NCLAT

Pre-CIRP Electricity Dues Stand Extinguished Upon Approval Of Resolution Plan: NCLAT

The National Company Law Appellate Tribunal (NCLAT) bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) have reiterated that all claims which are not included in the approved Resolution Plan stand extinguished upon its approval. The Tribunal held that Damodar Valley Corporation (DVC/ Appellant) was not entitled to demand pre-CIRP dues from Mackeil Ispat & Forging Ltd. (Corporate Debtor/ Respondent No. 1) when it requested resumption of electricity supply. The Tribunal directed DVC to refund the pre-CIRP amount.

Decision Taken By Liquidator To Proceed With Private Sale By 'Swiss Challenge Method' Cannot Be Said To Be Beyond Jurisdiction: NCLAT

The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the decision taken by the Liquidator to proceed with private sale by adopting Swiss Challenge Mechanism, cannot be said to be a decision beyond the jurisdiction or authority of the Liquidator and that too when the said decision came to be approved by the Stakeholders Consultation Committee.

Claims Based On Uninvoked Guarantee Cannot Be Admitted By Resolution Professional: NCLAT

The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that guarantee given by the corporate debtor cannot be invoked after initiation of the CIRP. Any claims based on such guarantee cannot be admitted by the Resolution Professional.

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's

Justice Sharad Kumar Sharma (Judicial Member), Judicial Member of of the National Company Law Appellate Tribunal (NCLAT) Chennai bench, has recused from hearing ed-tech start-up, Byjus' founder, Riju Raveendran's appeal against the order of the National Company Law Tribunal (NCLT) Bengaluru, which allowed Glas Trust and Aditya Birla Finance to be included in the Committee of Creditors (CoC) as Financial Creditors of Think & Learn (Parent Company of Byjus).

Delay Of 115 Days In Refiling Appeal Cannot Be Condoned On Frivolous Grounds: NCLAT

The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that allowing refiling delay condonation on frivolous grounds would be an anathema to the timeliness and integrity of the liquidation process. In this case,the tribunal refused to condone delay of 115 days in refiling the present appeal.

NCLT

NCLT Hyderabad Rejects Application U/S 9 Of IBC Filed By M/s Isthara Parks Private Ltd On Grounds Of Pre-Existing Dispute

The NCLT Hyderabad Bench of Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member) has held that once a prima facie case of a genuine pre-existing dispute is made out prior to issuance of demand notice under Section 8(1) of the IBC, the Adjudicating Authority must reject an application filed by Operational Creditor under Section 9 of the Code.

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal

The National Company Law Tribunal, Bengaluru bench comprising Justice K. Biswal (Judicial Member) and Ravichandran Ramasamy (Technical Member) have held that that as per the Insolvency and Bankruptcy Code, 2016 (“Code/IBC”), there is no provision to 'provisionally' constitute the Committee of Creditors (“CoC”); the CoC once constituted is final and cannot be revised or reconstituted by the Interim Resolution Professional (“IRP”)/Resolution Professional (“RP”) without the interference of the Adjudication Authority.