IBC News
Special Bench At NCLT Hyderabad From 16th To 20th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 09.10.2023, intimating the constitution of Special Bench in NCLT Hyderabad for the period of 16.10.2023 to 20.10.2023, since Shri Sanjay Puri (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay...
Homebuyers Who Secure RERA Decrees Can't Be Treated Differently From Other Financial Creditors Under IBC : Supreme Court
The Supreme Court has held that homebuyers cannot be treated differently from other "financial creditors" under the Insolvency and Bankruptcy Code (IBC) 2016 just because they have secured orders from the authority under the Real Estate (Regulation and Development) Act 2016.A bench comprising Justices S Ravindra Bhat and Aravind Kumar set aside an order of the National Company Law...
NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
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 in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal...
Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT 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 NTT Data Business Solutions Pvt. Ltd. v Trident Ltd., has held that Operational Creditor merely responding to notice invoking arbitration by stating that no disputes exist, would...
NCLAT Chennai: FC And OC Can’t Give Additional Facts Not Provided In Application Under Sections 7, 9 Or 10 Of IBC
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member), dismissed the appeal filed in State Bank of India vs. India Power Corporation Ltd. The Appellate Tribunal held that a Petitioner (Financial/Operational Creditor) cannot set up a new case/additional factual...
NCLT Chennai Bench Reconstituted W.E.F. 12th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 11.10.2023, intimating the reconstitution of NCLT Chennai Bench with effect from 12.10.2023. As per the order of Ministry of Corporate Affairs dated 16.08.2023, the NCLT Benches are to be further reconstituted as and when new NCLT members join. Shri Jyoti Kumar Tripathi (Judicial Member) has been...
NCLAT Bench Defied Supreme Court Order? Supreme Court Directs Enquiry By Chairperson
The Supreme Court today (13.10.2023) directed for an enquiry to be conducted by the Chairperson of the National Company Law Appellate Tribunal (NCLAT) on allegations that a bench of the NCLAT had defied an order of the Supreme Court. A bench comprising CJI DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Misra passed the order under "extraordinary circumstances", after it was apprised...
NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC
The National Company Law Tribunal (“NCLT”), Mumbai Bench comprising of Ms. Lakshmi Gurung (Judicial Member) and Shri Charanjeet Singh Gulati (Technical Member), allowed the appeal filed in Securities Board of India vs. Mr. Vishal Ghisulal Jain, Liquidator of, Sterling International Enterprises Ltd. The appeal was filed by the Securities and Exchange Board of India...
NCLT Kolkata: Provisions Of IBC Shall Override The Section 29 Of State Financial Corporation Act, 1951
The National Company Law Tribunal (‘NCLT’), Kolkata Bench comprising of Mrs. Bidisha Banerjee (Judicial Member) and Mr. Balraj Joshi (Technical Member), allowed the application filed in Pankaj Tibrewal Resolution Professional of Dutta Agro Mills Pvt. Ltd. vs. West Bengal Industrial Development Corporation. The application was filed by Pankaj Tibrewal, Resolution Professional (RP)...
NCLAT New Delhi: No Fresh Period Of Limitation From The Date Of MSME Order When Application Barred By Time
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member), allowed the appeal filed in Pan Pacific Engineering Services Pvt. Ltd. Vs. Ayyappa Hydro Power Ltd. against the NCLT order dated 25.07.2023 dismissed...
NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
The National Company Law Appellate Tribunal (“NCLAT”), Jaipur Bench comprising of Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member), dismissed the appeal filed in Rakesh Kumar vs. Flourish Paper & Chemicals Ltd. The appeal has been preferred by Rakesh Kumar (Suspended Director) of Suchi Paper Mills Ltd. (Corporate Debtor) against the National Company...
NCLAT New Delhi: Date Of Default As Per One Time Restructure Agreement Shall Be Date Of Default
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member), dismissed an appeal filed in Pradeep Madhukar More vs. Central Bank of India. The appeal was filed against the Mumbai National Company Law Appellate Tribunal’s (‘NCLT’) order dated 09.06.2023 which admitted...