IBC News
NCLAT Delhi: New Resolution Applicants Aren't Entitled To Participate In CIRP And Submit Resolution Plan To NCLT Without Issuance Of Fresh Form G
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that new Resolution Applicants are not entitled to submit applications to the Adjudicating Authority to participate in the Corporate Insolvency Resolution Process ('CIRP') and submit a Resolution...
Monthly Digest Of IBC Cases: March 2024
Supreme Court IBC | Resolution Plan Approved By CoC Can't Be Withdrawn or Modified By Resolution Applicant: Supreme Court Case Title: Deccan Value Investors L.P. & Anr. Versus Dinkar Venkatasubramanian & Anr. Citation: 2024 LiveLaw (SC) 265 The Supreme Court has reiterated that once a resolution plan is approved by the Committee of Creditors (“CoC”) then...
NCLAT Delhi: RP Can Always Ask For Additional Information From Creditors To Substantiate The Claim And Exercise Due Diligence
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held the Resolution Professional ('RP') can always ask for additional information from creditors to substantiate the claim and exercise due diligence. Background Facts: On 01.06.2016,...
NCLAT Delhi: Interveners Do Not Have The Right To Seek Relief For Themselves Before The Adjudicating Authority
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) held that the interveners do not have the right to seek relief for themselves before the Adjudicating Authority. Background Facts: On 07.02.2003, Yamuna Expressway Industrial Development Authority and Jaiprakash Associates Limited...
NCLT Mumbai Holds Resolution Professional Accountable For Biased Conduct, Sets Aside Approved Resolution Plan
The National Company Law Tribunal (NCLT) Mumbai bench, comprising of Justice Reeta Kohli (Judicial Member) and Madhu Sinha (Technical Member), has held the Resolution Professional (RP) accountable for biased conduct aimed at facilitating the approval of the Successful Resolution Applicant (SRA) Plan by the Committee of Creditors (COC). Consequently, the NCLT has set aside the Resolution...
NCLAT Delhi: Examining The Validity Of Any Contractual Agreement Is Beyond The Scope Of Powers Of RP
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held the examining the validity/sustainability of any contractual agreement including its formatting, etc lies outside the purview of the charter of duties and responsibilities of the Resolution...
Party Refuses To Argue Unless Proceedings Are Recorded, NCLT Ahmedabad Adjourns Party's All Cases Sine Dine Till Recording Facility Is Made Available
The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has adjourned all matters sine dine belonging to Gujarat Operational Creditors Association (Applicant) till the time the project for online recording of proceedings is taken up by the administrative side...
Weekly Digest Of IBC Cases: 25th To 31st March 2024
Supreme Court IBC | Resolution Plan Approved By CoC Can't Be Withdrawn or Modified By Resolution Applicant: Supreme Court Case Title: Deccan Value Investors L.P. & Anr. Versus Dinkar Venkatasubramanian & Anr. Citation: 2024 LiveLaw (SC) 265 The Supreme Court has reiterated that once a resolution plan is approved by the Committee of Creditors (“CoC”) then...
When Order Passed In Presence Of Both Parties' Counsels, Limitation To File Appeal Commences From Date Of Order: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice Yogesh Khanna (Judicial Member) and Shri Barun Mitra (Technical Member), has held that when an order is passed in presence of counsels of both the parties, then the parties cannot claim that they were unaware of the order. Accordingly, the limitation to...
NCLT Kolkata: Any Attachment Of Tainted Assets Of Corporate Debtor Before CIRP Commencement Would Always Be Available To Fulfill The Object Of IBC
The National Company Law Tribunal ('NCLT') Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member), and Shri D. Arvind (Technical Member) held that Any attachment of tainted assets of a Corporate Debtor before the Corporate Insolvency Resolution Process ('CIRP') commencement would always be available to fulfill the object and goal of the Insolvency and Bankruptcy Code,...
Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Justice Sharad Kumar Sharma (Judicial Member) and Shri Jatindranath Swain (Technical Member), has held that the Tribunal cannot hear a case de-novo while adjudicating an application filed for recall of an order. The Bench has dismissed a review application...
Erstwhile Liquidator Can't Seek Recall Of An Order In His Personal Capacity After Being Replaced By Another Liquidator: NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Justice Sharad Kumar Sharma (Judicial Member) and Shri Jatindranath Swain (Technical Member), has held that a Liquidator, after being replaced with another liquidator, cannot seek recall of an order in his personal capacity. If the erstwhile liquidator...