IBC News
NCLT Has Discretion To Not Admit Financial Creditor's CIRP Application? Supreme Court Allows Open Court Hearing For Review
The Supreme Court on Wednesday allowed open court hearing for the review petition filed against the judgment in Vidarbha Industries Power Ltd. vs Axis Bank Limited which held that the National Company Law Tribunal has discretion to not admit the insolvecny application filed by a financial creditor even if the corporate debtor is in default.A bench comprising Justices Indira Banerjee and...
Unregistered Sale Cannot Be The Basis For Claim On Immovable Property: 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 Smt. Sabita A. Biswa v Shri Vinodkumar Pukhraj Ambavat, has declined to entertain the claim of a creditor based on an unregistered and unstamped sale deed which was only executed before...
Time Schedule Has A Purpose ; NCLT Kolkata Declines To Entertain The Bid Submitted After The Time
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an application filed in State Bank of India v Ess Dee Aluminum Limited, has declined to entertain a revised bid received after the due time fixed by the Liquidator in the bidding notice, while observing that time...
SEBI Order No Bar To Initiation Of CIRP; NCLT Mumbai Initiates Insolvency Proceedings Against Pancard Clubs
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 Mr. Nitin Suresh Satghare & Ors. v Pancard Clubs Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against Pancard Clubs Ltd., while observing...
IBC Cases Weekly Round-Up: 5 September To 11 September, 2022
Supreme Court CIRP Can Be Initiated Against Corporate Guarantor Without Proceeding Against Principal Borrower: Supreme Court Case Title: K Paramasivam vs Karur Vysya Bank Ltd Case No.: 2022 LiveLaw (SC) 742, CA 9286 OF 2019 The Supreme Court Bench comprising of Justice Indira Banerjee and Justice JK Maheshwari, has held that Corporate Insolvency Resolution Process (CIRP) can...
NCLAT Delhi Sets Aside Order Of Liquidation; Grants Additional Opportunity For Inviting Resolution Plans
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 Nikhil Tandon v Sanjeev Bindal & Ors., has set aside an order for liquidation of Corporate Debtor and has given one more opportunity to the Committee of Creditors and...
Erstwhile Resolution Professional Has No Right To Be Heard Before Being Replaced Under Section 27: 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 Sumat Kumar Gupta v Committee of Creditors of M/S Vallabh Textiles Company Ltd., has held that when the Committee of Creditors decides...
Issue Of CIRP Cost To Be Decided In COC MEETING, Not By Adjudicating Authority : 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 Bharat Hotels Ltd. v Tapan Chakraborty, has held that question of item wise CIRP cost and its approval lays in the domain of the CoC and the latter may ratify, modify or set aside the...
CIRP Can Be Initiated Against Corporate Guarantor Without Proceeding Against Principal Borrower: Supreme Court
The Supreme Court held that Corporate Insolvency Resolution Process (CIRP) can be initiated against the Corporate Guarantor without proceeding against the principal borrower.The liability of the guarantor is co-extensive with that of the Principal Borrower, the bench comprising Justices Indira Banerjee and JK Maheshwari observed.In this case, the Adjudicating Authority (NCLT) admitted...
NCLAT Delhi Allows Appeal Re-Filed After 197 Days Of Delay, Subject To Cost Of Rs.10,000 Payable To Respondent
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 Dinesh Mehta v Amit Kumar Mehta & Anr., has allowed an appeal which was re-filed after 197 days of delay by the Appellant, subject...
Limitation To Be Counted From The Date Of Preparation Of Certified Copy, Not Delivery : NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Wadhwa Rubber v Bandex Packaging Pvt. Ltd., has dismissed the appeal for being time barred while observing that limitation is to be counted from the date of preparation of...