd. held that the project wise Corporate Insolvency Resolution Process (CIRP) of a real estate company is outside the purview of Insolvency and Bankruptcy Code, 2016 (IBC/Code). Brief Facts CIRP...
Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay
Supreme Court bench comprising of Justice S Abdul Nazeer and Justice Vikram Nath vide its order dated 06.05.2021 in the case of Mahendra Kumar Jajodia versus State Bank of India, Civil Appeal No. 1871/2022) dismissed the civil appeal filed against the Judgement of National Company Law Appellate Tribunal (NCLAT) in the case of SBI versus Mahendra Kumar Jajodia. NCLAT held that even...
Supreme Court Issues Notice On Meru Cab's Plea Alleging Anti-Competitive Practices By Ola
The Supreme Court, on Monday, issued notice in the appeal filed by Meru Cab assailing the order of the National Company Appellate Tribunal (NCLAT) refusing to set aside the order passed by the Competition Commission of India (CCI) exonerating Ola from allegations of abuse of dominant position. While issuing notice, a Bench comprising Justices L. Nageswara Rao and B.R. Gavai took note of...
Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022
Supreme Court Supreme Court Permits Withdrawal Of SLP Filed By Jayaswal Neco Industries Ltd. Against RBI , Imposing A Cost Of Rs - 10 Lakh Case title: Jayaswal Neco Industries Limited & Another v Reserve Bank of India & Ors. Case No.: Special Leave Petition (Civil) Nos.9286-9287 of 2018. The Supreme Court Bench comprising of Justice U.U. Lalit and Justice S....