IBC News
AA Shall Either Approve Or Reject The Resolution Plan, No Power To Modify It: NCLAT Delhi
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 Mathuraprasad C Pandey & Ors. v Partiv Parikh & Anr., has held that when a Resolution Plan is presented before the Adjudicating Authority for approval, it is clear...
IBC Cases Weekly Round-Up: 13th To 18th December 2022
NCLAT Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD Case Title: Bankey Bihari Infrahomes Pvt. Ltd. v Mr. Alok Kumar Kuchchal & Anr. Case No.: Company Appeal (AT) (Insolvency) No. 718 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson),...
Invoking CIRP Would Not Make The Dispute Non-Arbitrable : Delhi High Court
The High Court of Delhi has held that the dispute would not become non-arbitrable merely because the petitioner, before filing the application for appointment of arbitrator, has filed a corporate insolvency application under Section 9 of the IBC. The Court rejected the argument that since the petitioner has filed insolvency application which can only be filed for admitted debt and...
No Clause For Payment Of Interest, OC Can't Add Interest Only To Cross Threshold Limit Of 1 Crore: NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating a petition filed in Khatunaresh Impex Pvt. Ltd. v Jindal (India) Limited, has held that in absence of any contract or agreement between Parties which provides for payment of interest to the Operational Creditor...
High Tension Electricity Connection Of CD Cannot Be Restored Unless Security Deposit Is Paid: 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 Kalptaru Steel Rolling Mills Ltd. v Southern Power Distribution Company of A.P. Ltd., has held that the Corporate Debtor is not entitled for restoration of high tension...
IBC Does Not Prohibit An Assignee From Continuing Pending Section 7 Proceedings: 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 Siti Networks Ltd. v Assets Care and Reconstruction Enterprises Ltd. & Anr., has held that there is no prohibition in the IBC or any of the Regulations from continuing the proceeding by...
Section 66 Of IBC Does Not Provide For Any Look Back Period For Fraudulent Transactions: 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 Mr. Thomas George v K. Easwara Pillai & Ors., has held that the Section 66 of IBC does not provide for any look back period as far as fraudulent transactions...
Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Bankey Bihari Infrahomes Pvt. Ltd. v Mr. Alok Kumar Kuchchal & Anr., has upheld the Adjudicating Authority's decision to proceed with liquidation...
NCLT Allahabad Bench Re-Constituted W.E.F 12th December 2022
The Allahabad Bench of National Company Law Tribunal, has been re-constituted vide a Circular dated 07.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective...
Gujarat High Court Stays IBBI Order Directing IP To Undergo 4 Months Of Probation
The High Court of Gujarat Bench comprising of Justice Biren Vaishnav while adjudicating a petition filed in Sunil Kumar Agarwal S/O. Kishan Lal Agarwal Versus Insolvency and Bankruptcy Board of India (IBBI), has stayed the operation of an order passed by Disciplinary Committee of IBBI, directing an Insolvency Professional to undergo 4 months of probation under other experienced...
IBC Cases Weekly Round-Up: 5th T0 12th December 2022
NCLAT Objections Raised By Corporate Debtor To Oppose Section 9 Petition Not To Be A Moonshine Defence: NCLAT Delhi Case Title: Krishna Hi-Tech Infrastructure Pvt. Ltd. v Bengal Shelter Housing Development Ltd. Case No.: Company Appeal (AT) (Insolvency) No.1375 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok...
No Fetter, Embargo Or Legal Impediment For A Trust To Be A Resolution Applicant: NCLAT Chennai
The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), while adjudicating an appeal filed in M/s. Aswathi Agencies v Bijoy Prabhakaran Pulipra & Ors., has held that there is no fetter, embargo or any legal impediment for a Trust to become a Resolution...