IBC News
IBC Cases Weekly Round-Up: 28 August To 3 September, 2022
NCLAT Status Of Debtor, Attained Finality, Can't Be Altered Based On A Subsequent Judgment: NCLAT Delhi Case Title: Raghavendra G. Kundangar & Ors. v Shashi Agarwal & Anr. Case No.: Company Appeal (AT) (Ins.) No. 886 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M....
Liquidator Empowered To Decide The Mode Of Sale, Not Bound By Recommendations Of Stakeholders Committee: NCLT Kolkata
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 Sauria Corporation v Kohinoor Pulp & Paper Private Limited, has held that a Liquidator is empowered to decide the mode of sale of Corporate Debtor which is in best interest for...
NCLT Empowered Under Rule 43 Of NCLT Rules To Call For Any Information Or Evidence In Its Discretion: 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 Trident Fabricators Pvt. Ltd. v Hiranmayee Energy Ltd., has held that the Adjudicating Authority under Rule 43 of NCLT Rules, 2016, has...
IBC Cases Monthly Round Up: August 2022
Supreme Court Entries In Book Of Accounts/Balance Sheet Of Corporate Debtor Can Be Treated As Acknowledgment Of Liability Of Debt Payable To Financial Creditor: SupremeCourt Case Title: Asset Reconstruction Company (India) Limited v Tulip Star Hotels Limited Case No.: 2022 LiveLaw (SC) 648, CA 84-85 OF 2020 The Supreme Court Bench comprising of Justice Indira Banerjee...
OTS Being Under Consideration Does Not Invalidate An Order For Liquidation: 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 Ram Bhaj Jain v Tarun Batra & Anr., has held that mere fact that the Corporate Debtor's One Time Settlement was under consideration,...
Refiling After Removal Of Defects Is Not A Fresh Filing: NCLAT New Delhi
A five judge bench of the National Company Law Appellate Tribunal (NCLAT) comprising of Justice Ashok Bhushan, Justice Rakesh Kunar, Justice M Satyanarayana Murthy, Ms. Shresha Merla and Mr. Kanthi Narahari held that refiling of an appeal after curing the defects beyond the period of seven days will amount to a fresh filing and any delay even beyond the period prescribed under Section...
Without Proof Of Disbursement No Financial Debt Can Be Claimed: NCLT Mumbai Reiterates
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 Sudhir T Deshpande v Dhanada Corporation Limited, has rejected a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 ("IBC") as there was no proof of disbursement of debt....
Bank Of India Files Insolvency Plea Against Kishore Biyani Led Future Lifestyle Fashions
Future Lifestyle Fashions Ltd. ("FLFL") is the flagship fashion business of the Mr. Kishore Biyani led Future Group of companies, which have dominated the retail sector in India for years. FLFL operates more than 300 stores across India and owns retail fashion chains such as Central and Brand Factory. Recently, the flagship company of Future Group i.e. Future Retail Ltd., which...
'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: 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 Edelweiss Asset Reconstruction Co. Ltd. v Octaga Green Power and Sugar Company Ltd., has reiterated that liquidation of the Corporate Debtor is the last resort and has accordingly directed...
NCLT Ahmedabad Rejects Resolution Plan Selectively Favoured Creditors
The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Shri Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating a petition filed in M/s. Sansar Texturisers Pvt. Ltd. v M/s. Polycoat India Pvt. Ltd., has declined to approve the Resolution Plan of the Successful Resolution Applicant that breached...
Creditor Entitled To Claim From Successful Resolution If It's Suit Is Decreed: NCLAT Delhi
The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Ashok Bhushan (Chairperson), Justice N Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating in an appeal filed in Goltens India Pvt. Ltd. v Sudip Bhattacharya, has upheld the Adjudicating Authority's order to earmark Rs. 1 towards a contingent claim arising out of...
Resolution Plan Can't Be Remanded Back To COC Over Hyper-Technical Grounds: 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 Piya Puri & Ors. v Mr. Debhashish Nanda & Ors., has held that remanding a resolution plan back to Committee of Creditors on...