IBC News
IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court
The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process (“CIRP”) proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Further, Regulation 29 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (“Liquidation Regulations”), which provides for mutual dealing and...
NCLAT Delhi: Once CIRP Has Stayed, Resolution Professional Can't Be Directed To Hand Over The Charge Of Corporate Debtor To Ex-Management
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) allowed the appeals and held that RP cannot be directed to hand over the charge of Corporate Debtor to the Ex-management, once CIRP has stayed. Background Facts: On 19.01.2021, the Corporate Insolvency Resolution...
Monthly Digest Of IBC Cases: December 2023
Supreme Court IBC | When Matter Heard But No Order Pronounced On The Same Day, Limitation To Commence From The Date When Order Gets Uploaded: Supreme Court Case Title: Sanjay Pandurang Kalate v Vistra ITCL (India) Limited and Others Case No.: Civil Appeal Nos 7467-7468 of 2023 The Supreme Court bench comprising Chief Justice of India Dr Dhananjaya Y Chandrachud, Justice J...
Weekly Digest Of IBC Cases: 25th To 31st December 2023
NCLAT NCLAT New Delhi: Barter Agreements Don't Constitute 'Operational Debt' Case Title: Real Estate Regulatory Authority vs. D.B. Corp Ltd. & Anr. Case No.: Company Appeal (AT) (Insolvency) No.1172-1173 of 2022 The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member), has...
NCLAT Chennai: Resolution Professional Is Empowered U/S 25(1) Of IBC To Reject CoC's Proposal For Renewal Of Bank Guarantees By Corporate Debtor
The National Company Law Appellate Tribunal ('NCLAT'), Chennai Bench comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) held that the Resolution Professional ('RP') is empowered under Section 25(1) of Insolvency and Bankruptcy Code, 2016 ('IBC') to reject the proposal of Committee of Creditors ('CoC') for renewal of Bank Guarantees provided...
NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
The National Company Law Tribunal ('NCLT'), Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member) held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process ('CIRP') application against the Successful Resolution Applicant ('SRA') on default in payment to Stakeholders/Creditors as per terms of...
NCLT Delhi Approves Resolution Plan of Ramkrishna Forgings Ltd For ACIL Ltd.
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member), has approved the Resolution Plan submitted by M/s Ramkrishna Forgings Limited for ACIL Ltd. The Resolution Plan is valued at Rs. 129.5 Crores, while the total admitted claims of the Corporate Debtor amounts to Rs....
NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that the Liquidator is entitled to his fee under Section 34 of the Insolvency and Bankruptcy Code, 2016 ('IBC') and Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,...
NCLT Issues Circular For Advocates To File IAs For Resolution Plan, Liquidation And Dissolution In The Proper Section
The National Company Law Tribunal (“NCLT”) has issued a circular dated 01.01.2024, intimating the stakeholders i.e. the Advocates/Litigants must file their IAs of the following categories in the proper Section that pertains to the category with effect from 01.01.2024. (i) Resolution Plan under Section 30 of IBC Code, 2016. (ii) Liquidation under Section 33 of IBC...
IBC - Is Dissenting Financial Creditor Entitled To Minimum Value Of Security Interest? Supreme Court Refers To Larger Bench, Doubts Precedent
The Supreme Court has referred to larger bench the issue whether a dissenting financial creditor is to be paid the minimum value of its security interest as per the Insolvency and the Bankruptcy Code 2016.A bench comprising Justices Sanjiv Khanna and SVN Bhatti, in the case DBS Bank Ltd Singapore v. Ruchi Soya Industries Ltd and another, referred the following question : Whether...
NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) held that decisions of the Committee of Creditors ('CoC') to liquidate under Section 33(2) of Insolvency and Bankruptcy Code, 2016 ('IBC') have to be with reasons and the liquidation cannot be decided...
Prospective Resolution Applicant Has No Locus To Question Promoter's Settlement Proposal Under Section 12A: NCLT Chennai
The National Company Law Tribunal (NCLT), Chennai Bench, comprising of Shri Sanjiv Jain (Judicial Member) and Shri Venkataraman Subramaniam (Technical Member), has held that Prospective Resolution Applicants have no locus to question the settlement proposal of the Promoter under Section 12A of IBC. “It is also pertinent to point out here that the Prospective...