IBC News
NCLAT Delhi Upholds Initiation Of Insolvency Proceedings Against Birla Tyres Ltd., A B.K. Birla Group Company
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), has upheld the order whereby the NCLT had initiated Corporate Insolvency Resolution Process (“CIRP”) against Birla Tyres Ltd. (“Corporate Debtor”). Background Facts Birla Tyres Ltd. is a part of...
Special Bench At NCLT Mumbai From 28th November To 8th December 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 22.11.2023, intimating the constitution of Special Bench in NCLT Mumbai (Court VI) for the period of 28.11.2023 to 08.12.2023, since Shri KR Saji Kumar (Judicial Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri KR Saji Kumar (Judicial Member) and Shri...
Special Bench At NCLT Kochi From 28th November To 1st December 2023, Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 24.11.2023, intimating the constitution of Special Bench in NCLT Kochi for the period of 28.11.2023 to 01.12.2023, since Justice T Krishna Valli (Judicial Member) is on leave in that duration. The matters shall be heard through video conferencing. The Special Bench shall attend to the matters listed before...
No Recovery Towards TAS Can Be Made Towards Deductee Even If Deductor Is Undergoing CIRP: Delhi High Court
The Delhi High Court has held that no recovery towards Tax at Source (TAS) can be made towards the deductee even if the deductor is undergoing the Corporate Insolvency Resolution Process (CIRP).The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the deductee (petitioner) followed the regime framed in the Act for collecting TAS through an agent (Ninex) of...
NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra (Technical Member) has dismissed an appeal and held that the scope of enquiry of the National Company Law Tribunal (“NCLT”) as per Section 31 of Insolvency and Bankruptcy Code, 2016 (“IBC”) is confined to scrutinising whether Section 30(4)...
IBC | No Casual Interference With Commercial Wisdom Of CoC : Supreme Court Sets Aside NCLT Direction To Reevaluate Corporate Debtor's Assets
The Supreme Court has set aside an order whereby the National Company Law Tribunal (“NCLT”) kept the approval of a resolution plan in abeyance while directing an Official Liquidator to conduct re-valuation of the Corporate Debtor’s assets. Consequently, the order of National Company Law Appellate Tribunal (“NCLAT”) affirming the NCLT’s order has also been set aside.An...
NCLAT Delhi: Refusal To Rehear A Matter After Reserving An Order In A Company Petition Does Not Result In A Miscarriage Of Justice
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra and Mr Arun Baroka (Technical Members) has dismissed an appeal and held that refusal to rehear a matter after reserving an order in a company petition does not result in a miscarriage of justice. Background Facts Maa Durga Commotrade Pvt....
Application For Certified Copy Filed Beyond Limitation, Not Entitled To Exclude Time In Preparation Of Certified Copy : NCLAT
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 when the application for obtaining certified copy of an NCLT order is submitted beyond the limitation period for filing of appeal (i.e. 30 days), then the Appellant is...
NCLT Ahmedabad Directs Promoters To Deposit Rs. 7.78 Crores With Corporate Debtor Based On Forensic Audit Report
The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Shri Shammi Khan (Judicial Member) and Shri Sameer Kakar (Technical Member), has directed the Promoters/Suspended Management of Sysco Industries Ltd. (Corporate Debtor) to deposit Rs. 7.78 Crores with the Corporate Debtor on the basis of a forensic audit report. The Resolution Plan for the Corporate Debtor...
Requirement Of Minimum 100 Allottees Under Section 7 To Be Met At The Date Of Filing, Subsequent Settlement By Allottees Inconsequential: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has held that requirement of minimum 100 allottees to file a petition under Section 7 of IBC is to be met on the date of filing of the petition. If any allottee(s) enter settlement with the Corporate Debtor post filing of...
CIRP Under Section 7 Can Commence Even If Claims Of Certain Allottees Are Time Barred Or Below Threshold Of Rs. 1 Crore: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has held that in a petition under Section 7 of IBC jointly filed by real estate allottees, the debt of each individual allottee need not meet the minimum threshold of Rs. 1 Crore default or limitation requirements. The...
Section 7 Petition Seeking ‘Joint’ CIRP Of Separate Corporate Entities Involved In Common Real Estate Project Is Maintainable: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has held that a petition under Section 7 of IBC, filed by allottees for joint CIRP of separate corporate entities involved in a common real estate project is maintainable. Three separate companies were engaged in...