IBC News
IBC Cases Weekly Round-Up: 21 November To 27 November 2022
NCLAT Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: NCLAT Delhi Case Title: Avneet Goyal v Radha Kishan Gobind Ram Ltd. Case No.: Company Appeal (AT) (Insolvency) No.1388 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and...
Refusal To Register As IP Due To Low Cibil Score And NI Act Proceedings, Gujarat High Court Sets Aside Order
The Gujarat High Court, Ahmedabad Bench, comprising of Justice Biren Vaishnav, while adjudicating a petition filed in Gundeep Singh Sood v Insolvency Professional Agency Of Institute Of Cost Accountants Of India, has set aside an order passed by IPA ICAI refusing registration to an applicant on the ground of low CIBIL Score and pending proceedings under Negotiable Instruments...
Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: 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 Avneet Goyal v Radha Kishan Gobind Ram Ltd., has held that Tribunal does have not to enter into evidence and record findings like a...
NCLT Hyderabad Recalls Order Initiating CIRP In View Of Concealment of Facts By Financial Creditor
The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), while adjudicating an application filed in Canara Bank v Feno Plast Limited, has recalled its Order whereby CIRP was initiated against the Corporate Debtor, as the said Order was obtained by the...
NCLAT Issues Notice In Appeal Filed By OYO Subject To Depositing 10% Of Penalty Amount
The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra issues notice in the appeal filed by Oravel Stays Ltd ("Oyo") against the order of Competition Commission of India wherein CCI imposed a penalty of INR 168.88 Crores on OYO. NCLAT only issued the notice on the appeal filed by OYO subject to the condition of...
NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company
The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), while adjudicating in a petition filed in State Bank of India v M/s Gayatri Projects Limited, has initiated Corporate Insolvency Resolution Process (CIRP) against Gayatri Projects Ltd., which is a part of...
NCLT Mumbai Initiates Insolvency Process Against M/S S Kumars Ltd.
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 Edelweiss Asset Reconstruction Co. Ltd. v M/s. S. Kumars Limited, had initiated Corporate Insolvency Resolution Process ("CIRP") against the textile manufacturing company M/s S Kumars...
IBC Cases Weekly Round-Up: 14 November To 20 November 2022
NCLAT Advance Paid Towards Service Is Operational Debt: NCLAT Delhi Case Title: Chipsan Aviation Private Limited v Punj Llyod Aviation Limited Case No.: Company Appeal (AT) (Insolvency) No. 261 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has held that...
NCLAT Delhi Stays Insolvency Process Against BPTP LTD., As Parties Enter Settlement
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Sudhanshu Tripathi v M/s RBCL Projects Pvt. Ltd. & Anr., has stayed the initiation of Corporate Insolvency Resolution Process ("CIRP")...
Award In Favour Of Financial Creditor Already In Execution, Section 7 Petition Must Be Rejected: 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 Shaikh Mohammed Tariq v Aegis Forging Ltd., has held that when an arbitral award has been passed in favour of Financial Creditor for the...
Nine Members Took Oath In National Company Law Tribunal, Strength Rises To 37
Nine new members take oath as the members of the National Company law Tribunal on 18.11.2022. The oath was administered to the newly appointed members by Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT at Principal Bench, NCLT, New Delhi. Following members took oath as the Member (Judicial) of NCLT Mr. Kuldeep Singh Kareer Ms. Bidisha...
NCLT Delhi Initiates Insolvency Process Against Ansal Properties & Infrastructure Ltd.
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 a petition filed in Bibhuti Bhushan Biswas & Ors. v M/s Ansal Properties and Infrastructure Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against Ansal Properties and Infrastructure Ltd....