IBC News
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....
Insolvency Proceedings Initiated Against Birla Tyres Ltd., A B.K. Birla Group Company: NCLT, Kolkata
The National Company Law Tribunal ("NCLT") Kolkata Bench, comprising of Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member) while adjudicating a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC") in the matter of SRF Limited v Birla Tyres Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against Birla Tyres...
Committee Of Creditors Are Competent To Revise The Approved Fees Of Resolution Professional: NCLAT
National Company Law Appellate Tribunal (NCLAT) principal bench comprising of Justice Ashok Bhushan and Ms. Shresha Merla in the case of Kushwinder Singhal versus Reena Tiwari held that the Committee of Creditors (COC) is fully competent to revise its earlier approval of the fees of the Resolution Professional (RP). The erstwhile Resolution Professional of Bestways Transport India...
Under A Security Trustee Agreement, An Individual Lender Cannot Invoke Personal Guarantee Without Taking Consent Of Other Co-Lenders: NCLT Delhi
The National Company Law Tribunal ("NCLT") New Delhi (Special Bench), comprising of Shri Dharminder Singh (Judicial Member) and Shri Avinash Kumar Srivastava (Technical Member), while adjudicating an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 ("IBC") in IDBI Bank Ltd. v Manoj Gaur (Personal Guarantor of Corporate Debtor Jaypee Infratech Ltd)., has...
Supreme Court Permits Withdrawal Of SLP Filed By Jayaswal Neco Industries Ltd. Against RBI , Imposing A Cost Of Rs - 10 Lakh
The Supreme Court Bench comprising of Justice U.U. Lalit and Justice S. Ravindra Bhat, while adjudicating a Special Leave Petition (SLP) filed in Jayaswal Neco Industries Limited & Another v Reserve Bank of India & Ors., has allowed withdrawal of the SLP subject to costs. The sole consideration behind permitting withdrawal was that nine lenders of the Petitioner, which were...
CBI Arrests Interim Resolution Professional For Demanding A Bribe Of 20 Lakhs
Central Bureau of Investigation (CBI) arrested insolvency professional Mr. Subrata Monindranath Maity (IRP) for demanding a bribe of INR 20 lakhs from the promoter of Guardian Home Pvt. Ltd. for settlement of Corporate Insolvency Resolution Process (CIRP) of Guardian Homes. Brief Background NCLT Mumbai vide its order dated 03.01.2020 dismissed the Section 9 petition against...
Insolvency Proceedings Are Not Only For Fees Of Resolution Professional: NCLAT
National Company Law Appellate Tribunal (NCLAT) principal bench comprising of Justice Ashok Bhushan and Ms Shresha Merla in the case of Deepankar Sharma versus Pradeep Cycle Industries held that the Insolvency Proceedings are not proceedings only for fees of the Interim Resolution Professional (IRP). This order arises out of an appeal filed by the erstwhile IRP of Arpan International...
No Conflict Between The Prohibition Of Benami Property Transaction Act, 1998 and IBC, 2016 Concerning Attachment Of Property: NCLT, Chennai Bench
The NCLT, Chennai Bench comprising of Justice (Retd.) S. Ramathilangam, Judicial Member and B. Anil Kumar, Technical Member in Shri. Mudapallur Varieth Gangadharan v. The Deputy Commissioner of Income Tax has held that there is no conflict between the Prohibition of Benami Property Transaction Act, 1988 and the Insolvency and Bankruptcy Code, 2016 concerning the attachment of property,...
NCLAT Nod To Roma Unicon Designex Consortium As The Successful Resolution Applicant Of Earth Infrastructure Ltd.
The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Dr. Alok Srivastava (Technical Member), recently adjudicated an appeal filed by a Financial Creditor in Bipin Sharma v Earth Infrastructure Ltd. & Anr., challenging the eligibility of the Successful Resolution...
Decision Of Homebuyers As A Class Is Binding On Every Homebuyer: NCLAT, Delhi
National Company Law Appellate Tribunal (NCLAT), Principal Bench New Delhi in a recent case of Sandeep Kumar Jain versus Anil Tayal held that decision taken by the homebuyers as a class is binding on every single homebuyer. The bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla was hearing the appeal filed by two homebuyers against the order of NCLT New Delhi...
NCLT Mumbai Grants Time To Future Retail Ltd. To File Reply In Insolvency Plea
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while hearing a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), titled Bank of India v Future Retail Ltd., has granted time to Future Retail Ltd. for filing a reply to the petition. The next...
Monthly Digest Of IBC Cases: April 2022
Supreme Court Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court Case title: Sunil Kumar Jain v Sundaresh Bhatt, Civil Appeal No. 5910 of 2019. A Supreme Court division bench comprising of Justice M.R. Shah and Justice Aniruddha Bose has held that the dues towards the wages/salaries of only...