IBC News
NCLAT Delhi Stays Insolvency Proceedings Against DB Realty Ltd., Grants Opportunity To Deposit Ots Amount
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Imtiyaz Javed Siddiqui v Bank of India & Anr., has stayed the Corporate Insolvency Resolution Process (“CIRP”) proceedings initiated against DB Realty Ltd. The Bench has...
NCLT New Delhi To Conduct Virtual Hearings Till Further Orders
The National Company Law Tribunal (“NCLT”) has issued a Circular dated 11.07.2023, intimating that NCLT New Delhi would be conducting hearing through Video Conferencing till further orders. The NCLT New Delhi is awaiting logistic clearance from CPWD in terms of “Fit for Use” for its premises situated at Block III, CGO Complex, Lodhi Road,...
Weekly Digest Of IBC Cases: 4th To 9th July 2023
NCLAT NCLAT Delhi Terminates Insolvency Proceedings Against ZEE Entertainment Enterprises Ltd., As Parties Enter Settlement Case Title: Punit Goenka v Indusind Bank Ltd. & Anr. Case No.: Company Appeal (AT) (Insolvency) No. 232/2023. The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and...
NCLT New Delhi To Resume Proceedings After Receiving “Safe To Use” Certificate By CPWD
The National Company Law Tribunal (“NCLT”) has issued a Circular dated 10.07.2023 intimating that proceedings before the NCLT New Delhi would resume only after CPWD (Electrical Department) issues a “Safe to Use” Certificate in respect of the building/premises where New Delhi Bench operates. Brief background On 09.07.2023, New Delhi witnessed torrential rainfall....
NCLT Hyderabad Approves Resolution Plan For Indu Projects Ltd.
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in Bank of India v Indu Projects Ltd., has approved the Resolution Plan submitted by a consortium of B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. The Resolution Plan...
Special Bench At NCLT Bengaluru From 10th To 14th July 2023; Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 07.07.2023, intimating the constitution of Special Bench for NCLT Bengaluru for the period of 10.07.2023 to 14.07.2023. The Special Bench shall attend to the matters listed before Justice (Retd.) T Krishna Valli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member). The matters are to be heard...
Special Bench At NCLT Allahabad From 10th To 14th July 2023; Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 06.07.2023, intimating the constitution of Special Bench for NCLT Allahabad for the period of 10.07.2023 to 14.07.2023. The Special Bench shall attend to the matters listed before Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member). The matters are to be heard through Video...
Notice Period Of 30 Days Should Be Given For E-Auction, Even Though There Are No Timelines Under Liquidation Regulations: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) a nd Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Naren Seth v Sunrise Industries & Ors, has held that a notice period of thirty days should be given in e-auction to obtain best value, even though Insolvency &...
Whether Appellant Requires ‘Leave To Appeal’ If It Wasn’t A Party Before AA? NCLAT Three Member Bench To Decide
The National Company Law Appellate Tribunal (“NCLAT”) has notified that as per the directions of the Hon’ble Chairperson, the reference bearing Reference (CH) No. 01 of 2023 will be listed before a Three-Member Bench on 10.07.2023 at 10:30 AM, in the Court of Chairperson. The NCLAT would be answering whether an Appellant, who was not a party in the proceedings before...
Section 61(2) | Holidays Can Be Excluded Only From Limitation Period Of 30 Days, Inapplicable To Further 15 Days Period: 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 Sandeep Anand v Gopal Lal Baser, has held that while computing limitation in filing of appeal, the benefit of excluding public holiday or holiday is only available with respect to 30...
Monthly Digest Of IBC Cases: June 2023
SUPREME COURTIs Resolution Professional A 'Public Servant' Under Prevention Of Corruption Act? Supreme Court To ExamineCase Title: Sanjay Kumar Agarwal v. Central Bureau of Investigation Citation: SLP(Crl) No. 7029/2023The Supreme Court Bench comprising Justice AS Bopanna and Justice Prashant Kumar Mishra, has issued notice in a plea challenging the ruling of the Jharkhand High Court that...
No Provision In IBC For Constitution Of COC With A Single Operational Creditor: 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 V. Duraisamy v Jeyapriya Fruits and Vegetables Commission Agent, has held that IBC does not contain any provision for constitution of the Committee of Creditors (CoC) with a...