IBC News
NCLT Shall Not Act As A Recovery Forum: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench (‘NCLT’) comprising of Justice Kishore Vemulapalli, (Judicial Member) and Justice Prabhat Kumar (Member Technical) has rejected the Application under Section 9 of IBC filed against Indian Oil Corporation Limited (‘IOCL’) by Satec Envir Engineering (India) Private Limited (‘SATEC’) on the ground that the tribunal cannot go into adjudication of dispute, whatsoever it may be, under IBC. NCLT made it clear that the Adjudicating Authority defined...
NCLT Kochi Sanctions Scheme Of Amalgamation For Midas Group Of Companies
The National Company Law Tribunal (“NCLT”), Kochi Bench, comprising of Shri P Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating a joint application filed under Sections 230 to 232 of the Companies Act, 2013 by thirteen Midas Group companies seeking sanction of Scheme of Amalgamation between them, has sanctioned the Scheme of...
Replacement Of RP As Per Section 27 Is Complete When The Resolution Is Passed With 66% Voting Share: NCLT Allahabad
The National Company Law Tribunal, Allahabad Bench, comprising of Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member), while adjudicating an application under Section 27 read with Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) in M/s Mahajagdamba Tubes Pvt. Ltd. vs M/s Quality Steels Product Limited has held that replacement of a...
Section 14 Of IBC Would Not Bar A Proceeding Under PMLA: NCLT Ahmedabad Reiterates
The National Company Law Tribunal, Ahmedabad Bench, comprising Dr. Madan B. Gosavi, (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) in Bank of India vs M/s Mayfair Leisures Ltd has held that Section 14 of IBC would not bar a proceeding under the Prevention...
Residuary Jurisdiction Of NCLT U/S 60(5)(c) of IBC , Can't Be Used To Interpret Terms Of An Agreement Relating To A Third-Party Contract: NCLT Ahmedabad
The National Company Law Tribunal, Ahmedabad Bench, comprising of Dr. Madan B. Gosavi (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) filed by the Resolution Professional (“RP”) of JBF Petrochemicals Ltd in IDBI Bank Ltd vs JBF Petrochemicals Ltd. has held that...
Unsuccessful Resolution Applicant Has No Locus Standi To Challenge The Approved Resolution Plan: 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 M.K. Rajagopalan v S. Rajendran & Anr., has held that an Unsuccessful Resolution Applicant has no locus standi to assail a Resolution Plan or its implementation since it is not...
IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible : Supreme Court
The Supreme Court has held that the declaration made by the NCLT to the effect that the trademarks “Deccan Chronicle” and “Andhra Bhoomi”, which originally belonged to Deccan Chronicle Holdings Ltd. (“DCHL/Corporate Debtor”), continues to be under the ownership of DCHL post the approval of resolution plan, would amount to impermissible modification of resolution plan as the same...
Debts Arising From 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”) in Wam India Private Limited Vs SN Engineering Services Pvt. Ltd. has held that debts arising from different work order(s) can be clubbed...
AA Duty Bound to Ascertain Facts of Debt and Default, Cannot allow Respondents to take Advantage of Mistakes of Applicants: 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 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) by the Yatra Online Limited (“Corporate Debtor”) in Ezeego One Travel and Tours Limited vs Yatra Online Limited has held that the...
NCLT Delhi Orders Dissolution Of M/S. Rajiv Sachdeva Cargo Agency Private Limited
NCLT Delhi Bench comprising of Shri Bachu Venkat Balram Das (Judicial Member) and Shri Rahul Bhatnagar (Technical Member) has ordered the dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited (‘Company’) under Section 59 of Insolvency and Bankruptcy Code, 2016 read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation...
NCLT Delhi Allows Voluntary Liquidation Of Mehra Bandhu Creations Private Limited
NCLT Delhi Bench comprising of Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash Kumar Srivastava (Technical Member) has allowed the voluntary liquidation of Mehra Bandhu Creations Private Limited (‘Company’) and has ordered the Company to be dissolved under section 59(7) of the Insolvency & Bankruptcy Code, 2016 (‘IBC’) r/w Insolvency and...
NCLT Admedabad Orders Closure Of Liquidation Of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd.
NCLT Admedabad bench comprising of Dr. Madan B. Gosavi (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member) has ordered for closure of liquidation of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd. (‘Corporate Debtor’) under Regulation 44(1), 45(1), and 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016 (‘Liquidation...