IBC News
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...
Land Owners Entering Into Joint Development Agreements For Sharing Of Profit Do Not Come Within The Ambit Of Operational Creditors: NCLT New Delhi
The National Company Law Tribunal, New Delhi Bench, comprising Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash K. Srivastava (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Mrs. Gurmeet Kaur Gill vs Raheja Developers Limited has held that an agreement in the nature of a...
Not Mandatory To File Hard Copies; NCLAT Dispenses The Requirement Of Physical Filing In Addition To E-Filing
The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 15.05.2023, directing that the physical filing of hard copies alongwith appeals, interlocutory applications, reply, rejoinders etc., which have been electronically filed, is not mandatory now.The NCLAT had rolled out its e-filing portal available at: (https://efiling.nclat.gov.in), for electronic filing...
Disposed Petition On Consent Terms Can Be Revived On Breach Of Terms, Irrespective Of Liberty Granted Or Not : NCLAT Delhi
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an appeal filed in IDBI Trusteeship Services Limited v Nirmal Lifestyle Limited, has held that when a petition is withdrawn by placing on record the consent/settlement terms, then the petition is liable...
Supertech Insolvency : Supreme Court Approves 'Project Wise Resolution' Plan
The Supreme Court has declined to grant any interim relief in respect of order passed by the National Company Law Appellate Tribunal (“NCLAT”) directing ‘project wise insolvency resolution process’ of Supertech Ltd.’s Eco Village-II project. The Bench has observed that constituting Committee of Creditors (CoC) for all the projects of Supertech Limited would affect the ongoing...
Weekly Digest Of IBC Cases: 8 May To 14 May 2023
Supreme Court IBC | Date Of Order Pronouncement & Time Taken To Provide Certified Copy Excluded From Limitation Period For Appeal To NCLAT: Supreme Court Case Title: Sanket Kumar Agarwal & Anr v APG Logistics Private Limited Citation: 2023 LiveLaw (SC) 406 The Supreme Court Bench comprising Chief Justice of India Dr. Dhananjaya Y Chandrachud and Justice J...
Financiers Discounting Invoices Of The Corporate Debtor To Become Operational Creditors: NCLT Bengaluru Reiterates
The National Company Law Tribunal, Bengaluru Bench, comprising Justice (Retd.) T. Krishnavalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Invoice Discounters of BNH Infra Projects (India) Private Limited vs BNH Infra Projects (India) Private Limited has...
NCLT Hyderabad Approves The Resolution Plan Of Jindal Saw Ltd. For Sathavahana Ispat Ltd.
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 M/s Thirumala Logistics v M/s Sathavahana Ispat Limited, has approved the resolution plan of Jindal Saw Limited for Sathavahana Ispat Limited. The approved...
Section 9 Petition Is Not Maintainable If Demand Notice Was Not In Prescribed Format: NCLT Hyderabad
The National Company Law Tribunal, Hyderabad Bench, comprising Smt. Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s. Ven Infra Projects vs M/s. Valentis Laboratories Private Limited has held that mandate of Section 8 IBC, 2016 need to be...
Section 9 Petition Is Not Maintainable If Affidavit Under Section 9(3)(B) Is Not Filed: 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 M/s Welcome Steel vs Kavish International Trading Private Limited has held that Affidavit under Section 9(3)(b) of IBC, 2016...
NCLT Kochi Orders Liquidation Of Samson And Sons Builders And Developers Under Section 33 Of IBC
The NCLT Kochi bench comprising of Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member) has ordered for Liquidation of Samson and Sons builders and Developers Pvt. Ltd. (“Corporate Debtor”) under section 33(1) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Corporate Debtor filed an Application before NCLT Kochi through its...