IBC News
Special Bench At NCLT Hyderabad From 15th To 25th January 2024
The National Company Law Tribunal (“NCLT”) has issued a circular dated 04.01.2024, intimating the constitution of Special Bench in NCLT Hyderabad for the period of 15.01.2024 to 25.01.2024, since Shri Rajeev Bhardwaj (Judicial Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay...
NCLAT Delhi: Non-Stamping Of Agreement Doesn't Render CIRP As Non-Maintainable When Other Material To Prove Default Of Debt Exists
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member)and Arun Baroka (Technical Member) held that the Non-stamping of document does not render the Corporate Insolvency Resolution Process ('CIRP') petition filed to be non-maintainable when there exists other material on record to...
Special Bench At NCLT Kochi On 15th And 16th January 2024; Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 04.01.2024, intimating the constitution of Special Bench at NCLT Kochi for 15.01.2024 and 16.01.2024, since Justice T Krishna Valli (Judicial Member) is on leave in that duration. The matters are to be heard through Video Conferencing mode. The Special Bench shall attend to the matters listed before Justice...
Resolution Professional Can't Question COC Decision Of Replacement: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has held that when the Committee of Creditors (CoC) passes a resolution to replace the Resolution Professional, then it is not open for the Resolution Professional to question the reasons for its replacement and ask NCLT...
Special Bench At NCLT Allahabad From 3rd To 18th January 2024; Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 02.01.2024, intimating the constitution of Special Bench at NCLT Allahabad for the period of 03.01.2024 to 18.01.2024, since Shri Ashish Verma (Technical Member) is on leave in that duration. The matters are to be heard through Video Conferencing mode. The Special Bench shall attend to the matters listed...
Weekly Digest Of IBC Cases: 1st To 7th January 2024
Supreme Court IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court Case Title: Bharti Airtel Limited and Another V Vijaykumar V. Iyer and Others Citation: 2024 LiveLaw (SC) 11 The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution...
NCLT Hyderabad: Amount In Corpus Fund For Maintenance Of Apartments By Homebuyers Does Not Qualify As 'Financial Debt' In IBC
The National Company Law Tribunal ('NCLT'), Hyderabad Bench, comprising Shri. Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member) held that the amount deposited in Corpus Fund towards the maintenance of constructed apartments by Homebuyers does not qualify as 'Financial Debt' within the meaning of Section 5(8)(f) of Insolvency and Bankruptcy...
NCLAT Delhi: Corporate Debtor Can't Be Absolved From Liability Just Because Insurance Claim Received By Operational Creditor
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor of its claim and the same cannot be a ground to reject the...
Suspended Directors Can't Transfer Amount From Corporate Debtor's Account During Stay On CIRP, NCLT Mumbai Directs Refund
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Ms. Reeta Kohli (Judicial Member) and Shri Sanjiv Dutt (Technical Member), has held that Suspended Directors of Corporate Debtor cannot transfer amounts from the Corporate Debtor's account while there is a stay on CIRP. The NCLAT stayed the CIRP and before vacation of stay the Suspended...
Claim Arising Out Of Arbitral Award Against Which Section 34 Proceedings Are Pending, NCLT Kolkata Upholds RP's Decision To Admit Claim Contingently
The National Company Law Tribunal (“NCLT”), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), has upheld the Resolution Professional's decision to admit claim arising out of an arbitral Award as contingent claim, since proceedings under Section 34 of Arbitration and Conciliation Act, 1996 are pending before the High Court...
IBC | Inappropriate For NCLAT To Direct NCLT To Admit Petition Under Section 7 Without Evaluating Rival Contentions On Merits: Supreme Court
The Supreme Court has set aside an order passed by the National Company Law Appellate Tribunal (“NCLAT”) whereby the National Company Law Tribunal (“NCLT”) was directed to admit a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC”).The Bench comprising Chief Justice of India Dr. Dhananjaya Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra, has held...
Scheme Of Compromise Decided In Absence Of Shareholder Who Submitted It, NCLAT Chennai Directs Re-Consideration In Presence Of The Shareholder
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Ms. Shreesha Merla (Technical Member), has directed the Liquidator to convene a meeting of the Stakeholders Consultation Committee (SCC) to re-consider the compromise scheme submitted by a shareholder, in the presence of...