IBC News
IBC Not A Debt Recovery Mechanism, NCLAT Chennai Reiterates
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member), dismissed an appeal filed in Mr. Maulik Kirtibhai Shah vs. United Telecom Limited. against the order of the National Company Law Tribunal (“NCLT”) Bangalore Bench which had dismissed the application under Section 9 of...
IBBI Introduces Amendments To CIRP 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 Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 19.09.2023 the IBBI issued a Press Release, summarizing...
IBC | Bombay High Court Issues Notice To Attorney General Of India In Petition Challenging Provisions On Resolution Professional
The Bombay High Court recently issued notice to the Attorney General of India R Venkataramani in a writ petition challenging the constitutionality of Sections 7(5), 9(5) and other sections of the Insolvency and Bankruptcy Code, 2016.Sections 7 and 9 deal with application of corporate insolvency resolution process (CIRP) by a financial creditor and an operational creditor respectively. As...
Rule 43 Of NCLT Rules | NCLT Can Call For Information/Evidence From Parties Including Resolution Professional: 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 M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal, has held that under Rule 43 of the NCLT Rules, 2016, the NCLT is empowered to call information or evidence from the...
Resolution Professional Not Obligated To Share All Information With Shareholders 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 M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required to be shared...
NCLT Mumbai: Petition Under Section 9 Cannot Be Filed Only For Recovery Of Interest Component
The National Company Law Tribunal (“NCLT”), Mumbai Bench comprising of Mr. Kishore Vemulapalli (Judicial Member) and Mr. Prabhat Kumar (Technical Member), dismissed a petition filed in TCL Cables Pvt. Ltd. vs. Shapoorji Pallonji & Company Pvt. Ltd. by TCL Cables Pvt. Ltd. (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (“CIRP”)...
Weekly Digest Of IBC Cases: 11th To 17th September 2023
Supreme Court IBC | Cannot Ask Successful Resolution Applicant To Pay Arrears Payable By Corporate Debtor For Grant/Restoration Of Electricity Connection: Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw (SC) 788 The Supreme Court has held that under the Insolvency and Bankruptcy...
NCLT New Delhi Benches Re-Constituted W.E.F 19th September 2023
The National Company Law Tribunal (“NCLT”), has issued a Circular dated 18.09.2023, intimating that the NCLT New Delhi Benches (Court No. V & VI) have been re-constituted with effect from 19.09.2023. The re-constituted Benches shall comprise of: NCLT New Delhi, Court Room No. V (First Half) Shri Mahendra Khandelwal (Judicial Member)Dr. Sanjeev...
NCLAT New Delhi: Responsbility Lies On The Claimant To Provide Necessary Details To Substantiate Its Claim
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 Engineering Mazdoor Parishad Devas vs. Teena Saraswat Pandey, Resolution Professional of S & H Gears Pvt. Ltd. seeking consideration and settling the claim of...
IBC | Cannot Ask Successful Resolution Applicant To Pay Arrears Payable By Corporate Debtor For Grant/Restoration Of Electricity Connection: Supreme Court
The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016 (“IBC”), once the Resolution Plan stands approved by the National Company Law Tribunal (NCLT), the Electricity Department cannot demand payment of arrears, which were payable by the Corporate Debtor, from the Successful Resolution Applicant for restoration/grant of electricity connection. The Bench...
NCLT Mumbai Admits Bagalkot Cement And Industries Ltd. Into Insolvency
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Mrs. Lakshmi Gurung (Judicial Member) and Shri Charanjeet Singh Gulati (Technical Member), while adjudicating a petition filed in Vyshali Energy Private Limited v M/s. Bagalkot Cement and Industries Ltd., has initiated Corporate Insolvency Resolution Process (“CIRP”) against M/s. Bagalkot Cement...
NCLAT Chennai Terminates Insolvency Proceedings Against Café Coffee Day’s Parent Company, Parties Enter Settlement
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mrs. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Malavika Hegde v Indusind Bank Ltd. & Anr., has terminated the Corporate Insolvency Resolution Process (CIRP) of M/s Coffee Day Global Ltd. which was initiated by the...