IBC News
IBC Cases Weekly Round-Up: 24th To 30th October, 2022
NCLAT NCLAT Issues Directions For Computation Of Limitation In Filing Of Appeals F.No.10/37/2018-NCLAT The National Company Law Appellate Tribunal ("NCLAT") vide an Order dated 21.10.2022 has issued directions for computation of limitation for filing of appeals before NCLAT. The period of limitation shall be computed from the date of presentation of Appeal as per Rule 22 of the...
Can't Interfere With COC'S Decision Not To Pay Suspended Directors For Their Services During CIRP: NCLT Ahmedabad
The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Dr. Deepti Mukesh (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating a petition filed in Indian Overseas Bank v AMW Autocomponent Ltd., has held that promoters and persons associated with the management of the Corporate Debtor are statutorily obligated to extend all assistance...
All India IBC Cases Half Yearly Digest: January To June 2022
Supreme Court Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No.: Civil Appeal No. 2222 of 2021 The Supreme Court Bench comprising of Justice KM Joseph and Justice Hrishikesh Roy has upheld the NCLAT judgment wherein it was...
Decree Of Civil Court Will Not Alter The Basic Nature Of Transaction: NCLT Delhi
The National Company Law Tribunal ("NCLT"), Principal Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri Avinash Kumar Srivastava (Technical Member), while adjudicating an application filed in M/s Jones Lang Lasalle Building Operations Pvt. Ltd. v M/s Celebration City Projects Pvt. Ltd., has held that the decree of a civil court will not alter the basic nature of...
NCLAT Issues Directions For Computation Of Limitation In Filing Of Appeals
The National Company Law Appellate Tribunal ("NCLAT") vide an Order dated 21.10.2022 has issued directions for computation of limitation for filing of appeals before NCLAT. The period of limitation shall be computed from the date of presentation of Appeal as per Rule 22 of the NCLT Rules, 2016. The directions shall be effective from 01.11.2022 onwards. Background The Rule 22 of...
IBC Cases Weekly Round-Up: 17 October To 23 October, 2022
Supreme Court 1. Standard Of Pre-Existing Dispute Under IBC Is Not Equivalent To Principle Of 'Preponderance Of Probability':Supreme Court Case Title: Rajratan Babulal Agarwal v Solartex India Pvt. Ltd. & Ors. Case No.: Civil Appeal No. 2199 of 2021 The Supreme Court Bench, comprising of Justice K.M. Joseph and Justice Hrishikesh Roy, has held that the standard...
NCLAT Delhi Restores PNB's Original Claim, in Jet Airways CIRP
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 Punjab National Bank v Mr. Ashish Chhawchharia & Ors., has held that the Resolution Professional had incorrectly reduced the Punjab National Bank's admitted claim of Rs. 956 Crores to...
Standard Of Pre-Existing Dispute Under IBC Is Not Equivalent To Principle Of 'Preponderance Of Probability': Supreme Court
The Supreme Court Bench, comprising of Justice K.M. Joseph and Justice Hrishikesh Roy, while adjudicating an appeal filed in Rajratan Babulal Agarwal v Solartex India Pvt. Ltd. & Ors., has held that the standard with reference to which a case of a pre-existing dispute under the IBC must be employed, cannot be equated with the principle of preponderance of probability, which...
Adjudicating Authority Can Invoke Inherent Powers To Replace The Liquidator: NCLAT
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Subrata Maity v Mr. Amit C. Poddar & Ors., has held that the Adjudicating Authority can invoke its inherent powers to replace the Liquidator and...
Related Party Of Financial Creditor Not Barred U/S 29A To Submit A Resolution Plan: NCLT Cuttack
The National Company Law Tribunal ("NCLT"), Cuttack Bench, comprising of Shri P. Mohan Raj (Judicial Member), while adjudicating an application filed in Trimex Industries Pvt. Ltd. v M/S. Sathavahana Ispat Ltd. & Ors., has held that the IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor. Further, an...
Related Party Of Financial Creditor Not Barred U/S 29A To Submit A Resolution Plan: NCLT Cuttack
The National Company Law Tribunal ("NCLT"), Cuttack Bench, comprising of Shri P. Mohan Raj (Judicial Member), while adjudicating an application filed in Trimex Industries Pvt. Ltd. v M/S. Sathavahana Ispat Ltd. & Ors., has held that the IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor. Further, an...
Homebuyers Are In Default; NCLT Delhi Dismisses Plea For Initiation Of CIRP Against Developer
The National Company Law Tribunal (NCLT), New Delhi, while adjudicating a petition filed by Homebuyers / Allotees against Developer Company / IREO ("Amit Kumar Sinha & Ors. v. Ireo Private Limited"), has rejected the petition under Section 7 Application under Insolvency and Bankruptcy Code, 2016 ("IBC"), holding that if the allottees themselves are in default, the Corporate Debtor...