IBC News
IBC - Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court
The Supreme Court held that the dues towards the wages/salaries of only those workmen/employees who actually worked during the Corporate Insolvency Resolution Process(CIRP) are to be included in the CIRP costs.The court clarified that the wages and salaries of all other workmen/employees of the Corporate Debtor during the CIRP who actually have not worked and/or performed their duties when...
NCLT, Mumbai Declares National Steel And Agro Industries Ltd. As Insolvent And Initiates CIRP
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri K.K. Vohra (Technical Member), has admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC") against National Steel & Agro Industries Ltd. and initiated Corporate Insolvency Resolution Process ("CIRP"), vide an order dated...
Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi
The National Company Law Appellate Tribunal ("NCLAT") Bench comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in the matter of Rajesh Kedia v Phoenix ARC Pvt. Ltd., has held that the quantum of debt is not be considered at the stage of admission of a petition under Section...
Amount Disbursed By NBFC Upon Oral Agreement Not Covered In Financial Debt: NCLT Kolkata
The NCLT Kolkata Bench comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Balraj Joshi (Technical Member) while deciding a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), titled Narendra Promoters & Fincon Pvt. Ltd. v Vinline Engineering Pvt. Ltd., has held that a disbursement made by a Non Banking Financial Institution ("NBFC") over an...
Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata
The National Company Law Tribunal (NCLT) Kolkata bench comprising of Mr. V K Rajasekhar ( Member, Judicial)and Balraj Joshi (Member Technical)held that an application for preferential transactions cannot be pursued either by the erstwhile Resolution Professional (RP) or the new Management of the Corporate Debtor after the approval of the Resolution Plan by NCLT. NCLT was hearing...
'Decree Holders' Can't Be Treated At Par With 'Financial Creditors' Under IBC : Supreme Court Upholds HC Verdict
The Supreme Court on Monday upheld a Tripura High Court judgment which had held that "decree-holders" cannot be treated at par with "financial creditors" under the Insolvency and Bankruptcy Code. The bench of Justices SK Kaul and MM Sundresh, while dismissing a Special Leave Petition filed against the High Court judgment, observed : "We are not inclined to interfere with the...
NCLAT Stays The Constitution Of Committee Of Creditors Of Supertech Limited
The National Company Law Appellate Tribunal ( NCLAT) Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava(Member Technical) and Ms.Shreesha Meerla (Member Technical) stays the constitution of committee of creditors and adjourned the appeal preferred by suspended director of Supertech Limited against the order dated 25.03.2022 of NCLT New Delhi which initiated the...
IBBI Disciplinary Committee Restrains Insolvency Professional From Rendering Services For Two Years
In a recent matter before the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI), bearing No. IBBI/DC/91/2021, an Insolvency Professional, namely Mr. Manoj Kumar Singh, has been found to be dispensing his duties as an Interim Resolution Professional in contravention of the Insolvency and Bankruptcy Code, 2016 ("IBC") and its regulations....
NCLT, Delhi Issues Circular Regarding Defective Applications And Petitions Based On Rule 28 (2) Of NCLT Rules, 2016
A circular has been issued by the National Company Law Tribunal, Delhi, on 07.04.2022, in view of Rule 28 (2) of NCLT Rules, 2016. The circular states on scrutiny, if an Application is found to be defective, after notice to the party, the same shall be returned for compliance. If the defects are not complied within 7 days, the Registrar may pass appropriate orders. This notice was issued...
IBBI Notifies The Amended Insolvency And Bankruptcy Board Of India (Voluntary Liquidation Process) Regulations, 2017
The Insolvency and Bankruptcy Board of India ("IBBI") has issued a Press Release on 08.04.2022 notifying the public that amendments have been made to Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 ("Voluntary Liquidation Regulations"). These amendments were initially notified by the IBBI on its website on 05.04.2022 and it became...
Insolvency Resolution Process Against Legal Heirs Of Personal Guarantor By Financial Creditor not permissible ;NCLT Kolkata
The NCLT, Kolkata Bench Consisting of Shri Rajasekhar V.K(Member Judicial) and Shri Balraj Joshi (Member Technical) while dismissing the application filed by the Financial Creditor/ Bank of Baroda held that the application is not maintainable against legal heirs of the Personal Guarantor under the Code. Kilburn Chemicals Limited/Corporate Debtor had approached...
NCLT Delhi Admits Petition Under Section 7 Of IBC Against M/S Anand Divine Developers Pvt. Ltd. And Initiates CIRP
The Principal Bench of NCLT, Delhi, comprising of Shri Ramalingam Sudhakar (President) and Shri Avinash Kumar Srivastava (Technical Member), has admitted a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 ("IBC") against M/s Anand Divine Developers Pvt. Ltd. and initiated the Corporate Insolvency Resolution Process ("CIRP") vide an order dated 25.03.2022. ATS...