IBC News
NCLT Kochi Bench Reconstitution Stands Withdrawn, The Earlier Bench To Continue
The National Company Law Tribunal (“NCLT”) has issued a circular dated 25.12.2023, intimating the withdrawal of reconstitution of the NCLT Kochi Bench. Given the acceptance of withdrawal of resignation of Hon'ble Member (J) Justice (Retd.) Krishna Valli by Ministry of Corporate Affairs dated 24.12.2023, the following directions have been issued: a. Order dated 22.12.2023...
Non-compliance Of Regulation 30A Of CIRP Regulations Not A Ground For Rejection Of Section 12A Application: 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 an application under Section 12A of IBC cannot be rejected merely on hyper-technical ground of non-compliance of Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016...
NCLAT New Delhi: Liquidator Is Not Entitled To Charge Fee From Scheme Proponent Submitting Scheme Under S.230 Of The Companies Act
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 not entitled to charge any fee from the Scheme Proponent, who has submitted the Scheme under Section 230 of the Companies Act, 2013 read with Regulation 2B of Insolvency and Bankruptcy Board...
Yearly Digest Of IBC Cases: 2023
Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. Case No.: CIVIL APPEAL NO.9062/2022 The Supreme Court Bench comprising of Justice Sanjay Kishan Kaul and Justice Abhay S. Oka while adjudicating an appeal has set aside...
Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023
Sabka Vishwas Scheme: Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC MoratoriumThe Supreme Court Bench comprising of Justices M R Shah and Justice B V Nagarathna has remarked that “No one can be expected to do the impossible” while granting relief to a company which could not avail the benefit of settlement of tax dues under “Sabka Vishwas (Legacy...
NCLT Notifies Vacation Benches; Matters To Be Heard Through VC & Registry To Remain Functional
The National Company Law Tribunal (“NCLT”) has issued a circular dated 22.12.2023 notifying the Vacation Bench for NCLT benches having vacation from 26th to 29th December 2023. Further, only urgent matters would be heard during the vacation period, on the dates convenient to Hon'ble Member(s). Matters are to be heard through Video Conferencing and the Registry would remain...
NCLT Chennai Terminates Insolvency Proceedings Against Appu Hotels Ltd., Approves Settlement Proposal By Promoter
The National Company Law Tribunal (NCLT), Chennai Bench, comprising of Shri Sanjiv Jain (Judicial Member) and Shri Venkataraman Subramaniam (Technical Member), has terminated the Corporate Insolvency Resolution Process (“CIRP”) against Appu Hotels Ltd. while allowing an application filed under Section 12A of IBC by the Resolution Professional. The Committee of Creditors have...
NCLAT New Delhi: Inter-Corporate Deposit In A Joint Venture Can't Be Construed As A 'Financial Debt' Under IBC
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that financial assistance given by one party to another in a Joint Venture Agreement ('JVA') by way of an Inter-Corporate Deposit ('ICD') to develop a real estate project jointly cannot be construed as a 'Financial Debt' in...
NCLT Directs Compliance Of 'Mandatory Pre-Requisite For E-Filing' Effective From 1st January 2024; Issues Detailed Instructions
The National Company Law Tribunal (“NCLT”) has issued an order dated 22.12.2023, directing all the Litigants/Advocates/Parties to follow the 'Mandatory Pre-Requisite on E-filing' on formatting, paper book marking of pleadings, use of electronic signatures, retention of originals etc., at the time of e-filing in NCLT portal https://efiling.nclt.gov.in with effect...
NCLAT New Delhi: Barter Agreements Don't Constitute 'Operational Debt'
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that the Corporate Insolvency Resolution Process ('CIRP') cannot be initiated under Section 9 of Insolvency and Bankruptcy Code, 2016 ('IBC') based on Barter Agreement/Transactions. Background Facts AG8 Ventures...
NCLAT New Delhi: RERA Has Locus To Appeal Against CIRP Initiation Order And Is An “Aggrieved Person” U/S 61 Of IBC
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that the Real Estate Regulatory Authority ('RERA') has locus to challenge Corporate Insolvency Resolution Process ('CIRP') initiation Order in Real Estate Insolvency in appeal under Section 61 of Insolvency and Bankruptcy...
Weekly Digest Of IBC Cases: 18th To 24th December 2023
Supreme Court IBC- Properties Sold In Auction Sale Before Declaration Of Moratorium Can't Be Treated As Liquidation Asset: Supreme Court Case Title: Haldiram Incorporation Pvt. Ltd. v Amrit Hatcheries Pvt. Ltd. Citation: 2023 LiveLaw (SC) 1029 The Supreme Court bench comprising Justices Aniruddha Bose and Justice Vikram Nath, has observed that the properties of...