IBC News
NCLT Mumbai: Operational Creditors Must File GST Liability Claims Under CIRP On Time As No Claim Can Be Admitted After Resolution Plan Approved By CoC
The National Company Law Tribunal (“NCLT”), Mumbai Bench comprising of Kuldip Kumar Kareer (Judicial Member) and Shyam Babu Gautam (Technical Member), dismissed an application filed in Abnco Vie Win Ent Pvt. Ltd. vs. Steamline Industries Ltd. by Abnco Vie Win Ent Pvt. Ltd. (Applicant), an operational creditor, seeking directions against the Resolution Professional (“RP”) of...
Weekly Digest Of IBC Cases: 18th To 24th September 2023
NCLAT Resolution Professional Not Obligated To Share All Information With Shareholders Of Corporate Debtor: NCLAT Delhi Case Title: M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal Case No.: Company Appeal (AT) Insolvency No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan...
RP Can’t Obtain MSME Certificate Just To Enable Back-Door Entry Of Promoter/Suspended Management Of Corporate Debtor: 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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that neither Section 25 nor Section 28 of IBC empowers the Resolution Professional or CoC to obtain an...
RP Can Obtain MSME Certificate For The Corporate Debtor Only To Avail Business Advantage Available Under MSMED Act, 2006: 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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that a Resolution Professional can obtain a Micro, Small and Medium Enterprises (MSME) certificate for the...
If MSME Certificate Obtained Post Initiation Of CIRP, Promoter/Suspended Management Of Corporate Debtor Ineligible To Submit 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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that if the Suspended Management/Promoter obtains a MSME certificate for the Corporate Debtor post initiation...
NCLAT New Delhi: CIRP Cannot Be Initiated For Defaults During The Excluded Timeline Under Section 10A Of IBC
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Anant Bijay Singh (Judicial Member) and Mr. Ajai Das Mehrotra (Technical Member), dismissed an appeal filed in Vikram Kumar, Proprietor, Sourya Containers Leasing Company vs. Aranca (Mumbai) Pvt. Ltd. against the National Company Law Tribunal (“NCLT”) Mumbai’s order by...
NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted
The National Company Law Tribunal (“NCLT”), Bangalore Bench comprising of Justice (Retd) T. Krishnavalli (Judicial Member) and Shri. Manoj Kumar Dubey (Technical Member), dismissed an application filed under under Section 60(5)(a) of the Insolvency and Bankruptcy Code, 2016 (“Code”). The application in SourcePro Service vs. Mr. Vinay Mruthyunjaya, Resolution Professional of...
NCLAT New Delhi: Time Taken For Restoration And Withdrawl Can’t Be Excluded, Delay Beyond Condonable Limit
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra Dash (Technical Member), dismissed an application filed in Harish Kumar vs. Solitaire Infomedia Pvt. Ltd. & Anr. by Harish Kumar (Applicant) seeking condonation of delay in filing the appeal under Section 61 of the...
NCLT Hyderabad: Asset Becomes Part Of Liquidation Asset If The Secured Creditor Fails To Comply With Regulation 21A
The National Company Law Tribunal (“NCLT”), Hyderabad Bench comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Sh. Charan Singh (Technical Member), dismissed an application filed in ICICI Bank vs. MBS Impex Pvt Ltd. by ICICI Bank (Applicant) seeking an extension of time for the sale of the secured asset. The Tribunal held that when the secured...
NCLT Bangalore Reiterates Individual Homebuyers Or Associates Cannot Challenge Resolution Plan, After Approval By CoC
The National Company Law Tribunal (“NCLT”), Bangalore Bench comprising of Justice (Retd) T. Krishnavalli (Judicial Member) and Shri. Manoj Kumar Dubey (Technical Member), dismissed an application filed under under Section 60(5)(a) of the Insolvency and Bankruptcy Code, 2016 (“Code”) in S. Viswanathan vs. Mr. Vinay Mruthyunjaya, Resolution Professional of Metrik Infraprojects...
KYC And Aadhaar Related Service Provider ‘Karvy Data Management Services Ltd.’ Admitted Into Insolvency: NCLT Hyderabad
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in M/s Allied Hi-Tech Industries Private Ltd. v Karvy Data Management Services Limited, has initiated Corporate Insolvency Resolution Process (“CIRP”) against...
IBBI Amends ‘Model Bye Laws of Insolvency Professional Agencies 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 (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The amendments are effective from 18.09.2023. The key changes are as under: An individual or an Insolvency...