IBC News
Registration Of A Partnership Firm Not A Pre-Requisite For A Section 9 Petition: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Haren Sanghvi & Associates vs CDigital Arts & Crafts Private Limited has held that registration of partnership firm is not...
IBC Amendment Prescribing Minimum Number Of Homebuyers Applicable To All Company Petitions Pending For Final Admission: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Smt. Anu Jagmohan Singh (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in S. Ramasubramonian vs Shree Sukhakarta Developers Private Limited has held that the IBC amendment prescribing the minimum number...
Litigant Has No Right To Ask NCLT Member To Recuse Himself From Hearing : NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Ishrat Ali v The Cosmos Cooperative Bank Ltd. & Anr., has held that a litigant has no right under Rule 62 of NCLT Rules, 2016 to seek recusal of a NCLT Member from hearing...
Weekly Digest Of IBC Cases: 15 To 21 May 2023
Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. Citation: 2023 LiveLaw (SC) 436 The Supreme Court Bench comprising of Justice Dinesh Maheshwari and Justice Sanjay Kumar, has declined to grant any interim relief in respect of order passed by...
Go Airlines | NCLAT Upholds Initiation Of Insolvency Proceedings, Aircrafts To Remain In Possession Of Go Airlines
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 SMBC Aviation Capital Ltd. Vs. Interim Resolution Professional of Go Airlines (India) Ltd., has upheld the NCLT order whereby Corporate Insolvency Resolution Process (“CIRP”)...
Advance Paid Towards Transfer Of Leasehold Rights In An Immovable Property Is Not An Operational Debt: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in RSM Infra Partners vs Siddhivinayak Skyscrapers Private Limited has held that an amount paid as advance towards an agreement of...
NCLT Is Not A Forum For Adjudication Of Fraud: NCLT Cuttack Reiterates
The National Company Law Tribunal, Cuttack Bench, comprising Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Srimanta Kumar Tripathy and Anusuya Tripathy vs S.S Mining and Infra Private Limited has held reiterated that NCLT is not a...
A Petition Against A Corporate Guarantor Cannot Be Dismissed Simply Because A Resolution Plan For The Corporate Debtor Is Under Consideration: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s. Edelweiss Asset Reconstruction Company Limited vs Sadguru Multitrade Private Limited has held that insolvency...
NCLT Mumbai Admits Section 7 Petition Against Sterling Oil Resources Limited For Defaults Of More Than Rs. 1655 Crores
The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has admitted a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against Sterling Oil Resources Limited (“Sterling Oil”) and initiated Corporate Insolvency Resolution Process (“CIRP”) against it. State Bank...
NCLT Mumbai Dismisses Section 7 Petition Against Direct Media Distribution Ventures Limited
The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has dismissed a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against Direct Media Distribution Ventures Limited (“Direct Media”) and refused to initiate Corporate Insolvency Resolution Process (“CIRP”) against...
Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Smt Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Birla Cotsyn (India) Limited vs Birla Global Corporate Private Limited has held that prior approval of the Adjudicating...
NCLT Mumbai Admits Section 7 Petition Against M/S Tulip Hotels Private Limited For Defaults Of More Than Rs. 900 Crores
The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has admitted a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against M/s Tulip Hotels Private Limited (“Tulip Hotels”) and initiated Corporate Insolvency Resolution Process (“CIRP”) against it. The Application...