IBC News
Weekly Digest Of IBC Cases: 8 To 21 August 2023
NCLAT NCLAT Delhi Upholds Reduction Of Resolution Professional’s Fee By NCLT Case Title: Rohit J. Vora v Religare Finvest Ltd. & Ors. Case No.: Company Appeal (AT)(Insolvency) No. 104 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has upheld...
Go Airlines | NCLAT Delhi Permits Lessor To Conduct Inspection Of Leased Aircraft Engines
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 Engine Lease Finance B.V. v Resolution Professional of Go Airlines (India) Ltd. & Anr., has permitted the lessor of aircraft engines of Go Airlines to conduct inspection of the...
NCLT Notifies Re-Constitution Of All Benches w.e.f. 21st August 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 18.08.2023, intimating the re-constitution of all sixteen NCLT Benches across India. The re-constitution has taken place in view of the Ministry of Corporate Affairs circular dated 16.08.2023, whereby the newly appointed NCLT Members were assigned benches. The reconstitution is effective...
Differential Payments Can Be Made To Assenting And Dissenting Unsecured Financial Creditors: 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 Peter Beck and Partner Vermoegensverwaltung GMBH v Sharon Bio-medicine Limited & Ors., has held that differential payments can be made between the unsecured Financial Creditors...
NCLT Mumbai Refuses To Admit Belated Claim Of EPFO Submitted Post Approval Of Resolution Plan By The CoC
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application filed in Small Industrial Development Bank of India v E & G Global Estates Limited, has refused to admit the claim of Employee Provident Fund Organization (EPFO), which was...
Successful Resolution Applicant Can Seek Termination Of Related Party Contracts Via Clauses In Resolution Plan: NCLT Delhi
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in India SME Asset Reconstruction Company Limited v M/s Medirad Tech India Limited, has held that the Successful Resolution Applicant can seek termination of Related Party...
MCA Assigns NCLT Benches To Newly Appointed Members
The Ministry of Corporate Affairs (“MCA”), Government of India, has issued a circular dated 16.08.2023, assigning benches of the National Company Law Tribunal (“NCLT”) to the newly appointed Judicial and Technical Members. The benches have been assigned in accordance with Rule 15A of the NCLT (Salary, Allowances and other Terms and Conditions of Service of President...
NCLT Delhi Upholds Termination Of Related Party Agreements By Resolution Professional With Coc’s Consent
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in India SME Asset Reconstruction Company Limited v M/s Medirad Tech India Limited, has upheld the termination of Related Party agreements (Service & Lease Agreements) by the...
NCLT Issues Circular Intimating Transfer Of Members
The National Company Law Tribunal (“NCLT”), has issued a circular dated 17.08.2023, intimating the transfer of NCLT Members to different benches. The Members have been transferred in accordance with Rule 15A of the NCLT (Salary, Allowances and other Terms and Conditions of Service of President and other Members) Rules, 2015 and in consultation with the President, NCLT. ...
NCLAT Delhi Upholds Reduction Of Resolution Professional’s Fee By NCLT
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 Rohit J. Vora v Religare Finvest Ltd. & Ors., has upheld the NCLT order whereby the fee of the Resolution Professional was reduced from Rs. 3.75 Lakhs + GST to Rs. 1 Lakh...
NCLAT Chennai Reprimands Bank For Filing Appeal With Delay, Refuses To Condone
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in DCB Bank Limited v Ramakrishnan Sadasivam & Ors., has reprimanded the conduct of a Bank which filed an appeal exactly on the 45th day, despite having huge machinery at...
Sec. 10A Inapplicable To Defaults Committed Prior To 25.03.2020; NCLAT Chennai Says Explanation To Sec. 10A Removes All Doubts
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 Carissa Investments LLC v Indu Techzone Pvt. Ltd. & Ors., has held that the Explanation to Section 10A of IBC removes any doubt by clarifying that the prohibition to initiate...