IBC News
Weekly Digest Of IBC Cases: 19 To 26 June 2023
NCLATSince CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT DelhiCase Title: Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors.Case No.: Company Appeal (AT) (Insolvency) No. 634-636 of 2023The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and...
Resolution Professional Empowered To Keep Claims In Abeyance: 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 Anheuser Busch Inbev India Limited v Mr. Pradeep Kumar Sravanam, has held that it is within the power of the Resolution Professional to keep the claim(s) submitted by the creditors...
Avoidance Application(S) Can Continue Post Completion Of CIRP: 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 continue even after completion of CIRP. The Bench placed reliance on Section...
IBC | Sec. 9 Petition For Implementation Of Arbitral Award Is Not Maintainable : NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Chairperson) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in M/s. KK Ropeways Limited v M/s. Billion Smiles Hospitality, has upheld that a petition filed under Section 9 of IBC for implementation of an Arbitral Award is not maintainable and not in...
NCLT Approves Plan For Galada Power And Telecommunications Ltd.: NCLT Hyderabad
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Shri Dr. N. V. Rama Krishna Badarinath (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating a petition filed in Stressed Assets Stabilisation Fund, Mumbai vs. M/s. Galada Power and Telecommunications Ltd., has approved the Resolution Plan submitted by M/s. Amrutha Constructions...
NCLT Delhi Approves Ace Infracity’s Resolution Plan For Three C Homes; Development Work Of ‘Lotus City’ To Conclude Within 24 Months
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), while adjudicating a petition filed in Mr. Arun Kumar Sinha v M/s Three C Homes Pvt. Ltd., has approved the resolution plan of M/s. Ace Infracity Developers Pvt. Ltd. for Three C Homes Pvt. Ltd. The Resolution Plan is valued...
Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors (CoC) is re-constituted post approval of a resolution plan, due...
Weekly Digest Of IBC Cases:13th To 18th June 2023
NCLTGo Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate DebtorCase Title: Go Airlines (India) LimitedCase No.: Company Petition No. (IB)-264(PB)/2023The National Company Law Tribunal (“NCLT”), Special Bench, comprising of Shri Mahendra Khandelwal (President) and Shri Rahul Bhatnagar (Technical Member), has directed the Resolution Professional to protect the assets...
Go Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate Debtor
The National Company Law Tribunal (“NCLT”), Special Bench, comprising of Shri Mahendra Khandelwal (President) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed by Go Airlines (India) Limited, has directed the Resolution Professional to protect the assets in possession and control of Go Airlines (India) Ltd. in terms of Section 25(1) of IBC. The direction...
NCLT Hyderabad Rejects Resolution Plan For Being Incompliant With Regulation 36B 4(A) Of CIRP Regulations:
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in Asset Reconstruction Company (India) Limited v Viceroy Hotels Limited, has rejected the Resolution Plan submitted for Viceroy Hotels for being incompliant with Regulation...
NCLT Chennai To Have Special Bench From 19th To 28th June 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 14.06.2023, intimating the constitution of Special Bench for NCLT Chennai Bench (Court No. 1) for the period of 19.06.2023 to 28.06.2023. The Special Bench shall attend to the matters listed before Justice Ramalingam Sudhakar (President) and Shri Sameer Kakkar (Technical Member). The matters are to be heard in...
MCA Notification: Moratorium Inapplicable To Contracts Entered Into By The CD Under Oilfields (Regulation And Development) Act
The Ministry of Corporate Affairs, Government of India, has issued a notification dated 14.06.2023, notifying that Section 14(1) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) would be inapplicable to agreements/transactions/arrangements entered into by the Corporate Debtor under the Oilfields (Regulation and Development) Act, 1948. The notification has been published in...