IBC News
NCLT Kolkata: CIRP Petition U/S 10 Avoiding Income Tax Liability Not Maintainable Under The IBC
The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) has held that a Corporate Insolvency Resolution Process (CIRP) petition filed under Section 10 of Insolvency and Bankruptcy Code, 2016 (IBC) to avoid Income Tax liability is not maintainable. Background Facts On 25.03.2023,...
Weekly Digest Of IBC Cases: 27th November To 3rd December 2023
Supreme Court IBC | For Rejection Of A Resolution Plan Under Section 31(2), NCLT Must Pass A Reasoned Order: Supreme Court Case Title: Ramkrishna Forgings Limited v Ravindra Loonkar & Anr. Citation: CIVIL APPEAL No.1527 OF 2022 The Supreme Court bench comprising Justice Vikram Nath and Justice Ahsanuddin Amanullah, has held that when the NCLT exercises its power under...
NCLAT Chennai: Amount Paid As Part Of Business Transfer Agreement, Not A Financial Creditor.
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal Hotel...
Special Bench At NCLT Chennai From 4th To 8th December 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 01.12.2023, intimating the constitution of Special Bench in NCLT Chennai for the period of 04.12.2023 to 08.12.2023, since Shri Jyoti Kumar Tripathi (Judicial Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Jyoti Kumar Tripathi (Judicial Member) and...
IBBI To Regularly Share Public Announcement Details With Nodal Officer At The GST Commissionerate: Kerala GST Dept.
The Kerala GST Department has issued Standard Operating Procedure (SOP) for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (NCLT).The Insolvency and Bankruptcy Board of India (IBBI) is expected to regularly share the details of the public announcement with an identified officer designated as the Nodal Officer at the Commissionerate. The...
NCLT Bangalore: BCCI Files Petition U/S 9 IBC Against Byju’s Over Unpaid Dues.
The Board of Control and Cricket in India (“BCCI”) has moved to the National Company Law Tribunal (“NCLT”) Bengaluru, Bench against edtech major Byju’s over pending dues related to the sponsorship of the Indian cricket team’s jerseys. A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, (“IBC”) against the parent company of Byju’s i.e.,...
IBC | For Rejection Of A Resolution Plan Under Section 31(2), NCLT Must Pass A Reasoned Order: Supreme Court
The Supreme Court has held that when the National Company Law Tribunal (“NCLT”) exercises its power under Section 31(2) of the Insolvency and Bankruptcy Code, 2016 to not approve a resolution plan, then a reasoned order must be passed. It was emphasized that recording of cogent reasons while passing an order is the duty of Courts and Tribunals.The Supreme Court has set aside an order...
Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator
The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Ms. Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member), has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI (Liquidation Process) Regulations 2016. The Bench has further recommended IBBI to...
Resolution Plan Providing For Extinguishment Of Personal Guarantees & Securities Of Dissenting Financial Creditors Is Not Violative Of Section 30(2) Of IBC: 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 a resolution plan providing for extinguishment of security interest and personal guarantees of dissenting financial creditors is not violative of Section 30(2) of IBC. The Bench has approved the...
NCLT Delhi: Application U/s 7 IBC Cannot Be Initiated Against A Struck-off Company; NCLT cant Suo Motu Restore The Name
The National Company Law Tribunal (“NCLT”), Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr Binod Kumar Sinha (Technical Member) has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) cannot be initiated against a company struck off by Registrar of Company (“RoC”) and the power to restore the...
NCLAT Delhi: Distribution To Secured Creditor Must Be Made As Per Admitted Claim And Not As Per Security Interest Over Assets Of Corporate Debtor
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra and Mr Arun Baroka (Technical Members) has dismissed an appeal and held that distribution to Secured Creditor must be made as per admitted claim and not as per Security interest over assets of the Corporate Debtor. The Bench further observed that...
Weekly Digest Of IBC Cases: 20th To 26th November 2023
Supreme Court IBC | No Casual Interference With Commercial Wisdom Of CoC: Supreme Court Sets Aside NCLT Direction To Reevaluate Corporate Debtor's Assets Case Title: Ramkrishna Forgings Limited v Ravindra Loonkar & Anr. Citation: 2023 LiveLaw (SC) 1007 The Supreme Court bench comprising Justice Vikram Nath and Justice Ahsanuddin Amanullah, has set aside an order whereby...