IBC News
Entries Made In Balance Sheet Amounts To Acknowledgement Of Debt As Per Section 18 Of Limitation Act, 1963: NCLT New Delhi
The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das, (Judicial member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating an application filed under section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s SKC Infratech Pvt. Ltd vs M/s EOS Hospitality Pvt. Ltd. has reiterated that entries made in the Balance Sheet...
NCLT Mumbai Rejects Section 9 Application For Initiation Of CIRP Against Elder Projects Limited
The National Company Law Tribunal (NCLT), Mumbai bench comprising Shri Shyam Babu Gautam (Technical Member) and Shri H.V. Subba Rao (Judicial Member), has rejected an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against Elder Projects Limited.The Application was filed by...
NCLT New Delhi Rejects Section 9 Application For Initiation Of CIRP Against G.S.P. Power Systems Private Limited
The National Company Law Tribunal (NCLT), New Delhi bench comprising Shri Rahul Bhatnagar (Technical Member) and Shri P.S.N. Prasad (Judicial Member), has rejected an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against G.S.P. Power Systems Private Limited.Mahindra...
NCLAT Benches And Registry To Remain Closed On 14th April 2023
The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 12.04.2023, intimating that the NCLAT Principal Bench and Chennai Bench shall remain closed on 14th April 2023 on account of Dr. B.R. Ambedkar’s birthday. Further, the Registry of NCLAT Principal Bench and Chennai Bench shall also remain closed on 14.04.2023.The circular has been issued in pursuance...
NCLT Benches And Registry To Remain Closed On 14th April 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 11.04.2023, intimating that the NCLT Principal Bench and Regional Benches shall remain closed on 14th April 2023 on account of Dr. B.R. Ambedkar’s birthday. Further, the Registry of NCLT Benches shall also remain closed on 14.04.2023.The circular has been issued in pursuance of Department of Personnel &...
NCLT Mumbai Bench Re-Constituted W.E.F 10th April 2023
The National Company Law Tribunal (“NCLT”) has released a Circular dated 10.04.2023, notifying that the Bench of Court No. 1 in NCLT Mumbai has been re-constituted with effect from 10.04.2023.The re-constituted NCLT Mumbai Bench shall comprise of:NCLT Mumbai, Court Room No. 1 (First Half)Shri H.V. Subba Rao (Judicial Member)Ms. Anju Jagmohan Singh (Technical Member)File...
Threshold Limit Of Rs. 1 Crore Applicable From The Date Of Filing And Not From Date Of Registration Of Petition: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Kanthi Narahari (Technical Member), while adjudicating an appeal filed in Royal Manpower Services v Faridabad Autocomp System Pvt. Ltd., has held the revised minimum threshold of Rs. 1 Crore is applicable from the date of filing of petition and not from the...
Weekly Digest Of IBC Cases: 29 March To 9 April 2023
Supreme Court IBC | Section 9 Petition Not To Be Dismissed If Few Invoices Are Time Barred But Remaining Invoices Are Not; Supreme Court Case Title: M/S Next Education India Pvt. Ltd. v M/S K12 Techno Services Pvt. Ltd. Citation: 2023 LiveLaw (SC) 270 The Supreme Court Bench comprising of Justice M.R. Shah and Justice C.T. Ravikumar, has held that when a petition under Section...
NCLAT Delhi Upholds Subsequent Reduction Of Claim By The IRP, Based On An Arbitral Award
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 Intec Capital Ltd. v Uday Kumar Bhaskar Bhat, has upheld the decision of the IRP whereby the claim of financial creditor was reduced after having been once admitted, based on an...
No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: 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 Diwakar Sharma v Anand Sonbhadra, has held that there is no scope for condonation of delay beyond the period of 15 days much less 45 days, as there is no window available...
“IBC Does Not Contemplate Multiplicity Of Applications Against The Same Personal Guarantor”: 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 Union Bank of India v Mr. P.K. Balasubramanian, has held that when the Insolvency Resolution Process commences against a Personal Guarantor, the claims of all Creditors are taken...
IBC | Section 9 Petition Not To Be Dismissed If Few Invoices Are Time Barred But Remaining Invoices Are Not ; Supreme Court
The Supreme Court Bench comprising of Justice M.R. Shah and Justice C.T. Ravikumar while adjudicating an appeal filed in M/S Next Education India Pvt. Ltd. v M/S K12 Techno Services Pvt. Ltd., has held that when a petition under Section 9 of IBC is filed based on several invoices and some of the invoices are time barred, then NCLT must consider the remaining invoices which are...