IBC News
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....
Disputes Pertaining To Contractual Issues Not To Be Resolved In Section 9 IBC 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 a'XYKno Capital Services Pvt. Ltd. v Rattan India Power Ltd., has held that disputes pertaining to contractual issues are not to be resolved in proceedings under Section 9 of...
Advance Paid Towards Service Is Operational Debt: 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 Chipsan Aviation Private Limited v Punj Llyod Aviation Limited, has held that an advance paid towards a service falls within definition of operational debt, even if there was no...
IBC Cases Weekly Round-Up: 7 November To 13 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...
Coc Initiates Liquidation, Appeal Against Initiation Of CIRP Becomes Infructuous: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Mr. Rakshit Dhirajlal Doshi v IDBI Bank Limited, has held that an appeal challenging the order initiating CIRP becomes infructuous if the Committee of Creditors decided...
AA Cannot Enquire Into Justness Of Rejection Of Resolution Plan By COC: NCLAT Chennai
The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Dr. C. Bharath Chandran v Ms. Sabine Hospital and Research Centre & Ors., has held that the Adjudicating Authority has no authority to enquire into the 'justness' of Committee...
Provident Fund Dues Are Not Assets Of Corporate Debtor, They Have To Be Paid In Full: 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 Assam Tea Employees Provident Fund Organization v Mr. Madhur Agarwal & Anr., has held that provident fund dues are not the assets of the Corporate Debtor and they have to be paid...
Definition Of Dispute Under Section 8 IBC: Whether The Plausible Contention Test Is Sufficient?
Under the incumbent Insolvency and Bankruptcy regime of India, it is prerequisite to send a demand notice to the Corporate Debtor before initiation of Corporate Insolvency Resolution Process. The very intent of this section is to terminate potential CIRP proceeding at its inception where the same is not called for. One such method to quash a potential CIRP at the inception is raising...
Rights Of Homebuyers Under The Insolvency And Bankruptcy Code
Home Buyers Are Financial Creditors: Homebuyers are financial creditors under the Insolvency and Bankruptcy Code, 2016 ('IBC'). IBC defines two categories of creditors: financial creditors and operational creditors (section 5 (8) and 5 (20), IBC) Originally, homebuyers were not treated as financial creditors. Their status as operational creditors was also doubted. Homebuyers'...
Can Provisional Attachment Under PMLA Be Passed After Initiation Of CIRP Under IBC? Supreme Court To Consider
The Supreme Court Bench comprising of Chief Justice U.U. Lalit and Justice Bela M. Trivedi, while adjudicating a Special Leave Petition filed in Ashok Kumar Sarawagi v Enforcement Directorate & Anr., has issued notice in a petition where it is to be decided whether an order of provisional attachment passed under Prevention of Money Laundering Act, 2002 ("PMLA") would prevail...
IBBI Rescinds Circulars Pertaining To Insolvency Professionals
The Insolvency and Bankruptcy Board of India ("IBBI") vide its circular dated 09.11.2022 has rescinded its certain circulars pertaining to Insolvency Professionals, as these circulars now form a part of the IBBI (Insolvency Professionals) Regulations, 2016; IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016; and the IBBI (Information...
IBC Cases Weekly Round-Up: 31st October To 6th November 2022
NCLAT Change In Composition Of COC Will Not Affect Its Prior Decisions: NCLAT New Delhi Case Title: DBS Bank v. Rakesh Kumar Jain Case No.: CA (AT) (Ins) No. 540/2021 The National Company Law Appellate Tribunal bench comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member) has held that the change in composition of the Committee...