IBC | No Compulsion To Specify Names Of Creditors In Balance Sheet, General Entry Acknowledging Debt Sufficient To Initiate CIRP : Supreme Court

Observing that there's no compulsion for the companies to specify the names of every secured/unsecured creditor in their balance sheet, the Supreme Court dismissed the plea of a corporate debtor's suspended director against the initiation of Corporate Insolvency Resolution Process (“CIRP”). In other words, the bench comprising Justices PS Narasimha and Sandeep Mehta observed that when...

Supreme Court Sets Aside NCLAT Order Which Closed Insolvency Process Against Byju's Based On Settlement With BCCI

The Supreme Court today (October 23) set aside the order of the National Company Law Appellate Tribunal which closed the insolvency proceedings against ed-tech company Byju's (Think and Learn Pvt Ltd) accepting a settlement between it and the Board of Control for Cricket in India (BCCI) for about Rs 158 crores.The Court held that the NCLAT erred in allowing the withdrawal of the...

NCLAT Upholds Central Govt's Takeover Of Delhi Gymkhana Club Over Allegations Of Mismanagement

The NCLAT bench of Justice Ashok Bhushan (Chairperson) and Arun Baroka (Technical Member) has upheld the NCLT's order which allowed the Central Government to take over the management of the Delhi Gymkhana Club, and directed the existing committee to take remedial steps and hold the election. The NCLAT held that Union of India's intervention in the affairs of the Delhi Gymkhana...

Date Of Default Occurring Within Prohibited Period U/S 10A Of IBC Can't Be Shifted By Sending Notice After Prohibited Period For Same Debt: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench of Hon'ble Shri K. R. Saji kumar, (Judicial Member) Hon'ble Shri Sanjiv Dutt, (Technical Member) held that the date of default occurring within the prohibited period cannot be shifted merely because a notice for payment is issued again after the end of such prohibited period.Brief FactsREC Limited, financial creditor, filed a petition under...

Expressions Of Interest Submitted After CIRP Due Date Cannot Be Considered: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member) held that no Expressions of Interest (EOIs) can be considered if they are submitted after the due date as provided under regulation 36A of the CIRP Regulations.Brief FactsM/s. Jogeshwari Breweries Pvt. Ltd. (the Corporate Debtor) was admitted into...

Third Party Cannot Be Allowed To Participate In Pre-Admission Stage Of Petition U/S 7 Of IBC: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench of justice of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member) held that no third party can be allowed to participate in the pre admission stage of a petition under section 7 of the Insolvency and Bankruptcy Code (IBC).Brief FactsThis application under section 60 of the IBC was filed by...

Monthly Digest of IBC Cases: September 2024

Supreme CourtStakeholders Consultation Committee's Advice Not Binding On Liquidator: Supreme CourtCase Title: V.S. Palanivel v. P. Sriram CS Liquidator etc, Civil Appeal Nos. 9059-9061 of 2022 Citation: 2024 LiveLaw (SC) 662The Supreme Court clarified that the advice offered by the Stakeholders Consultation Committee (SCC) constituted in liquidation proceedings is not binding on the Liquidator....

Weekly Digest Of IBC Cases: October 7th To October 13th, 2024

Nominal Index Mr. Vikash Gautamchand Jain RP of Kethos Tiles Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 1173 of 2024 & I.A. No. 4190, 4191 of 2024 with Company Appeal (AT) (Insolvency) No. 1323 of 2024 Vantage Point Asset Management Pte. vs. Ashish Arjunkumar Rathi & Anr., Company Appeal (AT) (Insolvency) No. 1619 & 1620 of 2024 with Company Appeal (AT) (Insolvency) No....

Weekly Digest Of IBC Cases: 1st October To 7th October 2024

Nominal Index 1. Tushar Sharma v. State Bank of India, Cr. MMO No. 924 of 2023 2. Gateway Investment Management Services Ltd. v. Reserve Bank of India and Ors., 2024 LiveLaw (Del) 1092 3. Su-Kam Power System Ltd. and Anr. v. State of Himachal Pradesh and Ors., CWP No.422 of 2024 4. M/S Patanjali Foods Limited (Formerly Ruchi Soya Industries Limited)...

Any Claims Assessed After Liquidation Commencement Date Cannot Be Accepted By Liquidator: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member), held that when the claim has to be filed on the liquidation commencement date any claims subsequent including any on the basis of assessment subsequent to the liquidation commencement...

NCLAT Delhi Closes CIRP Against Jaypee Healthcare Ltd After Full Settlement Of Financial Creditors' Claims

The National Company Law Appellate Tribunal (NCLAT), New Delhi bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) has set aside the Corporate Insolvency Resolution Process (CIRP) initiated against Jaypee Healthcare Limited after the settlement amount was disbursed to financial creditors.The appeals were filed against...

'Breaches Discipline Of Law Laid Down In IBC' : Supreme Court Disapproves Of HC Deferring CIRP Under Article 226

The Supreme Court recently took exception to the Telangana High Court ordering the deferring of the Corporate Insolvency Resolution Process in the exercise of powers under Article 226 of the Constitution.The Bench of Chief Justice of India DY Chandrachud , Justice J.B. Pardiwala and Justice Manoj Misra, held that the High Court was not justified in deferring the Corporate...