IBC News
Department Of State Tax Submits Claim Post Approval Of Resolution Plan By CoC, NCLAT Delhi Upholds Rejection Of Claim
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 a claim submitted post approval of resolution plan by the Committee of Creditors (“CoC”) is not liable to be admitted. Accordingly, the Bench has upheld the rejection...
NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
The National Company Law Tribunal ('NCLT') Mumbai, comprising Justice Shri. Kuldip Kumar Kareer (Judicial Member) and Shri. Anil Raj Chellan (Technical Member) allowed the withdrawal of the liquidation application since one resolution plan was received by the Committee of Creditors ('CoC') during the pendency of the liquidation application upholding the aim of Insolvency and Bankruptcy,...
NCLT Mumbai: Society Not Entitled To Recover Past Arrears Of Applicant's Purchase In The Auction From Liquidator Of Corporate Debtor
The National Company Law Tribunal ('NCLT') Mumbai, comprising Justice Shri. Kuldip Kumar Kareer (Judicial Member) and Shri. Anil Raj Chellan (Technical Member) held that the Society is not entitled to recover the past arrears in respect of the unit purchased by the Applicant in the auction from the Liquidator of the Corporate Debtor. Background Facts: On...
Appeal Under Section 42 Of IBC Would Only Lie Against An 'Adjudicating' Order Of The Liquidator: NCLT Mumbai
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Smt. Lakshmi Gurung (Judicial Member) and Shri Charanjeet Singh Gulati (Technical Member), has held that an appeal under Section 42 of IBC would only lie against an 'adjudicating' order passed by the Liquidator. The Bench has rejected an appeal filed under Section 42 of IBC, whereby Employees Provident...
NCLAT Delhi: Payment By Third Party For Corporate Debtor For Raw Material Or Working Capital Is “Financial Debt”
The National Company Law Appellate Tribunal ('NCLAT') New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Mr. Naresh Salecha (Technical Member) held that the payment of raw material made by a third party at the instructions of Corporate Debtor or financial assistance towards working capital constitutes 'Financial Debt' under Insolvency and Bankruptcy Code,...
IBBI Issues Clarification Regarding Conduct Of Process By Insolvency Professionals
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 01.02.2024, intimating measures for facilitating efficient conduct of the processes by the Insolvency Professionals. The IBBI has clarified an Insolvency Professional may render professional service in relation to implementation of resolution plan approved by Adjudicating Authority, provided details...
NCLAT Issues Directions Regarding Virtual Hearings
The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 05.02.2024, intimating the manner in which the Counsels/Litigants/Authorized Representatives are supposed to join and remain in the VC hearing of NCLAT. Brief Background NCLAT commenced hearings in hybrid mode and also issued detailed instructions for joining video conferencing which is...
IBBI Issues Clarification Regarding Disciplinary Proceedings, Limit On Assignments & Fee Structure Of Insolvency Professional Entities
IBBI Issues Clarification Regarding Disciplinary Proceedings, Limit On Assignments & Fee Structure Of Insolvency Professional Entities The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 01.02.2024 intimating measures for rationalisation of the regulatory framework of Insolvency Professional Entities (IPE). IBBI has clarified regarding...
NCLT Amravati Bench Reconstituted W.E.F. 1st February 2024, Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 31.01.2024, intimating the reconstitution of NCLT Amravati Bench with effect from 01.02.2024. The matters shall be heard through Video Conferencing. The reconstituted bench is as under: NCLT Amravati Bench (Second Half) Shri Rajeev Bhardwaj (Judicial Member)Shri Sanjay...
IBBI Reduces Cooling Off Period Between Two Consecutive Attempts In Limited Insolvency Examination And Valuation Examinations
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 18.01.2024, intimating that the cooling-off period between two consecutive attempts in Limited Insolvency Examination and Valuation Examinations has been reduced to 21 days, from earlier cooling off period of 2 months. Brief background IBBI conducts the Limited Insolvency Examination (“LIE”)...
NCLT Chennai: Liquidation Is A Time-Bound Process And Liquidator Is Accountable To Explain Delay In Liquidation Process
The National Company Law Tribunal ('NCLT') Chennai, comprising Justice Sanjiv Jain (Judicial Member) and Mr. Venkataraman Subramanian (Technical Member) held that Liquidation is a time-bound process and the Liquidator being made accountable is required to explain if there is any delay caused in the liquidation process. Background Facts: On 27.03.2018, liquidation was commenced...
Section 9 Petition Not Served Upon Corporate Debtor, NCLAT Delhi Sets Aside NCLT Order Initiating CIRP
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 set aside an NCLT order whereby a petition under Section 9 of IBC was admitted and CIRP was initiated without serving a copy of petition to the Corporate Debtor. The Bench...