IBC News
Payment Of TDS Towards Interest Payable Does Not Amount To Acknowledgment Of Debt: NCLAT Directs IBBI To Investigate Into Conduct Of RP
A 3-judge Bench of the NCLAT, Principal Bench comprising of Justice Rakesh Kumar Jain, Judicial Member, Mr. Kanthi Narahari and Dr. Alok Srivastava, Technical Members in the case of P.M. Cold Store Pvt. Ltd. v. Goouksheer Farm Fresh Pvt. Ltd. & Ors. held that payment of TDS towards interest payable does not amount to acknowledgement in writing of the liability of the Corporate...
RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification
The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a fourth time and has notified the amendment on 16.09.2022. The amended CIRP Regulations have been introduced by the IBBI in exercise of the powers conferred by clause (t) of sub-section (1) of Section 196 read...
IBC Cases Weekly Round-Up: 11 September To 17 September 2022
SUPREME COURT NCLT Has Discretion To Not Admit Financial Creditor's CIRP Application? Supreme Court Allows Open Court Hearing For Review Case Title: Axis Bank Ltd versus Vidarbha Industries Power Ltd Case No.: RP (Civil) 1043/2022 The Supreme Court Bench comprising of Justice Indira Banerjee and Justice MM Sundersh allowed open court hearing for the review petition filed...
NCLT Delhi Bench Re-Constituted, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, New Delhi Bench, has been re-constituted vide a Circular dated 14.09.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new NCLT New Delhi Benches shall comprise of: NCLT New Delhi, Court Room No. 2 (First Half) Shri Bachu Venkat Balaram Das (Judicial Member)Shri L.N. Gupta (Technical Member) NCLT New Delhi, Court...
Applicability Of Minimum Threshold Of Rs. 1 Crore Is To Be Seen From Date Of Filing Of Petition, Not The Date Of Sending Demand Notice: NCLT Delhi
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri Dharminder Singh (Judicial Member) and Dr. Binod Kumar Sinha (Technical Member), while adjudicating an application filed in Udit Jain (Sole Proprietor of M/s U.J. Trading Co.) v Apace Builders and Contractors Pvt. Ltd., has held that the date of filing of petition needs to be considered and not the date...
NCLT Chennai Bench Re-Constituted, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, Chennai Bench, has been re-constituted vide a Circular dated 14.09.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new NCLT Chennai Benches shall comprise of: NCLT Chennai, Court Room No. 1 (Second Half) Justice Ramalingam Sudhakar (President)Shri Sameer Kakar (Technical Member) NCLT Chennai, Court Room No. 2...
IBBI Notifies Second Amendment To Insolvency Professional Regulations
The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Professionals) Regulations, 2016 ("IP Regulations") for a second time and has notified the amendment on 13.09.2022. The amendment has added Clause 26A to the IP Regulations which states that an Insolvency Professional shall not accept /share any fees or charges from any professional and/or support...
Breach Of Settlement Agreement Not A Ground To Trigger CIRP: NCLT Delhi Rejects Application For Revival Of Petition
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri Dharminder Singh (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating an application filed in Bajaj Rubber Company Pvt. Ltd. v Saraswati Timber Pvt. Ltd., has declined to revive a petition filed under Section 9 of IBC, which was earlier withdrawn due to Settlement Agreement being...
Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations
The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a third time and has notified the amendment on 13.09.2022. The amendment has introduced Clause 34B and Schedule II to the CIRP Regulations which have brought about the following changes: The fee of the...
NCLT Kochi Bench Re-Constituted, Proceedings To Be Conducted Only On Wednesday, Thursday And Friday Until Further Orders
The National Company Law Tribunal, Kochi Bench, has been re-constituted vide a Circular dated 14.09.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new NCLT Kochi Bench shall comprise of: NCLT Kochi (First Half) Shri P. Mohan Raj (Judicial Member)Shri Satya Ranjan Prasad (Technical Member) The Circular has been issued in partial modification of...
NCLT Cuttack To Hear Cases Only On Monday And Tuesday Until Further Orders
The National Company Law Tribunal, Cuttack Bench, shall conduct proceedings on only Monday and Tuesday in view of NCLT Circular dated 14.09.2022 and matters shall be heard through video conferencing. The NCLT Cuttack Bench was reconstituted vide a notification dated 10.10.2021 and the Circular dated 14.09.2022 has been issued in partial modification of the said notification. At present...
NCLT Delhi Holds Suspended Directors Liable For Running Fraudulently
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri Dharminder Singh (Judicial Member) and Dr. Binod Kumar Sinha (Technical Member), while adjudicating a petition filed in M/s Concord Infrastructure Pvt. Ltd. v M/s Shubhkamna Buildtech Pvt. Ltd., has approved the resolution plan submitted by Mr. Sunder Kumar Singhal and Mr. Sunil Kumar Agarwal for M/s...