IBC News
NCLAT Directs Indexing Of All Interim Applications In The Main Volume
The National Company Law Appellate Tribunal (“NCLAT”) has issued a notice dated 04.10.2023, directing the Advocates/Authorised Representatives/Parties-in-Person to index all Interim Applications (“IA”) in the main volume of the Appeal/application filed before the NCLAT. The indexing of the IAs is to be done after Memo of Parties and Synopsis, but before...
Weekly Digest Of IBC Cases: 25TH September To 1st October 2023
NCLAT When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi Case Title: Engineering Mazdoor Parishad Devas Through Its General Secretary v Teena Saraswat Pandey Case No.: Comp. App. (AT) (Ins.) No. 1200 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi...
NCLT Delhi: Unawareness About CIRP Is No Ground To File Claims At Belated Stage
The National Company Law Tribunal (“NCLT”), New Delhi Bench comprising of Mahendra Khandelwal (Judicial Member) and Rahul Bhatnagar (Technical Member), dismissed an application filed in Toyota Financial Services India Ltd. vs. Mr. Suresh Kumar Jain by Toyota Financial Services India Ltd., a Financial Creditor (‘Applicant’) for seeking directions against the Mr. Suresh...
NCLAT New Delhi: CIRP Application Barred By Time Should Be Rejected Even If No Defence Of Limitation Raised
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 an appeal filed in Sheetal Impex Pvt. Ltd. vs. Shree Swastic Sales Corporation Pvt. Ltd. by Sheetal Impex Pvt. Ltd. (Appellant) against Shree Swastic Sales Corporation...
‘Ordinary Course Of Business’ For Real Estate Industry Is Providing Construction Service, Doesn’t Include Entering Into Agreement For Investment In A Project: 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 Pallavi Joshi Bakhru v Universal Buildwell Private Limited, has held that the ‘ordinary course of business’ for a real estate industry would mean providing construction service....
NCLAT New Delhi Sets Aside NCLT Order : Liability Of Interest Accrued During Section 10A Period Not To Be Excluded Aside
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), allowed the appeal filed in Beetel Teletech Ltd. vs. Arcelia IT Services Pvt. Ltd. by Beetel Teletech Ltd, (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (“CIRP”) against...
IBBI Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations
The Insolvency and Bankruptcy Board of India (“IBBI”) has released a circular dated 28.09.2023, clarifying the interpretation and computation of the Liquidators’ fee under Regulation 4(2)(b) of IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Regulations”). Brief background Regulation 4 of Liquidation Regulations provides for Liquidator’s fee. Regulation...
Special Bench At NCLT New Delhi From 3rd To 13th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 26.09.2023, intimating the constitution of Special Bench in NCLT New Delhi for the period of 03.10.2023 to 13.10.2023, since Dr. Binod Kumar Sinha (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri M.S.S. Sundaram (Judicial Member) and Dr. Binod...
When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: 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 Engineering Mazdoor Parishad Devas Through Its General Secretary v Teena Saraswat Pandey, has held that a Claimant is obliged to substantiate its claim, failing which, the...
Special Bench At NCLT Mumbai From 3rd To 20th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 20.09.2023, intimating the constitution of Special Bench in NCLT Mumbai for the period of 03.10.2023 to 20.10.2023, since Smt. Madhu Sinha (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Ms. Reeta Kohli (Judicial Member) and Smt. Madhu Sinha...
NCLT Jaipur: Persons To Whom The Flats Are Sold After Completion, Shall Be Counted For Threshold Limit
The National Company Law Tribunal (“NCLT”), Jaipur Bench comprising of Shri Deep Chandra Joshi (Judicial Member) and Atul Chaturvedi (Technical Member), allowed the application filed in Gajraj Jain & Ors. vs. Shiv Gyan Developers Pvt. Ltd. seeking impleadment of additional Financial Creditors to initiate Corporate Insolvency Resolution Process (“CIRP”) of Shiv Gyan...
IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (“IP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 20.09.2023 the IBBI issued a Press Release, summarizing the amendments....