IBC News
Objections Raised By Corporate Debtor To Oppose Section 9 Petition Not To Be A Moonshine Defence: NCLAT Delhi
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 Krishna Hi-Tech Infrastructure Pvt. Ltd. v Bengal Shelter Housing Development Ltd., has held that the only question to be looked in Section 9 petition...
NCLT Mumbai Benches Re-Constituted W.E.F 7th December 2022
The Mumbai Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 06.12.2022 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...
IBC Cases Weekly Round-Up: 28 November To 4December 2022
NCLATNCLAT Chennai Condones Delay Of 147 Days In Filing Appeal,The Time Spent On Bona fide LitigationCase Title: M.K. Resely & Ors. v Union Bank of India Case No.: Company Appeal (AT)(CH)(Ins) No.337/2022 The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member),...
NCLT New Delhi, Mumbai, Hyderabad & Kolkata Benches Re-Constituted W.E.F 5th December 2022
The Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 03.12.2022 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 from 05.12.2022...
NCLAT Approves Sugar Farmers As Separate Creditors Group In The Sugar Industry Resolution Plan
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Excel Engineering & Ors. v Mr. Vivek Murlidhar Dabhade & Anr., has urged the Government and the IBBI to examine some minimum entitlement to Operational Creditors based on...
RP Cannot Pursue An Avoidance Application After Approval Of Resolution Plan By The AA: NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in State Bank of India v Ushdev International Limited, has held that the Resolution Professional cannot carry the hat of the "Former Resolution Professional" and pursue an avoidance Application...
Central Government Notifies The Posting Of Newly Appointed NCLT Members
The central government vide its order dated 02.12.2022 notified the posting of newly appointed NCLT Members. The posting of judicial members is as follows;Justice (Retd.) T Krishna Vali- BengaluruKuldeep Kunar Kareer- Mumbai Ashok Kumar Bhardawaj- New DelhiPraveen Gupta- Allahabhad Bidisha Banerjee- Kolkata The Posting of Technical Members is as follows:Prabhat Kumar- Mumbai...
Section 96(1)(B) Of IBC Does Not Stay Any Future Liability Or Obligation: 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 Ashok Mahindru & Anr. v Vivek Parti, has held that Section 96(1)(b) of IBC does not stay any future liability or obligation. The Bench declined to stay proceedings under Section...
Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment
The Gujarat High Court Bench comprising of Justice N.V. Anjaria and Justice Sandeep N. Bhatt, while adjudicating a petition filed in Manorama Kumari v Union of India, has rejected the plea of a former NCLT Member for re-appointment as a Judicial Member of NCLT, after having served a term of 5 years and being retired. The Bench held that re-appointment is not a vested right for...
Monthly Digest Of IBC Cases: November 2022
Supreme Court Can Provisional Attachment Under PMLA Be Passed After Initiation Of CIRP Under IBC? Supreme Court To Consider 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 Chief Justice U.U. Lalit and Justice Bela M. Trivedi, has issued notice in...
Net Worth Of Transferor & Transferee Company Being Highly Positive, Consent Of Secured Creditors Not Required For Amalgamation: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Lasa Supergenerics Limited v Harishree Aromatics & Chemicals Pvt. Ltd., has held that in cases where the net worth of the Transferor and Transferee Companies...
NCLAT Chennai Condones Delay Of 147 Days In Filing Appeal,The Time Spent On Bonafide Litigation
The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in M.K. Resely & Ors. v Union Bank of India, has condoned a delay of 147 days in filing of appeal before NCLAT upon equity. The delay had occurred as the Appellant had challenged...