IBC News
NCLAT Delhi: Auction Purchaser In Liquidation Proceedings Entitled For Certain Consequential Reliefs
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra (Technical Member) has dismissed an appeal. The appeal was filed against order of the National Company Law Tribunal (“NCLT”), Mumbai Bench. The Bench held that the Successful Auction Purchaser can be given certain reliefs and...
NCLAT Invites Application For Position Of Law Research Associates, 7th March 2024 Last Date To Apply
The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 13.12.2023, inviting applications for engagement of Law Research Associates (“LRA”) on contractual basis for NCLAT Benches in New Delhi and Chennai. The last to apply is 07.03.2024. VACANCY There is vacancy for 20 Law Research Associates at the NCLAT Principal Bench (New Delhi) and for...
When Creditor Proposes Name Of RP In Proceedings U/S 95 Of IBC, RP Must Give Declaration In Part IV Of Form C To Creditor: IBBI Clarifies
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 21.12.2023, providing clarification regarding submission of particulars and declaration by Insolvency Professional (“IP”), in instances where a creditor proposes name of such IP to act as a Resolution professional in proceedings under Section 95 of Insolvency and Bankruptcy Code,...
NCLT Mumbai Approves Resolution Plan For Reliance Communications Infrastructure Ltd., Valued At Rs 455.9 Crores As Against Total Admitted Claim Of Rs 47,251 Crores.
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice Virendrasingh G. Bisht (Retd.) (Judicial Member) and Shri Prabhat Kumar (Technical Member), has approved the Resolution Plan submitted by Reliance Projects & Property Management Services Ltd. (wholly owned subsidiary of Mr. Mukesh Ambani promoted Reliance Industries Ltd.) for Reliance...
NCLT Kolkata Approves Resolution Plan For McNally Bharat Engineering Company Ltd
The National Company Law Tribunal (“NCLT”), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), has approved the Resolution Plan submitted by BTL EPC Limited (part of Shrachi Group) for McNally Bharat Engineering Company Limited. The Resolution Plan is valued at Rs. 441.11 Crores, while the total admitted claims of the...
CIRP And Avoidance Application Separate Set Of Proceedings, Adjudication Of Avoidance Application Can Survive CIRP: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has held that Corporate Insolvency Resolution Process (“CIRP”) and proceedings for avoidance of transactions are separate set of proceedings. If an avoidance application filed...
Homebuyers Or Unsuccessful Resolution Applicant Not Entitled To File Avoidance Application: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has held that as per Section 25(2)(j) of IBC the Resolution Professional alone is empowered to file application for avoidance of transactions which are preferential, fraudulent,...
NCLT Notifies Latest Composition Of All NCLT Benches As On 18th December 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 18.12.2023, consolidating the latest composition of all NCLT Benches as on 18.12.2023 alongwith their sitting duration/time. Several NCLT benches have undergone re-constitution since the last constitution taken place vide circular dated 18.08.2023. The present composition of NCLT benches is as under: ...
Condition To Submit Refundable BG, Not Violative 36-B Of CIRP Regulations: NCLAT Delhi
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 if the Request For Resolution Plan (RFPR) requires the resolution applicant(s) to submit a refundable Bank Guarantee, then such condition is not violative of Regulation...
NCLT Mumbai: Unspent Balance And Refundable Security Deposit Of Prepaid And Postpaid Subscribers Constitutes 'Operational Debt' (Other Than Government Dues)
The National Company Law Tribunal ('NCLT'), Mumbai Bench, comprising Justice Shri V.G. Bisht (Judicial Member) and Shri Prabhat Kumar (Technical Member) held that the unspent balance of Prepaid Subscribers and the Refundable Security Deposit of Postpaid Customers shall be treated as Operational Debt (other than Government dues) under IBC concerning telecom...
NCLT Guwahati Bench: Amount Given As Investment For Joint Venture By Financial Creditor To Corporate Debtor Is Not Financial Debt Under IBC
The National Company Law Tribunal (“NCLT”), Guwahati Bench, comprising of Shri H. V. Subba Rao (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member) has dismissed a petition. The Bench has held that the amount given to a Corporate Debtor by a Financial Creditor by way of an investment for a Joint Venture does not fall within the definition of a financial debt as per...
NCLT Mumbai: Substance Of A Transaction Is Important Over Its Form, Accounting Entries Can Not Determine Character And Nature Of Transaction
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Justice Shri V.G. Bisht (Judicial Member) and Shri Prabhat Kumar (Technical Member) has held that the substance of a transaction is important rather than its form and accounting entries can not determine the character and nature of a transaction. Background Facts Mr. Rakesh Bothra ('Applicant'), the...