IBC News
Status Of Debtor, Attained Finality, Can't Be Altered Based On A Subsequent Judgment: 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 Raghavendra G. Kundangar & Ors. v Shashi Agarwal & Anr., applied the Doctrine of Prospective Overruling while observing that...
Section 7 Petition To Be Kept In Abeyance For 6 Months, Hoping Settlement: NCLT Indore
The National Company Law Tribunal ("NCLT"), Indore Bench, comprising of Shri Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating a petition filed in State Bank of India v Krishidhan Seeds Pvt Ltd., has kept a Section 7 petition filed under IBC in abeyance for 6 months despite the all essentials for initiating CIRP being fulfilled....
Once Bidder Accepts Corporate Debtor In Slump Sale, Can't Request For Conversion Of Sale Into Sale As A Going Concern: NCLT Ahmedabad
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 State Bank of India & Anr. v Shirpur Power Pvt. Ltd., has held that once a successful bidder has accepted and purchased the Corporate Debtor in slump sale under IBC,...
Entity Issuing A 'Letter Of Comfort' Is Not A Corporate Debtor Or Guarantor Within Framework Of Law: NCLT Delhi
The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri P.S.N. Prasad (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed in M/s. Shapoorji Pallonji and Company Pvt. Ltd. v M/s. ASF Insignia SEZ Pvt. Ltd., has held that an entity that issues a 'Letter of Comfort' to a party, cannot be treated as Corporate Debtor...
Loan Converted Into Equity - NCLT Procedure Being In Summery In Nature, Can't Initiate CIRP; 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 a petition filed in Anup Jhunjhunwala v ADEA Powerquips Private Limited, has declined to initiate insolvency proceedings with respect to a debt disbursed by Director of the Corporate Debtor, as the loan was...
Non Issuance Of Completion Certificate Amounts To Pre Existing Dispute: NCLAT New Delhi
The National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan, Justice M Satyanarayana Murthy and Mr. Barun Mitra while dismissing an appeal field by the Operational Creditor against the rejected of Section 9 petition held that the non-issuance of the completion certificate amounts to a pre existing dispute between the parties. It was contended on behalf of...
IBC Cases Weekly Round-Up: 22nd August To 29th August 2022
NCLAT Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi Case Title: Sudhir Kumar Goel & Ors. v M/s Shashi Oils and Fats Pvt. Ltd. & Ors. Case No.: Company Appeal (AT) (Ins) No. 676 of 2021 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Rakesh Kumar (Judicial...
Section 10A Is Not Applicable To Proceedings Against Personal Guarantors Under Insolvency & Bankruptcy Code, 2016: NCLAT New Delhi
The National Company Law Appellate Tribunal, New Delhi bench comprising of Justice Ashok Bhushan and Justice M Satyanarayan Murthy, Mr. Barun Mitra recently held that Section 10A of the Insolvency & Bankruptcy Code , 2016 is not applicable to proceedings against the personal guarantors under Section 95 of the Code. Brief Facts The Financial Creditor Siemens Financial Services...
Litigation Of Government Is Not Looked After As It Should Be: NCLAT New Delhi
The National Company Law Appellate Tribunal, New Delhi bench comprising of Justice Rakesh Jain and Dr. Alok Srivastava while dismissing an appeal field by the Rajasthan Drugs and Pharmaceuticals Ltd. expressed its displeasure as to how the litigation of the Government is not looked after the way as it should have been. The Bench was hearing the appeal filed by the Rajasthan...
IBBI Suspends Deloitte Partner's IP Registration For 3 Years And Imposes Penalty
The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI") has suspended the registration of Insolvency Professional, Mr. Savan Godiawala, for a period of three years and has also imposed a penalty of amount equivalent to payments made to Deloitte Touche Tohmatsu India LLP after 23.07.2019 till now. Brief Background Mr. Savan Godiawala is a Professional...
Insolvency And Bankruptcy Code Will Prevail Over Customs Act Once Moratorium Is Declared: Supreme Court
The Supreme Court had held that the Insolvency and Bankruptcy Code (IBC) will prevail over the Customs Act. The bench comprising Chief Justice N.V. Ramana, Justices JK Maheshwari and Hima Kohli observed that the customs authority can only determine the quantum of duties and levies but cannot initiate recovery proceedings.While pronouncing the judgement, CJI Ramana stated that once...
NCLT Hyderabad Bench Re-Constituted, Matters To Be Heard Through Video Conferencing
NCLT Hyderabad Bench Re-Constituted, Matters To Be Heard Through Video Conferencing The National Company Law Tribunal, Hyderabad Bench, has been re-constituted vide a Circular dated 24.08.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new NCLT Hyderabad Bench shall comprise of: NCLT Hyderabad, Court Room No. 2 (Second Half) Dr....