IBC News
Weekly Digest Of IBC Cases: 17 April To 23 April 2023
NCLAT Creditor Who Don’t Submit Claim Or Raises Issues In CIRP, Has No Right To Challenge Resolution Plan: NCLAT Delhi Case Title: Madhya Pradesh Paschim Kshetra Vidyut Vitaran Co. Ltd. v Jagdish Kumar & Anr. Case No.: Company Appeal (AT) (Ins) No. 1113 of 2020 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Rakesh...
Financial Creditors As Minority Debenture Holder Entitled To Initiate CIRP Irrespective Of Presence Of Debenture Trustee: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Smt. Madhu Sinha (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Clearwater Capital Partners Singapore Fund IV Private Limited and Anr vs Rajesh Estates and Nirman Private Limited has held the...
Different Work Orders Can Be Clubbed To Satisfy The Minimum Threshold Under IBC: NCLT Mumbai Reiterates
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 S. V. R Enterprises vs Netizen Engineering Private Limited has reiterated that debts arising from different work orders can be...
Poaching Of Employees By The Operational Creditor Does Not Fall Within The Ambit Of Pre-Existing Dispute: NCLT Kolkata
The National Company Law Tribunal, Kolkata Bench, comprising Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in India Medtronic Private Limited vs Healthcare Associates Private Limited has refused to term poaching of employees by...
NCLT Mumbai Approves M/S Steel Line’s Resolution Plan For J-Marks Exim (India) Private Limited
NCLT Mumbai has approved a 8.91 crore Resolution Plan of M/s Steel Line (India) Private Limited for J-Marks Exim (India) Private Limited (“Corporate Debtor”) under section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 25.05.2020. The...
NCLT Mumbai Approves Resolution Plan Of ARCIL Lead Consortium For Unimark Remedies Limited
NCLT Mumbai has approved a 127 crore resolution plan of ARCIL, Intas Pharmaceuticals Ltd & Shamrock Pharmachemi (P) Ltd as consortium for Unimark Remedies Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order...
NCLT New Delhi Orders Liquidation Of Samtex Desinz Private Limited Under Section 33 Of IBC
NCLT New Delhi has ordered for Liquidation of Samtex Desinz Private Limited (“Corporate Debtor”) under section 33 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 02.09.2021. Public announcements for inviting claims were made and the Committee of Creditors...
AA Not Required To Assess The Correct Amount Of Debt At Admission Stage: 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 Manmohan Gupta v MDS Digital Media Pvt. Ltd. & Anr., has held that the Adjudicating Authority is not required to express any opinion on the correctness of debt amount at the...
NCLT Notifies Changed Timings For New Delhi Benches W.E.F. 21 April 2023
The National Company Law Tribunal (“NCLT”), has released a Circular dated 20.04.2023 notifying that the timings of certain courts of NCLT New Delhi Bench have been changed. The changes are applicable from 21.04.2023 onwards. The timing of following courts at NCLT New Delhi Bench has been modified: NCLT New Delhi, Court Room No. III (Second Half) Shri Bachu Venkat...
Creditor Who Don’t Submit Claim Or Raises Issues In CIRP, Has No Right To Challenge Resolution Plan: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Madhya Pradesh Paschim Kshetra Vidyut Vitaran Co. Ltd. v Jagdish Kumar & Anr., has held that a creditor who neither submits its claim before the...
Applicability Of Section 10A, IBC To Part Default During Suspension Period ;An Analysis
On 5 June, 2020, the Government of India introduced Section 10A to the Insolvency and Bankruptcy Code, 2016 by the way of an ordinance which barred filing of any application for initiation of CIRP for default occuring during a certain period. The rationale behind the insertion of this section was to prevent the interests of corporate debtors who suffered economic crisis due to...
Weekly Digest Of IBC Cases: 10 April To 16 April 2023
NCLAT Threshold Limit Of Rs. 1 Crore Applicable From The Date Of Filing And Not From Date Of Registration Of Petition: NCLAT Delhi Case Title: Royal Manpower Services v Faridabad Autocomp System Pvt. Ltd. Case No.: Company Appeal (AT) (Insolvency) No. 370 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok...