IBC News
NCLT Ahmedabad: Amount Invested In A Joint Venture Project Of A Promoter And Investor Does Not Constitute Financial Debt Under IBC
The National Company Law Tribunal ('NCLT') Ahmedabad, comprising Justice Mrs. Chitra Hankare (Judicial Member) and Mr. Velamur G Venkata Chalapathy (Technical Member) held that the amount invested in a Joint Venture Project of a promoter and investor is not a Financial Debt under Insolvency and Bankruptcy Code, 2016 ('IBC'). Background Facts: GSEC Monarch and Deccan Aviation Pvt....
IBBI Amends Voluntary Liquidation Process Regulations w.e.f. 31st January 2024
The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, with effect from 31.01.2024. Amendments The following amendments have been made to streamline the voluntary liquidation process and facilitate the distribution of unclaimed proceeds to the stakeholders before...
IBBI Amends Regulations Regarding Insolvency Professionals w.e.f. 31st January 2024
The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (“IP Regulations”), with effect from 31.01.2024. Amendments The Clause 22 of First Schedule of IP Regulations deals with occupation, employability and restrictions on Insolvency Professionals. The IBBI has amended...
NCLAT Delhi: Adjudicating Authority Should Grant Extension Of Time To Consider Resolution Plan Crucial To Fulfill Object Of IBC
The National Company Law Appellate Tribunal ('NCLAT') New Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that the Adjudicating Authority ought to have granted an exclusion/extension of time when the Resolution Plan received in the process was required to be considered to fulfill the object of...
Weekly Digest Of IBC Cases: 29th January To 4th February 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...
NCLT President Withdraws Pending Cases From NCLT Bench 2 Post Heated Exchange Between Hon'ble Members Of NCLT Bench
The Registrar of the National Company Law Tribunal (“NCLT”) has issued a circular dated 03.02.2024, intimating that proceedings of all pending cases of NCLT Bench 2, Chandigarh stand transferred to NCLT Bench 1 Chandigarh. NCLT President has directed NCLT Bench 1 Chandigarh to conduct the proceedings in all cases until further order. However, the Hon'ble Members of NCLT Bench...
IBBI Amends Regulations Relating To Insolvency Resolution Process & Bankruptcy Process For Personal Guarantors To Corporate Debtors w.e.f. 31st January 2024
The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the 'Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019' and 'Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019', with effect from...
IBBI Amends Regulations Relating To 'Model ByeLaws & Governing Board of Insolvency Professional Agencies', w.e.f. 31st January 2024
The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the Insolvency and Bankruptcy Board of India (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (“IPA Regulations”), with effect from 31.01.2024. The Regulation 12A of IPA Regulations deals with Authorisation for Assignment. The sub clause 6 of Regulation 12A states...
NCLT Kochi Order “Preposterous” And “Untenable” Exceeding Jurisdiction In Declaring Tax Assessment Order Void: Kerala High Court
While allowing a Writ Petition, the Kerala High Court bench of Justice Dinesh Kumar Singh recently observed that an Order passed by the National Company Law Tribunal ('NCLT') Kochi Bench was 'preposterous' and 'untenable'. NCLT Kochi had held an Assessment Order by Kerala Value Added Tax ('KVAT') Works Contract Authorities against Albana Engineering (India) Pvt. Ltd. (Respondent 2) to...
NCLT Mumbai: Corporate Guarantor's Date Of Default Is Independent Of Principal Borrower's Date Of Default
The National Company Law Tribunal ('NCLT') Mumbai, comprising Justice Mr. Kishore Vemulapalli (Judicial Member) and Ms. Anu Jagmohan Singh (Technical Member) held that the date of default by the Principal Borrower is not relevant to determine the date of default by the Corporate Guarantor. Background Facts: On 29.07.2023, the Central Bank of India (Financial Creditor) filed a...
Private Sale Conducted In Non-Transparent Manner & In Absence of Several SCC Members, NCLT Indore Directs Liquidator To Re-Conduct Bidding
The National Company Law Tribunal (“NCLT”), Indore Bench, comprising of Shri P. Mohan Raj (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), has directed the Liquidator to re-conduct private sale bidding of the Corporate Debtor since the earlier bidding was not conducted in transparent manner. The Bench observed that the Liquidator failed to make genuine...
Monthly Digest Of IBC Cases: January 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...