IBC News
NCLT Depreciates Filing Of Bulky Applications By Resolution Professional & Liquidator
Recently, the National Company Law Tribunal, Principal Bench comprising of Justice Ramalingam Sudhakar and Mr. Avinash Srivastava expressed it displeasure upon the practise of Resolution Professional/ Liquidators for filing bulky applications even for trivial matters such as extension of liquidation period. The bench was adjudicating an application for extension of time moved by...
Operational Creditor Cannot Change The 'Date Of Default' By Confining The Invoices To A Later Period: NCLT Mumbai Reiterates
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Ms. Anuradha Sanjay Bhatia (Technical Member), while adjudicating a petition filed in M/s Shri Sadguru Traders v M/s Gajalee Coastal Foods Pvt. Ltd., has reiterated that the Operational Creditor cannot change the 'date of default' by confining the invoices to a later...
COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi
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 Sreedhar Tripathy v Gujarat State Financial Corporation & Ors., has held that when the Committee of Creditors ("CoC") decides to liquidate...
AA Can Consider Any Application Arising Out Of Sale In Liquidation : NCLAT Delhi
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 RMY Industries LLP v Apple Industries Pvt. Ltd., has held that the Adjudicating Authority is empowered to consider any application filed by...
NCLT Mumbai Approves Arcelormittal Promoted AM Mining's Resolution Plan For Uttam Galva Steels
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Retd.) (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in State Bank of India v Uttam Galva Steels Limited, has approved the resolution plan submitted by ArcelorMittal promoted AM Mining Pvt. Ltd. for Uttam Galva Steels...
IBC Cases Weekly Round-Up: 10 October To 16 October, 2022
NCLAT If Electricity Supply Is Essential To Preserve Corporate Debtor's Value, Dues Must Be Paid During CIRP: NCLAT Delhi Case Title: Shailesh Verma v Maharashtra State Electricity Distribution, Case No.: Company Appeal (AT) (Insolvency) No. 383 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan...
NCLT Hyderabad Benches Re-Constituted W.E.F 20th October 2022, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, Hyderabad Bench, has been re-constituted vide a Circular dated 11.10.2022 and the changes are applicable from 20.10.2022 onwards till further orders. The new NCLT Hyderabad Benches shall comprise of: NCLT Hyderabad, Court Room No. 1 (First Half) Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member)Shri Ajai Das...
NCLT New Delhi Benches Re-Constituted And Timings Changed, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, New Delhi Bench, has been re-constituted vide a Circular dated 11.10.2022 and timings of courts have been changed accordingly. The changes are applicable from 18.10.2022 onwards till further orders. The new NCLT New Delhi Benches shall comprise of: NCLT New Delhi, Court Room No. 4 (Second Half) Dr. P.S.N. Prasad (Judicial Member)Dr. Binod Kumar...
Indemnity Of Obligations Under An Agreement Is Not A 'Financial Debt' Under IBC: NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Retd.) (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating an application filed in Reserve Bank of India v Reliance Capital Limited, has held that indemnity of the obligations under the Agreement is not a 'financial debt' under Section 5(8) of...
If Electricity Supply Is Essential To Preserve Corporate Debtor's Value, Dues Must Be Paid During CIRP: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Shailesh Verma v Maharashtra State Electricity Distribution, has held that if electricity supply service is critical to preserve the value...
PF Dept.Attachment Of CD's Bank Account Before CIRP, Can't Continue During Moratorium: 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 Mr. B. Parameshwara Udpa v Assistant PF Commissioner & Anr., has held that an order issued by Employees' Provident Fund Organization for attachment of bank account of Corporate...
On Approval Of Plan By MSME Directors, They Will Be Treated As New Owners: NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in Aries Agro Pvt. Ltd. v ETCO Industries Pvt. Ltd., has held that once the resolution plan submitted by MSME Corporate Debtor's promoters/directors is approved by the Adjudicating Authority,...