IBC News
NCLAT New Delhi: Approval By CCI Prior To Approval Of Resolution Plan By CoC Is Directory In Nature
The National Company Law Appellate Tribunal (‘NCLAT’), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), dismissed the appeals filed in Soneko Marketing Pvt. Ltd. vs. Girish Sriram Juneja & Ors. These Appeals were filed against the National Company Law Tribunal (‘NCLT’) order dated 28.04.2023 which expressed...
Weekly Digest Of IBC Cases: 2nd To 8th October 2023
NCLAT Registry Remained Open, Summer Vacation Not Excluded From Computation Of Limitation: NCLAT Delhi Case title: M K Overseas Export Pvt. Ltd. v Sapan Mohan Garg Case No.: Company Appeal (AT) (Ins.) No.1040 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical...
NCLAT New Delhi: Ex-Director Cannot Claim Copy Of Resolution Plan When Entire CIRP Process Completed
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 appeal filed in Diwakar Sharma vs. Anand Sonbhadra Resolution Professional of Shubhkamna Buildtech Pvt. Ltd.. The Appeal was filed against the order of the National...
Monthly Digest Of IBC Cases: September 2023
Supreme Court IBC - Liquidator Can't Cancel Valid Auction On Mere Expectation Of Fetching Higher Price; No Unfettered Discretion: Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No(S). 7906/2021 Citation: 2023 LiveLaw (SC) 753 The Supreme Court Bench comprising Justice B V Nagarathna and Justice Ujjal Bhuyan, has...
NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists
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 Mayuras Industrial Services vs. S R Shriraam Shekher & Anr. The appeal was filed by Mayuras Industrial Services, an Operational Creditor (‘Appellant’) against S R Shriraam Shekher,...
Requirement To Submit Claim As Per Format Given In Liquidation Regulations Is Directory In Nature: NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member), while adjudicating a petition filed in IDBI Bank Limited v EPC Constructions India Limited, has held that the requirement of submitting claims as per format prescribed under ‘Insolvency and Bankruptcy Board of India...
NCLT Kochi: Section 238 Of IBC Has Overriding Powers Over The Karnataka Value Added Tax Act Of 2003 And Its Proceedings
The National Company Law Tribunal (“NCLT”), Kochi Bench comprising of Justice T Krishna Valli (Retd.) (Judicial Member) and Shri. Shyam Babu Gautam (Technical Member), dismissed an appeal filed in Deputy Commissioner, Works Contract, Kerala State Goods and Services Department, Ernakulam vs. Vinod Balachandran FCA, Liquidator challenging Liquidator’s rejection of the claim in...
NCLAT New Delhi: Resolution Plan Cannot Go Back And Forth Making CIRP An Endless Process, Even If NCLT Has Not Approved The Plan
The National Company Law Appellate Tribunal (‘NCLAT’), Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain (Judicial Member) and Arun Baroka (Technical Member), dismissed an appeal filed in IDBI Bank Ltd. vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. by IDBI Bank Ltd. (Appellant) against Jalesh Kumar Grover, Resolution Professional (‘RP’) for GPI Textiles...
Registry Remained Open,Summer Vacation Not Excluded From Computation Of Limitation: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), while adjudicating an appeal filed in M K Overseas Export Pvt. Ltd. v Sapan Mohan Garg, has held that the duration of summer vacation of NCLAT cannot be excluded from computation...
Operational Creditor Misleads Court To Evade Prohibition Under Section 10A Of IBC, NCLT Mumbai Imposes Cost of Rs. 25,000/-
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Ms. Lakshmi Gurung (Judicial Member) and Shri Charanjeet Singh Gulati (Technical Member), while adjudicating a petition filed in Oswal Minerals Limited v Vidhi Minerals & Alloys Pvt. Ltd., has imposed a cost of Rs. 25,000/- on an Operational Creditor who disregarded Section 10A of IBC by seeking initiation of CIRP...
MCA Notification: Moratorium Under IBC Inapplicable To Agreements Under Convention & Protocol Relating To Aircraft, Aircraft Engines, Airframes And Helicopters
The Ministry of Corporate Affairs (“MCA”), Government of India, has issued a notification dated 03.10.2023 published in the Gazette of India (Extraordinary), intimating that Section 14(1) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) would be inapplicable to transactions, arrangements or agreements, under the Convention and the Protocol relating to aircraft, aircraft...
NCLAT New Delhi: Objective Of IBC Is To Revive Corporate Debtor And Liquidation Is The Last Resort
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra Dash (Technical Member), and Arun Baroka (Technical Member), allowed the appeals filed in Gayatri Polyrub Pvt. Ltd. vs. Anil Kohli & Anr.. The Tribunal setting aside the order dated 15.03.2023 held that the objective of the...