IBC News
Payment Of EPF Dues Under The IBC – Supreme Court Paves Way For Full Realization
In Ghanshyam Mishra and Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Company Ltd. , the Supreme Court had clarified that any claim not approved under the resolution plan by the Adjudicating Authority shall stand extinguished. The Apex Court had upheld the Insolvency and Bankruptcy Code (Amendment) Act, 2019 wherein the governmental authorities had been classified within the...
NCLAT Delhi Stays Insolvency Proceedings Against Zee Entertainment Enterprises Ltd.
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 Punit Goenka v Indusind Bank Ltd. & Anr., has stayed the NCLT order dated 22.02.2023, whereby Corporate Insolvency Resolution Process (“CIRP”) was initiated against...
NCLT Mumbai Initiates Insolvency Proceedings Against Siti Networks Ltd.
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Ms. Madhu Sinha (Technical Member), while adjudicating an application filed in Indusind Bank Ltd. v Siti Networks Ltd., has initiated Corporate Insolvency Resolution Process (“CIRP”) against Zee Entertainment Enterprises Ltd. Mr. Rohit Mehra has been appointed as...
NCLAT Extends Benefit Of Limitation Computation To Appeals Filed Between 01.11.2022 To 23.12.2022
On 24.12.2022 the National Company Law Appellate Tribunal (“NCLAT”) had issued fresh directions for computation of limitation for filing of appeals before NCLAT. Earlier the benefit of order dated 24.12.2022 was only available to appeals filed on and after 24.12.2022. However, the NCLAT vide an Order dated 21.02.2023 has extended the benefit of Order dated 24.12.2022 to appeals...
Resolution Applicant Wilfully Fails To Implement Plan, NCLT Mumbai Orders Liquidation Without Monitoring Committee’s Mandate
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Ms. Madhu Sinha (Technical Member), while adjudicating a petition filed in BMW Financial Services Pvt. Ltd. v S.K. Wheels Pvt. Ltd., has ordered liquidation of the Corporate Debtor as the Resolution Applicant willfully failed to implement the resolution plan. The order...
No Acknowledgement Of Liability Based On An Unrealized Cheque: 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/s. Primee Silicones (Chennai) Pvt. Ltd. v M/s. UCAL Fuel Systems Ltd., has held that a cheque which has not been encashed, cannot amount to an ‘acknowledgement of liability’...
Principal Amount Paid In Full, Section 9 Application Not Maintainable For Recovery Of Interest: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Rohit Motawat v Madhu Sharma, has held that an application under Section 9 of IBC being pursued only for interest component, while principal amount has been paid in full, is...
Weekly Digest Of IBC Cases: 13 February To 19 February 2023
NCLAT Partial Payment Of PF & Gratuity Dues Violative Of Section 30(2)(E) Of IBC: NCLAT Chennai Reiterates Case Title: Mrs. C.G. Vijyalakshmi v Shri Kumar Rajan & Ors. Case No.: Company Appeal (AT) (CH) (Ins.) No. 29 of 2021 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms....
NCLT Mumbai Excludes Moratorium Period In Calculation Of Limitation
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition filed in Piramal Capital & Housing Finance Ltd. v Manpreet Developers Pvt. Ltd., has held that if an entity which itself was admitted into CIRP and has undergone moratorium, files...
Income Tax Dues Are Government Dues; Income Tax Authority Is A Secured Creditor: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Principal Commissioner of Income Tax & Anr. v M/s Assam Company India Ltd., has held that the dues of the Income Tax dues are Government dues and Income Tax Authorities...
Liquidator Has No Jurisdiction To Reject/Modify Already Admitted Claims, Can Approach AA For Modification: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Vijay Kumar Gupta v Canara Bank, has held that the Liquidator has no jurisdiction to reject or modify already admitted claims, if he receives any additional information....
Borrowers Pays Full Compromise Amount: Allahabad High Court Directs Bank To Reconsider Wilful Default
The Allahabad High Court Bench, comprising of Justice Manoj Kumar Gupta and Justice Vikram D. Chauhan, while adjudicating a petition filed in Konarkagro Polytech Pvt. Ltd. & Ors. v Bank of Baroda & Ors., has directed the Bank to re-consider its decision of declaring the Borrowers (Petitioners) as wilful defaulters, as a One Time Settlement (OTS) was subsequently entered between the Bank and Borrowers and full compromise amount has been towards the Petitioner Company’s accounts....