IBC News
NCLT New 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 24.08.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new NCLT New Delhi Bench shall comprise of: NCLT New Delhi, Court Room No. 3 (Second Half) Shri Bachu Venkat Balaram Das (Judicial Member)Dr. Binod Kumar Sinha (Technical Member) NCLT New Delhi,...
Investment Made By Director Of A Company Is Not An Operational Debt: NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor ("Judicial Member") and Shri Harish Chander Suri (Technical Member), while adjudicating a petition filed in Akshat Pandey v Avighna Films Private Limited, has held that an investment made by the Director of a Company does not fall under the purview of an Operational Debt under the...
Tribunal Cannot Interfere With Decision Of COC To Replace Resolution Professional : NCLAT Chennai
The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), while adjudicating an appeal in M/s IDBI Bank Limited v C.J. Davis, had set aside the Adjudicating Authority's order disallowing the Committee of Creditors ("CoC") to replace the Resolution Professional under Section...
Does Limitation Period For Filing Appeal Applies To Period For Curing Defects?: NCLAT Refers Question To Larger Bench
The National Company Law Appellate Tribunal ("NCLAT"), Principal 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 Mr. V R Ashok Rao v TDT Copper Limited, has observed that issue of delay in refilling of appeal is often coming before the NCLAT Bench...
On A Request Made By CoC, NCLT Is Empowered To Remand Back Resolution Plan To CoC For Re-Consideration: NCLT Ahmedabad
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Dr. Deepti Mukesh (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating an application filed in Asset Reconstruction Company (India) Limited v GPT Steel Industries Ltd., has held that Adjudicating Authority has right to send back the resolution plan for reconsideration to the CoC, on...
Insolvency Plea Against Kishore Biyani Led Future Enterprises Ltd., NCLT Mumbai Issues Notice
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating a petition filed in Foresight Innovations Pvt. Ltd. v Future Enterprises Ltd., has issued notice to Future Enterprises Ltd. in a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC")...
Mobilization Advance Is An Operational Debt: 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 Athena Demwe Power Ltd. v Abir Infrastructure Private Limited & Ors., has held that a mobilization advance given for mobilization...
IBC Cases Weekly Round-Up: 15 August To 21 August 2022
NCLAT Banker's Certificate Not Mandatorily Required To Trigger CIRP Under Section 9 Of IBC: NCLAT Delhi Case Title: M/s Quippo Infrastructure Limited v M.R. Nirman Private Limited Case No.: Company Appeal (AT) (Insolvency) No. 1516 of 2019. The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and...
Time Barred Appeal Against Decree Does Not Amount Pre -Existing Dispute Under Insolvency And Bankruptcy Code, 2016: NCLAT
The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar and Dr. Alok Srivastava held that a time barred appeal against the decree filed after the issuance of demand notice under Section 8 of the Insolvency & Bankruptcy Code, 2016 (IBC/Code) will not amount to a pre-existing dispute. NCLT, Kolkata dismissed the application filed by the...
Claims Arising Out Of Grant Of Licence/Permission For Use Of Intellectual Property Rights Is An Operational Debt: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Somesh Choudhary v Knight Riders Sports Private Limited & Ors., has held that claims arising out of grant of an exclusive right and license to use intellectual property...
Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Rakesh Kumar (Judicial Member) and Dr. Ashok Kumar Mishra (Technical Member), while adjudicating an appeal filed in Sudhir Kumar Goel & Ors. v M/s Shashi Oils and Fats Pvt. Ltd. & Ors, has held that once the liquidation process is complete and an application is filed by the liquidator...
NCLAT Reprimands Haryana Excise And Taxation Department For Its Casual Attitude
The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Jain and Dr Alok Srivastava expressed its displeasure towards the casual attitude of the Haryana Excise and Taxation Department in pursuing the case before the NCLAT. The Bench remarked that the excise and taxation department is claiming an amount of Rupees 62.87 Crores in the appeal...