IBC News
Liquidator Bound To Handover Vacant & Peaceful Possession Of Property To Buyer As Per Contract : NCLT Hyderabad
The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member), has held that after sale of Corporate Debtor’s property in auction and receipt of proceeds, the Liquidator is legally empowered to seek vacant and peaceful possession of such property from occupier before the NCLT. Even after...
Successful Resolution Applicant Cannot Oppose Its Own Resolution Plan: NCLT Delhi
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in Educomp Solutions Limited., has held that a Successful Resolution Applicant cannot oppose the approval of its own resolution plan before NCLT. “Even otherwise also, the SRA/Ebix...
IBC| Time-Barred Recovery Certificate Can Be Segregated From Composite Claim Under Section 7 : Supreme Court
The Supreme Court has held that in a composite application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) based on several Recovery Certificates issued by Debt Recovery Tribunal, if any of the Recovery Certificate(s) is barred by limitation, then the same can be segregated from composite claim. However, as the decree (Recovery Certificate) would still be alive,...
IBBI Proposes Changes To Framework For Insolvency Professional Entities, Invites Public Comments Till 11th November 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) on 20.10.2023 has published a Discussion Paper on “Rationalisation of the Regulatory Framework for Enhancing the Effectiveness of Insolvency Professional Entities in Insolvency Resolution Process”. The IBBI has also invited comments from the public/stakeholders regarding proposed changes to the framework pertaining...
NCLT Allahabad: An Agreement To Resell Products On An E-Commerce Platform Where The Amount Was Invested For Assured Profit Margins Does Not Fall Under ‘Financial Debt’ U/S 5(8) Of The IBC
The National Company Law Tribunal (‘NCLT’), Allahabad Bench comprising of Praveen Gupta (Judicial Member) and Mr. Ashish Verma (Technical Member) dismissed the petition. filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). The petition was seeking initiation of a Corporate Insolvency Resolution Process (‘CIRP’) against Ketsaal Retail LLP (Corporate...
NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale Consideration
The National Company Law Appellate Tribunal (‘NCLAT), Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain (Judicial Member) and Naresh Salecha (Technical Member) dismissed the appeal filed against the order of the National Company Law Tribunal (‘NCLT’) Kolkata Bench dated 23.02.2023. The Appellate Tribunal held that the Liquidator is required to follow the terms...
NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT
The National Company Law Appellate Tribunal (‘NCLAT’), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member) dismissed the appeal filed by Jitendra Virmani (Appellant) against the National Company Law Tribunal (‘NCLT’) Bangalore order dated 27.11.2019. The Appellate Tribunal held that the grounds not taken on jurisdiction...
NCLT President On Leave, Principal Bench To Have Special Bench From 25th To 27th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 23.10.2023, intimating that the President of NCLT Principal Bench, Hon’ble Chief Justice (Retd.) Shri Sudhakar Ramalingam, is on leave from 25.10.2023 to 27.10.2023.Therefore, the Hon’ble President has deputed Shri Ashok Kumar Bhardwaj (Judicial Member) to perform the functions of the President of NCLT such as...
Weekly Digest Of IBC Cases: 16th To 22nd October 2023
Supreme Court IBC | Doctrine Of Election Can’t Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court Case Title: Tottempudi Salalith v State Bank Of India & Ors. Citation: 2023 LiveLaw (SC) 914 The Supreme Court has held that the ‘Doctrine of Election’ cannot be applied to prevent a Financial Creditor from approaching the...
NCLAT New Delhi: Limitation To File Appeal Commences On The Order Pronouncement Date And Not When Aggrieved Party Becomes Aware Of Its Content
The National Company Law Appellate Tribunal (‘NCLAT), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member), dismissed the two applications filed in Raiyan Hotels and Resorts Pvt. Ltd. vs. Unrivalled Projects Pvt. Ltd. and Aryan Mining & Trading Corpn Pvt. Ltd. vs. Kail Limited and...
NCLT Kochi: No Provision For Liquidator To File Income Return Of Corporate Debtor
The National Company Law Tribunal (‘NCLT’) Kochi comprising Justice (Retd.) T. Krishna Valli. (Judicial Member) and Shri. Shyam Babu Gautam (Technical Member) allowed the application filed in Mr. Vinod Balachandran vs. Bharat Petroleum Corporation Ltd & Anr. The application has been filed by the Liquidator of Albanna Engineering (India) Pvt. Ltd. (Corporate Debtor) to direct...
IBC | Doctrine Of Election Can't Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court
The Supreme Court has held that the 'Doctrine of Election' cannot be applied to prevent a Financial Creditor from approaching the National Company Law Tribunal (NCLT) for initiation of Corporate Insolvency Resolution Process (“CIRP”) against a Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016 (IBC).The Doctrine of Election is embodied in the law of evidence, which...