IBC News
NCLT Jaipur Rejects Application Filed By RP Seeking Recovery Of Amount From Corporate Debtor’s Debtor
The National Company Law Tribunal (“NCLT”), Jaipur Bench, comprising of Shri Deep Chandra Joshi (Judicial Member) and Shri Atul Chaturvedi (Technical Member), while adjudicating a petition filed in M/S Indus Container Lines Pvt. Ltd. V Jadoun International Pvt. Ltd., has rejected an application filed by the Resolution Professional seeking a direction to one of the debtors of...
Liquidator Assigns ‘Not Readily Realizable Assets’ Of Rs. 26 Crores For Rs. 50,000 During Pendency Of Avoidance Applications: NCLT Delhi Invalidates Assignment
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 Ritu Tandon v M/s Rain Automotive India Private Limited, has held that a Resolution Professional or Liquidator cannot assign a debt or Not Readily Realizable Assets (“NRRA”),...
While Approving A Plan, Shall Not Waive Off Statutory Obligations Of The Corporate Debtor: NCLT Mumbai
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Ms. Anu Jagmohan Singh (Technical Member), while adjudicating a petition filed in Corporation Bank v General Composite Pvt. Ltd., has approved a resolution plan and directed that such approval shall not waive off any of the statutory obligations/liabilities of the...
NCLT Delhi Approves Resolution Plan For Net 4 India Limited
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed in Edelweiss Asset Reconstruction Company Limited v Net4 India Limited, has approved the Resolution Plan of Open Platforms Pvt. Ltd. for Net4 India...
Special Bench At NCLT Kolkata From 28th August To 13th September 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 24.08.2023, intimating the constitution of Special Bench in NCLT Kolkata for the period of 28.08.2023 to 13.09.2023, since Shri Arvind Devanathan (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Ms. Bidisha Banerjee (Judicial Member) and Shri...
Weekly Digest Of IBC Cases: 22nd To 27th August 2023
NCLAT Central Excise Authority Not A Secured Creditor Under IBC: NCLAT Chennai Case Title: The Assistant Commissioner of Central Tax v Mr. Sreenivasa Rao Ravinuthala & Anr. Case No.: COMPANY APPEAL (AT) (CH) (INS.) NO. 346/2021 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms. Shreesha...
Shri Ajai Das Mehrotra Takes Oath As A Technical Member In NCLAT
On 21.08.2023, Shri Ajai Das Mehrotra has taken oath as a Technical Member in the National Company Law Appellate Tribunal (“NCLAT”), Delhi. Mr. Mehrotra had retired from the Indian Revenue Services as a Principal Chief Commissioner of Income Tax. Thereafter, he served as a Technical/Administrative Member in the Appellate Tribunal of Real Estate Regulatory Authority in Gandhinagar....
Resolution Professional Responsible For Conducting Section 29A Due Diligence; Can Seek Information, Documents Or Clarification From RA: NCLT Mumbai
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Anu Jagmohan Singh (Technical Member), while adjudicating a petition filed in M/s Blue Frog Media Pvt. Ltd., has held that a Resolution Professional is responsible to conduct due diligence relating to Section 29A of IBC, to identify ineligibility...
Request For Repetitive Adjournments By The Appellant : NCLAT Delhi Dismisses Appeal For Non-Prosecution
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar (Judicial Member) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Amrit Kumar Patel v Phoenix ARC Pvt. Ltd. & Ors., has dismissed an appeal for non-prosecution, since the Appellant’s Counsel had sought adjournments on several continuous...
Central Excise Authority Not A Secured Creditor Under IBC: NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in The Assistant Commissioner of Central Tax v Mr. Sreenivasa Rao Ravinuthala & Anr., has held that Central Excise Authority is not a Secured Creditor under IBC. The Bench...
Special Bench At NCLT Chennai From 21st August To 1st September 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 21.08.2023, intimating the constitution of Special Bench in NCLT Chennai for the period of 21.08.2023 to 01.09.2023, since Shri Ravichandran Ramasamy (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Sanjeev Jain (Judicial Member) and...
MCA Extends Deadline For Submitting Applications For Judicial & Technical Member Vacancies In NCLAT, Last Date To Apply Is 1st September 2023
The Ministry of Corporate Affairs (“MCA”), Government of India, has issued a circular dated 17.08.2023, intimating that the deadline for submitting applications for the post of Judicial Members and Technical Members in the National Company Law Appellate Tribunal (“NCLAT”) has been extended. The Applications can now be submitted online at https://apptrbmembermca.gov.in by...