IBC News
'Free Of Cost' Copy Of Order Sent By NCLT Registry Is Not A 'Certified Copy' For The Purpose Of Filing Appeal: NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member), Justice Sharad Kumar Sharma (Judicial Member) and Shri Jatindranath Swain (Technical Member), has held that the 'free of cost' certified copy of final order sent by NCLT registry in compliance of NCLT Rules is not a 'certified copy' of the order for the purpose...
NCLT Chennai - Resolution Professional Should Not Rely Solely On Corporate Debtor's Records For Verifying Claims
The National Company Law Tribunal (NCLT) Chennai bench, comprising Justice Jyoti Kumar Tripathi (Judicial Member) and Ravichandran Ramasamy (Technical Member), has held that The Resolution Professional (RP) should not rely solely on the Corporate Debtor's records for verifying claims as the improper maintenance of the records can unfairly burden the creditors. Background...
Special Bench At NCLT Principal Bench on 15th and 16th April 2024
The National Company Law Tribunal (“NCLT”) has issued a circular dated 12.04.2024, intimating the constitution of Special Bench in NCLT Principal Bench (New Delhi) on 15.04.2024 and 16.04.2024. The Special Bench shall attend to the matters listed before Justice Ramalingam Sudhakar (President) and Shri Avinash Kumar Srivastava (Technical Member). The Special Bench shall...
Special Bench At NCLT Kolkata From 15th to 19th April 2024
The National Company Law Tribunal (“NCLT”) has issued a circular dated 10.04.2024, intimating the constitution of Special Bench in NCLT Kolkata for the period of 15.04.2024 to 19.04.2024, since Shri Balraj Joshi (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Rohit Kapoor (Judicial Member) and Shri Balraj...
NCLAT Chennai Stays Insolvency proceedings Against Charter Aircraft Service Provider 'Deccan Charters'
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member), Justice Sharad Kumar Sharma (Judicial Member) and Jatindranath Swain (Technical Member), has stayed the insolvency proceedings initiated against Deccan Charters Pvt. Ltd. by the NCLT, till the next date of hearing i.e. 26.04.2024. Deccan Charters is a...
NCLT Bengaluru Admits Charter Aircraft Service Provider 'Deccan Charters' Into Insolvency
The National Company Law Tribunal (“NCLT”), Bengaluru Bench, comprising of Shri K. Biswal (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), has admitted Deccan Charters Pvt. Ltd. into Corporate Insolvency Resolution Process (“CIRP”) under IBC, over a default of Rs. 9,82,24,077/-. Mr. Manish Kumar has been appointed as the Interim...
Weekly Digest Of IBC Cases: 1st To 7th April 2024
NCLAT Besides Section 27, RP Can Be Replaced On A Finding Given By NCLT Over His Conduct Or Any Proven Fact: NCLAT Delhi Case title: Katra Realtors Pvt. Ltd. v Mr. Rajesh Ramnani, RP of Ansal Urban Condominiums Pvt. Ltd. & Anr. Case No.: Company Appeal (AT) (Insolvency) No. 382 of 2024. The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench,...
Under Section 30(2)(b), Operational Creditor Can't Be Paid Through Partly Paid 'Redeemable Preference Shares': NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has held that amount payable under resolution plan to Operational Creditors in terms of Section 30(2)(b) of IBC, can only be by way of cash and not partly paid Redeemable Preference...
IBC Cases Quarterly Digest : January To March 2024
Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association (Regd.) V M/S. Ansal Crown Infrabuild Pvt. Ltd. & Ors. Citation: 2024 LiveLaw (SC) 63 The Supreme Court has held that the imposition of moratorium under Section 14 of the Insolvency...
NCLAT Delhi Rejects Homebuyers Application To Initiate CIRP Proceeding Against Ansal Hi-Tech Township
The National Company Law Appellate Tribunal (NCLAT) New Delhi, comprising Justice M. Venugopal (Judicial Member) and Mr. Arun Baroka (Technical Member), has rejected the homebuyers application under Section 7 of IBC seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Ansal Hi-Tech Township. Background Fact The Appellant is a Creditor in Class,...
Special Bench At NCLT Chennai From 1st To 10th April 2024
The National Company Law Tribunal (“NCLT”) has issued a circular dated 26.03.2024, intimating the constitution of Special Bench in NCLT Chennai for the period of 01.04.2024 to 10.04.2024, since Shri Sanjiv Jain (Judicial Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Sanjiv Jain (Judicial Member) and Shri...
Besides Section 27, RP Can Be Replaced On A Finding Given By NCLT Over His Conduct Or Any Proven Fact: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Indevar Pandey (Technical Member), has held that an application filed for replacement of Resolution Professional, which is not filed under Section 27 of IBC, can be entertained when NCLT has given a finding on the...