IBC News
NCLT Mumbai Approves Resolution Plan For Topworth Steel & Power Pvt. Ltd., A Topworth Group Company
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice V.G. Bisht (Retd.) (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating a petition filed in State Bank of India v Topworth Steel and Power Private Ltd., has approved the Resolution Plan submitted by Amalgam Steel and Power Ltd. for Topworth Steel and Power Pvt....
NCLAT New Delhi Suspends Finolex Cable Order Post Supreme Court Directs NCLT Delhi Chairperson To Conduct Inquiry
The National Company Law Appellate Tribunal (‘NCLAT’) Principal Bench, New Delhi comprising Justice Rakesh Kumar (Judicial Member) and Dr. Alok Srivastava (Technical Member), suspended its order dated 13.10.2023 in the matter of Deepak Kishan Chhabria & Anr. vs. Orbit Electricals Pvt. Ltd. & Ors. due to the disclosure of the result of the Annual General Meeting of the...
NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs
The National Company Law Tribunal (‘NCLT’) Kolkata Bench comprising Bidisha Banerjee (Judicial Member) and D. Arvind (Technical Member) allowed the application filed in Radhasiriya Properties Pvt. Ltd. vs. Jai Narayan Gupta Liquidator of Barcle Enterprises Ltd.. The application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’)...
NCLAT Chennai: Transfer Of Shares Not An Act Of Oppression And Mismanagement | SEBI Is The Competent Forum To Decide Disputes Of Transfer Of Shares And Not 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 in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated...
NCLAT Chennai: Mere Irregularity Not A Ground For Oppression And Mismanagement
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 in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated...
NCLT Delhi Approves Resolution Plan For Educomp Solutions Limited
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 approved the Resolution Plan submitted by Ebix Singapore Pte. Ltd. for Educomp Solutions Limited. The Resolution Plan is valued at Rs. 325 Crores,...
NCLAT Chennai: NCLT Has Inherent Powers To Look Into Earlier Litigations To Ascertain The Bonafide Of A Party
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 in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated...
Petitioner Fails To Prove Existence Of Debt In Section 7 Petition, NCLT Ahmedabad Imposes A Cost Of Rs. 2 Lakhs
The National Company Law Tribunal (NCLT), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), while adjudicating a petition filed in G.L.E. India Solar Private Limited v Bright Solar Limited, has imposed a cost of Rs. 2 Lakhs on a Petitioner, who failed to prove existence of debt for the purpose of initiating...
Party Who Benefits From Preferential Transaction Can Only Be Directed To Contribute To Corporate Debtor: NCLT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Mr. Saptarshi Nath & Anr. v Kapil Dev Taneja, has held that under Section 44(1)(d) of IBC a direction to contribute to the assets of the Corporate Debtor can be only given to a...
IBBI Invites Suggestions To Simplify And Reduce Cost Of Compliance Of IBC Regulations
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a Press Release dated 12.10.2023, inviting suggestions to simplify, ease and reduce cost of compliance of Regulations notified under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The IBBI has framed IBBI (Mechanism for Issuing Regulations) Regulations, 2018 providing for the manner of consultation, framing...
NCLT Mumbai: Threshold Limit For A Valid Petition Under Section 9 Of IBC For Each Operational Creditor Should Be Rs. 1 Crore
The National Company Law Tribunal (‘NCLT’) Mumbai comprising of Lakshmi Gurung (Judicial Member) and Charanjeet Singh Gulati (Technical Member), dismissed the petition as non-maintainable filed in Mr. Atanu Kumar Chatterjee Vs. Rolta Defence Technology Systems Pvt. Ltd. The Petition was filed by 29 Operational Creditors to initiate a Corporate Insolvency Resolution Process...
Weekly Digest Of IBC Cases: 9th To 15th October 2023
Supreme Court Homebuyers Who Secure RERA Decrees Can't Be Treated Differently From Other Financial Creditors Under IBC: Supreme Court The Supreme Court bench comprising Justices S Ravindra Bhat and Aravind Kumar, has held that homebuyers cannot be treated differently from other "financial creditors" under the Insolvency and Bankruptcy Code (IBC) 2016 just because they have...