IBC News
Department Of State Tax Submits Belated Claim To Liquidator Due To Personal Medical Difficulty Of Officer-In-Charge, NCLT Mumbai Condones Delay Of 92 Days
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member), has allowed the belated claim filed by Department of State Tax before the Liquidator, while holding the failure of Officer-in-Charge to file claim within time due to personal medical difficulty to be a 'sufficient cause' for condonation...
NCLT Mumbai: License Agreement Terminated Before Commencement Of CIRP, Security Deposit Can Be Appropriated Against Arrears Of Rent Receivable From Corporate Debtor
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice Shri V.G. Bisht (Judicial Member) and Shri Prabhat Kumar (Technical Member) has partly allowed an application and held that in the case of the license agreement which has been terminated before the commencement of Corporate Insolvency Resolution Process (“CIRP”) proceedings, the security deposit can...
No Provision In IBC For Upfront Payment To Dissenting Financial Creditors On Resolution: 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 there is no provision under IBC which requires the Successful Resolution Applicant to make upfront payment to Financial Creditors who dissented to the resolution plan. The resolution plan proposed to...
NCLAT New Delhi: Raising Of Amount Via Share Subscription-Cum-Shareholders Agreement Is A Commercial Borrowing And Constitutes 'Financial Debt' Under IBC
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) dismissed an appeal challenging Corporate Insolvency Resolution Process ('CIRP') petition and held that raising of amount through Share Subscription-cum-Shareholders Agreement is a commercial borrowing and constitutes...
Monthly Digest Of IBC Cases: November 2023
Supreme CourtIBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw (SC) 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency...
NCLAT Delhi: National Financial Reporting Authority Has Overriding Powers To Penalise CAs For Professional Misconduct
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr Naresh Salecha (Technical Member) has dismissed an appeal and upheld the penalty imposed by the National Financial Reporting Authority (“NFRA/Respondent”) on the auditors of Dewan Housing Finance Corporation Ltd (“DHFL”). The ruling confirms...
NCLAT Delhi: Period Of Limitation For Filing An Appeal U/S 61 Of IBC Starts From Date Of The Rectification Order; Rectification Order Merges With The Original Order.
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Mr Ajai Das Mehrotra (Technical Member) has allowed an appeal and held that the rectification Order of National Company Law Tribunal (“NCLT”) merges with the Original Order and the period of Limitation for filing an appeal under Section 61...
Special Bench At NCLT Amravati From 4th December 2023 Till Further Orders, Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 04.12.2023, intimating the constitution of Special Bench in NCLT Amravati for the period of 04.12.2023 till further orders. The matters shall be heard through Video Conferencing. The Special Bench shall attend to the matters listed before Shri Rajeev Bhardwaj (Judicial Member) and Ms. Anuradha Sanjay...
Special Bench At NCLT Principal Bench On 6th & 7th December 2023, Matters To Be Heard Through VC On 8th December 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 04.12.2023, intimating the constitution of Special Bench in NCLT Principal Bench (New Delhi) on 06.12.2023 and 07.12.2023, since Justice Ramalingam Sudhakar (President) is on official tour from 05.12.2023 (Noon) to 09.12.2023. Further, on 08.12.2023, the matters listed before the NCLT Principal Bench shall be...
NCLAT Chennai Declares Holiday On 5th December 2023 Due To Cyclonic Storm 'Michaung'
NCLAT Chennai Declares Holiday On 5th December 2023 Due To Cyclonic Storm 'Michaung' The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, has issued a circular dated 04.12.2023, intimating that NCLAT Chennai Bench would not be functional on 05.12.2023. Chennai is experiencing incessant rainfalls due to cyclonic storm “MICHAUNG”. Further, the Tamil...
ESI Dues Not At Par With PF, Pension Or Gratuity Dues; Neither Excluded From Liquidation Estate : NCLT Ahmedabad
The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has held that the dues of Employees State Insurance Corporation (ESIC) are not at par with the dues of Provident Fund, Pension Fund or Gratuity Fund under IBC. Consequently, ESIC dues not being 'workmen dues',...
NCLT Kolkata: Explicit Written Agreement Of Loan Compulsory For NBFC To Establish 'Financial Debt'
The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) dismissing a CIRP petition held that an explicit written agreement of loan is compulsory for the Financial Creditor for being a NBFC to demonstrate whether the amount disbursed constituted a 'financial debt' under Insolvency...