IBC Cases Weekly Round-Up [20th January To 26th January 2025]
Mohd Malik Chauhan
28 Jan 2025 9:25 AM
Nominal Index: Umang Realtech Pvt. Ltd. vs. Mrs Daphne Reita Rajan Sharma & Anr.,RERA APPEAL 7/2024 M/s Jones Lang Lasalle Building Operations Pvt. Ltd. vs. M/s Celebration City Projects Pvt. Ltd., IA-3686/2022 in Company Petition No. (IB)- 652(PB)/2019 Assistant Commissioner CGST & Central Excise, Kadi Division Vs. Pradeep Kabra, RP of Cengres Tiles...
Nominal Index:
Umang Realtech Pvt. Ltd. vs. Mrs Daphne Reita Rajan Sharma & Anr.,RERA APPEAL 7/2024
M/s Jones Lang Lasalle Building Operations Pvt. Ltd. vs. M/s Celebration City Projects Pvt. Ltd., IA-3686/2022 in Company Petition No. (IB)- 652(PB)/2019
Assistant Commissioner CGST & Central Excise, Kadi Division Vs. Pradeep Kabra, RP of Cengres Tiles Ltd.', Company Appeal (AT) (Ins) No. 844 of 2024
Kotak Mahindra Bank Ltd. Versus Mohit Kumar Legal Heir of Naresh Kumar, Personal Guarantor, Company Appeal (AT) (Insolvency) No. 2242 of 2024 & I.A. No. 8422 of 2024
Go Airlines (India) Limited vs. Mr. Shailendra Ajmera Resolution Professional of Go Airlines (India) Limited, I.A. (Liq.) 33/ND/2024 IN COMPANY PETITION NO. (IB) – 264/PB/2023
Anita Goyal Versus Vistra ITCL (India) Ltd. & Anr, Company Appeal (AT) (Insolvency) No.2282 of 2024
Whatsapp LLC vs. Competition Commission of India & Ors., I.A No. 280 of 2025 IN Competition App. (AT) No. 1 of 2025
Anil Kumar (Resolution Professional in the Personal Insolvency Resolution Process of Sh. Mukund Choudhary) Versus Mukund Choudhary, Company Appeal (AT) (Insolvency) No. 38 of 2025
Mr. Akshay Kumar Bhatia vs. M/s. Cue Learn Private Limited, CP No.: IB 572(ND)/2022 & IA 5437/ND/2023
Marvel Landmarks Pvt Ltd. vs. Jay Nihalani & Ors., Company Appeal (AT) (Insolvency) No. 2227 of 2024
Pioneer Urban Land & Infrastructure Ltd. Versus Presidia Araya Residents Welfare Association, Company Appeal (AT) (Insolvency) No. 97 of 2025
Delhi High Court
Moratorium U/S 14 Of IBC Doesn't Exempt Promoter From Complying With Mandatory Pre-Deposit Required U/S 43(5) Of RERA: Delhi High Court
Case Title: Umang Realtech Pvt. Ltd. vs. Mrs Daphne Reita Rajan Sharma & Anr.
Case Number: RERA APPEAL 7/2024
The Delhi High Court bench comprising Justice Navin Chawla and Justice Shalinder Kaur has held that the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC), does not exempt a promoter from complying with the mandatory pre-deposit requirement under Section 43(5) of the Real Estate (Regulation & Development) Act, 2016 (RERA).
NCLAT
Claims Arising Under Section 11E Of Central Excise Act Cannot Be Treated As Secured Debt: NCLAT
Case Title: 'Assistant Commissioner CGST & Central Excise, Kadi Division Vs. Pradeep Kabra, RP of Cengres Tiles Ltd.'
Case Number: Company Appeal (AT) (Ins) No. 844 of 2024
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mita (Technical Member) and Mr. Arun Baroka (Technical Member) has held that claims arising under section 11E of the Central Excise Act, 1944 cannot be treated as a secured debt.
It also held that “the 'Secured Interest' as defined under the Code excludes charges created by Operation of law. Section 11E of the Central Excise Act, 1944 is distinct from the provisions of 'Gujarat VAT Act, 2003' and therefore the decision in the matter of 'State Tax Officer v. Rainbow', (Supra) cannot be made applicable to the facts of this case.”
Delay Beyond 15 Days In Filing Appeal Cannot Be Condoned As Per Proviso To Section 61(2) Of IBC: NCLAT
Case Title: Kotak Mahindra Bank Ltd. Versus Mohit Kumar Legal Heir of Naresh Kumar, Personal Guarantor
Case Number: Company Appeal (AT) (Insolvency) No. 2242 of 2024 & I.A. No. 8422 of 2024
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mita (Technical Member) and Mr. Arun Baroka (Technical Member) has held that delay in filing an appeal beyond 15 days as per section 61(2) proviso of the Insolvency and Bankruptcy Code cannot be condoned.
Case Title: Anita Goyal Versus Vistra ITCL (India) Ltd. & Anr
Case Number:Company Appeal (AT) (Insolvency) No.2282 of 2024
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Arun Baroka (Technical Member) has held that an application under section 95 of the Insolvency and Bankruptcy Code (Code) against the personal guarantor is maintainable before the NCLT under section 60(1) of the code even if no CIRP or Liquidation process is initiated or pending against the corporate debtor before the NCLT.
NCLAT Stays Ban on WhatsApp's Data-Sharing Policy; Orders Meta To Pay 50% Of ₹213 Crore Penalty
Case Title: Whatsapp LLC vs. Competition Commission of India & Ors.
Case Number: I.A No. 280 of 2025 IN Competition App. (AT) No. 1 of 2025
The National Company Law Appellate Tribunal (NCLAT) bench of Justice Ashok Bhushan (Chairperson) and Arun Baroka (Technical Member) has granted partial relief to WhatsApp from the Competition Commission India's (CCI) order against its 2021 privacy policy update.
The CCI had banned WhatsApp from sharing user data with Meta for advertising purposes for 5 years and imposed a Rs. 213.14 crore penalty for violating sections 4(2)(c) and 4(2)(e) of the Competition Act by using its dominant position to “coerce” users into accepting the update.
Period Of Moratorium U/S 101 Of IBC Cannot Be Extended Beyond 180 Days: NCLAT
Case Title: Anil Kumar (Resolution Professional in the Personal Insolvency Resolution Process of Sh. Mukund Choudhary) Versus Mukund Choudhary
Case Number: Company Appeal (AT) (Insolvency) No. 38 of 2025
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mita (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the period of moratorium beyond 180 days as provided under section 101 of the IBC cannot be extended.
It further held that “when the statutory scheme is clear and unambiguous, there is no role of any interpretive process to find out the jurisdiction of NCLT to extend the period of Moratorium when statute provides a date for cessation of the Moratorium it cannot be extended by the Adjudicating Authority or by this Tribunal against the statutory intendment under Section 101(1).”
Adjudicating Authority Can Recall Orders Obtained Through Fraud Under Rule 11 Of NCLT Rules: NCLAT
Case Title: Marvel Landmarks Pvt Ltd. vs. Jay Nihalani & Ors.
Case Number: Company Appeal (AT) (Insolvency) No. 2227 of 2024
The National Company Law Appellate Tribunal (NCLAT) bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) has observed that where the Adjudicating Authority has been made to rely on distorted facts which the Adjudicating Authority became aware of belatedly, the Adjudicating Authority can always invoke its inherent powers under Rule 11 of NCLT Rules in order to protect itself and to prevent an abuse of its process.
Issue Of Maintainability Of Application U/S 7 Of IBC Can Be Decided Separately By Adjudicating Authority: NCLAT
Case Title: Pioneer Urban Land & Infrastructure Ltd. Versus Presidia Araya Residents Welfare Association
Case Number: Company Appeal (AT) (Insolvency) No. 97 of 2025
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Arun Baroka (Technical Member) has held that the issue of maintainability of application under section 7 of the code can either be decided separately or with other substantive issues.
NCLT
NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”
Case Title: M/s Jones Lang Lasalle Building Operations Pvt. Ltd. vs. M/s Celebration City Projects Pvt. Ltd.
Case Number: IA-3686/2022 in Company Petition No. (IB)- 652(PB)/2019
The NCLT, New Delhi, Principal bench comprising Justice (Retd.) Ramalingam Sudhakar (Hon'ble President) and Avinash K. Srivastava (Technical Member) has allowed the claim of Ghaziabad Development Authority (GDA) as a financial creditor in the Red Mall case and directed its inclusion in the Committee of Creditors. The claim was rejected by the Resolution Professional who held GDA as an Operational creditor in view of the judgment of the Supreme Court in G.NOIDA v. Prabhjit Singh Soni & Anr.
NCLT Dismisses Actor Akshay Kumar's Insolvency Petition U/S 9 Of IBC Against Ed-Tech Company
Case Title: Mr. Akshay Kumar Bhatia vs. M/s. Cue Learn Private Limited
Case Number: CP No.: IB 572(ND)/2022 & IA 5437/ND/2023
The National Company Law Tribunal (NCLT), New Delhi bench comprising Justice Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) has dismissed petition filed by Bollywood actor Akshay Kumar, seeking initiation of insolvency proceedings against Cue Learn Private Limited, an ed tech company. The Tribunal noted that the claim in question pertained to a breach of contract and was at best, a claim for liquidated damages. “Such claims require adjudication before a competent civil court and do not constitute crystallized debts that can be pursued under the insolvency resolution process”, the Tribunal remarked.
NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited
Case Title: Go Airlines (India) Limited vs. Mr. Shailendra Ajmera Resolution Professional of Go Airlines (India) Limited
Case Number: I.A. (Liq.) 33/ND/2024 IN COMPANY PETITION NO. (IB) – 264/PB/2023
The National Company Law Tribunal (NCLT), New Delhi bench of Justice Mahendra Khandelwal (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) has ordered the liquidation of Go First Airlines, marking the conclusion of a 20-month-long insolvency process after no viable resolution plan emerged. The tribunal upheld the decision by the Committee of Creditors to liquidate Go Airlines, which approved the liquidation with a 100% vote.
Other News
RBI Cancels NBFC Registration Of X10 Financial Services Ltd
The Reserve Bank of India (RBI) in a significant development has cancelled registration of X10 Financial Services Ltd, a non-banking financial company (NBFC), on account of irregularity in its digital lending operations. The company, located in Mumbai, was providing loans through several service providers which mostly included mobile apps likeWecash Technology, XNP Technology, Yarlung Technology, Xinrui International, Omelette Technology, Mad-Elephant Network Technology and Huidatech Technology.
Amendments Needed In IBC To Provide NOC To Successful Resolution Applicants When Plan Over Attached Property Is Approved: Sr Adv Mukul Rohatgi
On Friday, 17th January 2025, a roundtable discussion titled "Understanding the Synergy Between PMLA and IBC" was held at India International Centre, New Delhi by the Insolvency Law Academy (ILA) in collaboration with NM Law Chambers.
The event brought together legal professionals, policymakers, and academicians to explore the intersection of the Prevention of Money Laundering Act (PMLA) and the Insolvency and Bankruptcy Code (IBC). The discussion featured three distinguished panelists, Mr. Mukul Rohatgi, Senior Advocate and Former Attorney General for India; Mr. Karnal Singh, Former Director of the Enforcement Directorate (ED); and Mr. Sumant Batra, Insolvency Lawyer and Founder, Insolvency Law Academy.