IBC News
NCLAT Delhi Terminates Insolvency Proceedings Against ZEE Entertainment Enterprises Ltd., As Parties Enter Settlement
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 Punit Goenka v Indusind Bank Ltd. & Anr., has closed the Corporate Insolvency Resolution Process against Zee Entertainment Enterprises Ltd. The Bank and Zee Entertainment...
Weekly Digest Of IBC Cases: 27 June To 3 July 2023
Supreme Court Is Resolution Professional A 'Public Servant' Under Prevention Of Corruption Act? Supreme Court To Examine Case Title: Sanjay Kumar Agarwal v. Central Bureau of Investigation Citation: SLP(Crl) No. 7029/2023 The Supreme Court Bench comprising Justice AS Bopanna and Justice Prashant Kumar Mishra, has issued notice in a plea challenging the ruling of...
Section 7 IBC | Ruling In ‘Vidarbha Industries’ Inapplicable When Corporate Debtor Admits Due Debt Amount: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Mohan Nathuram Sakpal v State Bank of India, has held that the ruling given in Vidarbha Industries Power Limited v. Axis Bank Limited is inapplicable to proceedings...
File Refund Claims Before Resolution Professional; NCLT Delhi Tells Go First Passengers
The National Company Law Tribunal (“NCLT”) has issued Advisory dated 03.07.2023 in reference to the refund claims of the passengers of Go-Air. The Advisory states that the passengers of Go Air have been contacting the NCLT officials for seeking refund of their booked/cancelled tickets of Go Air airlines. The NCLT has informed the ticket holders (passengers) that Mr....
NCLT New Delhi Bench Re-Constituted W.E.F 3rd July 2023; Timings Of Indore & New Delhi Bench Changed
The National Company Law Tribunal (“NCLT”), has issued a Circular 30.06.2023 whereby the NCLT New Delhi Bench (Court No. V) has been re-constituted with effect from 03.07.2023. Consequently, the timings of the NCLT Indore and New Delhi (Court-IV) benches have been changed. The re-constituted Bench shall comprise of:NCLT NEW DELHINCLT New Delhi, Court Room No. V (Second Half)...
Liquidator To Fix The Reserve Price Based On Average Of Two Valuation Reports Received In The CIRP Process. 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 Amit Ahirrao v Anagha Anasingharaju & Anr., has held that the Liquidator while auctioning the assets has to fix the reserve price based on average of two valuation reports received in...
S.220 IBC | Prima Facie Disciplinary Committee Can Consist Only Of Whole Time Members: Bombay High Court Stays Insolvency Professional's Suspension
The Bombay High Court has stayed the suspension of registration of Insolvency Professional (IP) Kairav Anil Trivedi, who is accused of misrepresentation and entering into unauthorised agreement in a Corporate Insolvency Resolution Process (CIRP).A division bench of Justice BP Colabawalla and Justice MM Sathaye observed that prima facie, the order against Trivedi was passed by the Chairperson...
NCLT Approves Resolution Plan For D S Kulkarni Developers, Homebuyers Will Get Flats Against Their Claims: NCLT Mumbai
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in Bank of Maharashtra v D.S. Kulkarni Developers Limited, has approved the Resolution Plan submitted by a consortium of Ashdan Properties Pvt. Ltd., Classic Promoters and Builders Pvt. Ltd. and...
Is Resolution Professional A 'Public Servant' Under Prevention Of Corruption Act? Supreme Court To Examine
The Supreme Court, on Wednesday, issued notice in a plea challenging the ruling of the Jharkhand High Court that a Resolution Professional (RP) will be considered a ‘public servant’ under Section 2(c)(v) and Section 2(c)(viii) of the Prevention of Corruption Act, 1988 (PC Act). A vacation Bench comprising Justice AS Bopanna and Justice Prashant Kumar Mishra issued notice to the...
Google Appeals To Supreme Court Against NCLAT Order Upholding Rs. 1337.76 Crores Penalty Imposed By CCI
The tech giant Google has filed an appeal before the Supreme Court, challenging the order dated 29.03.2023 passed by the National Company Law appellate Tribunal (“NCLAT”), New Delhi, whereby the imposition of Rs. 1337.76 Crores penalty on Google by the Competition Commission of India (“CCI”) was upheld. Google has been penalized for abusing its dominant position in the Android OS...
Are Dissenting Financial Creditors Adequately Protected Under Section 30(2)(e) Of The Insolvency And Bankruptcy Code (IBC)?
When a Resolution Applicant (RA) submits a Resolution Plan to the Committee of Creditors [“CoC”], the CoC engages in extensive discussions to decide whether to approve or reject the plan. If the plan is rejected and brought before the National Company Law Tribunal (NCLT), the NCLT initiates the liquidation process as per Section 33(1) of the Insolvency and Bankruptcy...
SRA Can Pursue Avoidance Application Post Completion Of CIRP, If Plan Contains A Clause To That Effect: 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 Kapil Wadhawan v Piramal Capital & Housing Finance Ltd. & Ors., has held that avoidance application(s) can be pursued by the Successful Resolution Applicant (“SRA”)...