IBC News
IBC Cases Weekly Round-Up: 26 December To 1 January 2023
NCLAT AA Empowered To Remove The Liquidator: NCLAT Chennai Case Title: CA V. Venkata Sivakumar v IDBI Bank Limited & Ors. Case No.: Company Appeal (AT) (CH) (Ins.) No. 269/2022 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Barun Mitra (Technical Member), has held that...
Simplification Of Voluntary Liquidation In India
Before the introduction of Insolvency and Bankruptcy Code (“IBC”) in 2016, there were multiple overlapping statutes to govern the insolvency proceedings like Sick Industrial Companies, Act, 1985, Provincial Insolvency Act, 1920, Code of Civil Procedure, 1908, and SARFAESI Act, 2002, all these legislations apparently failed to address the bankruptcy issues. So, the Government of India in...
All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals
SUPREME COURTSupreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016Case title: New Okhla Industrial Development Authority v Anand SonbhadraCase No.: Civil Appeal No. 2222 of 2021The Supreme Court Bench comprising of Justice KM Joseph and Justice Hrishikesh Roy has upheld the NCLAT judgment wherein it was held that the NOIDA is an...
AA Empowered To Remove The Liquidator: NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in CA V. Venkata Sivakumar v IDBI Bank Limited & Ors., has held that the Adjudicating Authority has the power to remove the Liquidator. Background Facts The Jeypore Sugar...
Unregistered Partnership Firm Cannot Initiate Insolvency Proceedings Under IBC: NCLT Kochi
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 an application filed in The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., has held that an unregistered Partnership Firm cannot institute insolvency proceedings under...
NCLAT Delhi Sets Aside CCI Order Giving Clean Chit To DLF, Remands Matter To CCI For Fresh Consideration
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Rakesh Kumar (Judicial Member) and Dr. Ashok Kumar Mishra (Technical Member), while adjudicating an appeal filed in Amit Mittal v DLF Ltd. & Ors., has set aside the order dated 31.08.2018 passed by the Competition Commission of India ("CCI") giving clean chit to DLF and its subsidiary...
IBC Cases Weekly Round-Up: 19th To 25th December 2022
SUPREME COURT Provisional Attachment Under PMLA Subsequent To Initiation Of CIRP: Supreme Court To Consider The Issue Case Title: Ashok Kumar Sarawagi v Enforcement Directorate & Anr. Case no.: Special Leave Petition (Civil) Diary No(S). 30092/2022 The Supreme Court Bench comprising of Justice Sanjay Kishan Kaul and Justice Abhay S. Oka, has permitted the CIRP of...
Provisional Attachment Under PMLA Subsequent To Initiation Of CIRP: Supreme Court To Consider The Issue
The Supreme Court Bench comprising of Justice Sanjay Kishan Kaul and Justice Abhay S. Oka, while adjudicating a Special Leave Petition filed in Ashok Kumar Sarawagi v Enforcement Directorate & Anr., has permitted the CIRP of Corporate Debtor to be conducted on 'as is where is' and 'whatever there is' basis, during the pendency of a petition challenging the provisional...
Moratorium Under Companies Act, 2013, Parties Cannot Be Referred To Arbitration: Delhi High Court
The Delhi High Court has ruled that the moratorium granted by the National Company Law Appellate Tribunal (NCLAT), staying the institution of suits and proceedings against the Corporate Debtor, after the resolution process is initiated against it under Sections 241 and 242 of the Companies Act, 2013, is akin to an order of moratorium passed under Section 14 of the Insolvency and...
NCLT Delhi Imposes Cost Of Rs. 1 Lakh On Suspended Director
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating an application filed in Indian Bank (Erstwhile Allahabad Bank) v Nimitaya Hotel & Resorts Pvt. Ltd., has imposed a cost of Rs. 1 Lakh upon the Suspended Director of Corporate Debtor...
Claim Based On An Uninvoked Bank Guarantee Liable To Be Rejected By RP: NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application filed in Mrs. Bhanu Navin Nisar v Vijay Group Realty LLP, has held that a Resolution Professional is legally liable to reject the claim of a creditor arising out of an uninvoked...
Object of S.60(2) IBC Is To Group Together CIRP/ Liquidation Proceedings Before Single Forum: Calcutta High Court
The Calcutta High Court on Monday ruled that the object of Section 60(2) of the Insolvency and Bankruptcy Code, 2016 is to group together Corporate Insolvency Resolution process (CIRP) or liquidation proceedings of a corporate debtor and insolvency resolution/ liquidation/ bankruptcy proceedings of the corporate or personal guarantor of the same corporate debtor before a single forum...