IBC News
For Deciding Preliminary Issue Of Maintainability In Section 9 Petition, Not Necessary To Seek Written Response From Corporate Debtor: NCLT Delhi
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), has held that it is not necessary to seek written response of the Corporate Debtor at the stage of deciding maintainability of petition under Section 9 of IBC.“However, in this regard, this Adjudicating Authority is of the...
Weekly Digest Of IBC Cases: 4th To 10th December 2023
NCLAT No Provision In IBC For Upfront Payment To Dissenting Financial Creditors On Resolution: NCLAT Delhi Case Title: Puro Naturals JV v Warana Sahakari Bank & Ors. Case No.: Company Appeal (AT) (Insolvency) Nos.661-663 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun...
In Absence Of Privity Of Contract, Servicer Of Aircraft Lessors Has No Locus Standi To File Insolvency Proceedings Against SpiceJet: NCLT Delhi
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), has held that a Servicer of Aircraft Lessors, who is neither a party in Aircraft Lease Agreements nor the issuer of invoices, has no locus standi to seek initiation of insolvency proceedings against Spicejet Ltd. in the capacity...
CCI Closes Complaint Against Survey Of India: Procurer Free To Prescribe Technical Conditions Under Tender
The Competition Commission of India ('CCI') comprising Ms. Ravneet Kaur (Chairperson), Mr. Anil Agrawal (Member), Ms. Sweta Kakkad (Member), and Mr. Deepak Anurag (Member) closed the complaint against Surveyor General of India, Survey of India ('OP-1') and Technical Committee for Purchase of Plotter, Survey of India ('OP-2'). The complaint was filed alleging contravention of the provisions...
NCLAT New Delhi: Workers' Claim Through Sub-Contractor Can't Be Treated On Par With Corporate Debtor's Workmen
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 Claim of workers employed through sub-contractor filed through sub-contractor as Operational Debt cannot be treated as workmen of Corporate Debtor.Background FactsThe Appeal has been filed...
NCLT Kolkata: Debt Arising From Foreign Arbitral Awards Can't Be Considered Financial Debt, But Can Be Treated As “Other Debts”
The National Company Law Tribunal (“NCLT”), Kolkata Bench, comprising Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) have partly allowed an application and held that the debt arising out of foreign arbitral awards cannot be considered as Financial Debt, however, it can be treated as “Other Debts”. The Bench further observed that since the claim...
NCLT Mumbai: Insufficiently Stamped Assignment Deed Transferring Loan To Corporate Debtor Is Void And No CIRP Can Be Initiated Under IBC
The National Company Law Tribunal ('NCLT'), Mumbai Bench, comprising of Justice V.G. Bisht (Retd.) (Judicial Member) and Mr. Prabhat Kumar (Technical Member) dismissed the Corporate Insolvency Resolution Process ('CIRP') and held that the Transfer of loan from Principal Borrower to Corporate Debtor through assignment agreement, which is not stamped is a void contract and CIRP under Section 7...
NCLT Mumbai: No Bar On Clubbing Multiple Purchase In A Single CIRP Petition Under IBC
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Ms. Reeta Kohli (Judicial Member) and Ms. Madhu Sinha (Technical Member) held that Multiple Purchase Orders can be clubbed in a single Corporate Insolvency Resolution Process ('CIRP') application under Section 9 of Insolvency and Bankruptcy Code, 2016 ('IBC') and the same is maintainable.Background FactsClean Flow Cooling...
IBBI Issues Revised Guidelines For Insolvency Professionals Willing To Act As IRP, RP, Liquidator & Bankruptcy Trustee
On 08.12.2023, the Insolvency and Bankruptcy Board of India (“IBBI”) has issued the 'Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2023” (“Revised Guidelines”).The Panel of Insolvency Professionals prepared as per the Revised Guidelines dated 08.12.2023 shall...
Mr. Jitesh John Appointed As Executive Director Of Insolvency And Bankruptcy Board Of India
The Insolvency and Bankruptcy Board of India ('IBBI”) has issued a Press Release dated 01.12.2023 intimating the appointment of Mr. Jitesh John as the Executive Director of IBBI.About Mr. Jitesh JohnMr. Jitesh John is an Indian Economic Service ('IES') Officer of the 2001 batch with experience serving 21 years in the Government of India at different posts. Before his appointment at IBBI,...
CCI Closes Complaint Against Lupin Ltd. And Dr. Reddy Laboratories, Citing No Contravention Of Section 3 And 4 Of Competition Act
The Competition Commission of India ('CCI') comprising Ms. Ravneet Kaur (Chairperson), Mr. Anil Agrawal (Member), Ms. Sweta Kakkad (Member), and Mr. Deepak Anurag (Member) closed the complaint filed by Shri. Nadie Jauhri ('Informant') against Lupin Ltd. ('OP-1') and Dr. Reddy's Laboratories Ltd. ('OP-2') alleging violation of the provisions of Section 3 and Section 4 of the Competition Act,...
NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC
The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) has held that no proceedings can be initiated against the Airport Authority of India ('AAI') as it is a statutory body created under the Airport Authority of India Act, 1944, does not fall under the definition of 'corporate person'...