IBC News
Allocation Of Meagre Amount Cant Be A Ground To Question The Resolution Plan: 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 Pani Logistics v Vikas G. Jain & Ors., has held that mere allocation of meagre amount cannot be a ground to question the resolution plan. The allocation in the resolution plan to...
In Absence Of A Charge Being Registered For Corporate Guarantee, The Appellant Could Not Be Treated As A Secured Financial Creditor; NCLT Ahemadabad
The National Company Law Tribunal (NCLT), Ahemadabad bench comprising Mr. Kaushalendra Kumar Singh (Technical) and Dr. Madan B. Gosavi (Judicial) dealt with the interpretation of a ‘secured’ financial creditor under the Insolvency and Bankruptcy Code, 2016. The tribunal held that the applicant in the present case, could not be considered as a secured financial creditor of the...
NCLT Urges Petitioners To Comply With Regulation 20(1a) Of Information Utility Regulations
The National Company Law Tribunal (“NCLT”) has released a Circular dated 03.04.2023, requesting the Petitioners in Sections 7 and 9 of IBC proceedings to produce the record of Information Utility (NeSL certificate) for effective hearing of their case and comply with Regulation 20(1A) of Insolvency and Bankruptcy Board of India (Information Utilities) Regulation,...
Section 30(4) Of IBC Directory In Nature, Does Not Compel COC To Distribute Payments Based On Value Of Security : NCLT Hyderabad
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Shri Dr. N. V. Rama Krishna Badarinath (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating a petition filed in Stressed Assets Stabilisation Fund, Mumbai vs. M/s. Galada Power and Telecommunications Ltd., has held that Section 30(4) of IBC is directory in nature and does...
Claim For Pre-CIRP Dues Not Been Filed, Electricity Department Not Entitled To Recover Such Dues Or To Disconnect Electricity: 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 Swastik Aqua Ltd. & Anr. v Jharkhand Bijli Vitran Nigam Ltd. & Anr., has held that if the Electricity Department does not file any claim for its pre-CIRP electricity dues, then...
NCLT Bengaluru Initiates Insolvency Proceedings Against Mantri Developers Ltd., A Mantri Group Company
The National Company Law Tribunal (“NCLT”), Bengaluru Bench, comprising of Shri T. Krishnavalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition filed in M/s. Indiabulls Housing Finance Limited v M/s. Mantri Developers Pvt. Ltd., has initiated Corporate Insolvency Resolution Process (“CIRP”) against Mantri Developers Pvt. Ltd. Mr....
NCLT Hyderabad Approves Resolution Plan Of Jindal Saw Limited Of Merger With Sathavahanaispat Limited
The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badrinath (Member Judicial) and Shri. Charan Singh (Member Technical) has approved the Resolution Plan submitted by Jindal Saw Limited (JSL), a flagship company of the P.R. Jindal Group. This decision allows for the merger of Sathavahana Ispat Limited (SIL), the Corporate...
NCLAT Chennai To Conduct Physical Hearings On Tuesday, Wednesday And Thursday
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, has issued a circular dated 01.04.2023, intimating that cases before NCLAT Chennai will be taken up through only Physical Mode on Tuesday, Wednesday and Thursday. Further, matters would be heard in Virtual Mode every Monday and Friday. In case if any Member of NCLAT Chennai is on leave on a particular day, then...
NCLT Chennai Approves The Resolution Plan Of Adani Port And Sez Ltd. For Karaikal Port Pvt. Ltd.
The National Company Law Tribunal (“NCLT”), Chennai Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri. Sameer Kakkar (Technical Member) while adjudicating a petition in Omkara Assets Reconstruction Pvt. Ltd. v Karaikal Port Pvt. Ltd., has approved the resolution plan submitted by Adani Port and SEZ Ltd. for Karaikal Port Pvt. Ltd. Adani Port and SEZ Ltd. is a...
Monthly Digest Of IBC Cases: March 2023
Supreme Court IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible: Supreme Court Case Title: SREI Multiple Asset Investment Trust Vision India Fund v Deccan Chronicle Marketeers & Ors. Citation: 2023 LiveLaw (SC) 231 The Supreme Court Bench comprising of Justice Ajay Rastogi and Justice Bela M. Trivedi, has held that the declaration made by the NCLT to...
GOOGLE V CCI: NCLAT Delhi Upholds Imposition Of Rs. 1337.76 Crores Penalty On Google, For Abuse Of Dominant Position In Android Market
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Google LLC & Anr. v Competition Commission of India, has dismissed Google’s appeal against CCI order dated 20.10.2022, wherein the Competition Commission of India had imposed...
Financial Creditor Who Does Not Attend Proceedings, Cannot Claim That Cirp Has Been Wrongly Conducted: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Consolidated Finvest & Holdings Ltd. v Subhash Kumar Kundra, has held that a Financial Creditor who does not attend the CIRP proceeding, cannot be heard in saying that CIRP has...