IBC News
Effect Of Increase In Threshold Limit Under Section 4 Of IBC, 2016- Conflicting Judgements Of NCLT
Ever since the central government has issued the notification dated 24.03.2020 for increasing the threshold limit of default from Rs. 1 Lac to Rs. 1 Crore under Section 4 of the Insolvency and Bankruptcy Code, 2016 "Code" different benches of NCLT are giving contradictory judgements as to whether this notification has prospective or retrospective effect. The National Company Law...
Notice Served To The Address Shown In ROC Records Is Valid : NCLT, Delhi
The Principal Bench, consisting of Justice Ramalingam Sudhakar (President) and Narender Kumar Bhola (Member Technical) of the National Company Law Tribunal, New Delhi admitted the plea of M/s. Jones Lang Lasalle Building Operations Pvt. Ltd and declared M/s. Celebration City Projects Pvt. Ltd. as insolvent and appointed IRP. The petition was filed by M/s. Jones Lang Lasalle...
SC Stays Order Of NCLAT Which Allowed IRP Against The Personal Guarantor In Absence Of CIRP Of Corporate Debtor
The Supreme Court in a Bench consisting of Justice S. Abdul Nazeer and Justice Vikram Nath has stayed the order of the NCLAT in the matter of State Bank of India v. Mahendra Kumar Jajodia, wherein the Appellate Tribunal had settled the widely contended position on whether Insolvency Resolution Process (IRP) can be initiated against the Personal Guarantor in the absence of...
National Company Law Tribunal (NCLT) Organizes National Level Colloquium On The Subject 'NCLT- The Road Ahead'
The National Company Law Tribunal (NCLT), Delhi organized a national level Colloquium on the subject "NCLT- The Road Ahead" today. Retd. Chief Justice Ramalingam Sudhakar (President, NCLT), Shri Rajesh Verma( Secretary, Ministry of Corporate Affairs) and Shri Ravi Mital (Chairman, Indian Bankruptcy Board of India (IBBI)) inaugurated the colloquium. Members of the...
NCLT, Delhi Declares Supertech As Insolvent And Appoints IRP
The Delhi bench of National Company Law Tribunal (NCLT) consisting of PSN Prasad (Judicial Member) and Rahul Bhatnagar ( Technical Member) admitted the plea of Union Bank of India over non-payment of dues by Supertech and appointed Hitesh Goel as the Interim Resolution Professional (IRP). The Section 7 application was filed by Union Bank Of India/Financial Creditor to...
Resolution Plan Can't Be Rejected On A Perceived Grievance By A Suspended Director Who Failed To Take Steps- NCLT Kolkata
The NCLT, Kolkata Bench comprising of Shri Rajasekhar V.K. and Shri Balraj Joshi in the case of Anand Kariwala Vs. Mr. Partha Pratim Ghosh, Resolution Professional held that initiation of CIRP against the Corporate Debtor does not bar the suspended Board of Directors (BOD) from objecting to the acts of the Resolution Professional (RP), if the same are prejudicial to the interests of...
State Authorities, Regulatory Bodies Including Direct & Indirect Tax Departments Cannot Question Resolution Plan: ITAT Dismisses Revenue Department's Appeal
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the appeal filed by the revenue department on the grounds that the state authorities and regulatory bodies, including direct and indirect tax departments, cannot question the resolution plan.The two member bench of Sandeep Singh Karhail (Judicial Member) and Prashant Maharishi (Accountant Member) observed that as...
NCLT Chennai Explains The Difference Between Sale Of 'Corporate Debtor As A Going Concern' U/R 32(E) And Sale Of 'Business Of The Corporate Debtor As A Going Concern' In IBC
The Division Bench of NCLT, Chennai consisting of R. Sucharitha, Judicial Member and Sameer Kakar, Technical Member in the case of M.S. Viswanathan v. Pixtronic Global Technologies Pvt. Ltd. allowed the Liquidator to sell the Corporate Debtor as a going concern, while clarifying that 'sale as a going concern' means sale of both assets and liabilities, if it is stated on 'as is where...
No Conflict Between Section 17B Of The PF Act And IBC, NCLAT Directs Full Payment Of PF
The NCLAT, Principal Bench consisting of Justice Ashok Bhushan, Chairperson and Dr. Ashok Kumar Mishra, Technical Member in the case of Sikander Singh Jamuwal v. Vinay Talwar held that there is no conflict between the provisions of Section 17B of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and the Insolvency and Bankruptcy Code, 2016 and directed...
Failure To Reply To Demand Notice U/S 8(1) Within 10 Days Does Not Preclude The Corporate Debtor From Raising The Existence Of A Dispute In A S. 9 Application: NCLAT, New Delhi
The NCLAT, Principal Bench comprising of Justice Ashok Bhushan, Chairperson and Dr. Alok Srivastava, Technical Member, in the case of M/s. Brand Realty Services Ltd. v. M/s. Sir John Bakeries India Pvt. Ltd. held that the mere fact that the corporate debtor did not reply to the demand notice by the Operational Creditor u/s 8(1) within 10 days or that the corporate debtor did not file...
Proceedings U/S 95 Of The IBC Shall Abate On Death Of The Personal Guarantor: NCLT, New Delhi
NCLT, New Delhi bench consisting of Justice Ramalingam Sudhakar and Sh. Hemant Kumar Sarangi in the case of Alchemist Asset Reconstruction Company v. Mr. Deepak Puri rejected an application filed by the Financial Creditor u/s 95 of the IBC, 2016 against the Personal Guarantor of the Corporate Debtor on the ground that after death of the Personal Guarantor, the proceedings against him...
Whether Claim Of License Fee For Use And Occupation Of Immovable Premises Is An Operational Debt U/S 5(21), IBC? : NCLAT Refers To Larger Bench To Consider
The Principal Bench of the NCLAT in a Bench consisting of Justice Ashok Bhushan, Chairperson, Dr. Ashok Kumar Mishra and Dr. Alok Srivastava, Technical Members in Jaipur Trade Expocentre Pvt. Ltd. v. Metro Jet Airways Training Pvt. Ltd. referred the issue of whether the claim of the Licensor for payment of License Fee for use and occupation of Immovable Premises for commercial purposes is...