News Updates
Atique Ahmed Murder| Prayagraj Court Remands 3 Alleged Shooters To 4-Day Police Custody
A Magistrate Court in Uttar Pradesh's Prayagraj District today sent three accused in the Atique Ahmed-Ashraf killing to 4-day Police Custody. They will be presented before a court in Prayagraj again on April 23.The Ahmad brothers were shot dead in a shocking incident on Saturday night at around 10 pm in the presence of the police and the media while they were being taken for a medical...
Weekly Digest Of IBC Cases: 10 April To 16 April 2023
NCLAT Threshold Limit Of Rs. 1 Crore Applicable From The Date Of Filing And Not From Date Of Registration Of Petition: NCLAT Delhi Case Title: Royal Manpower Services v Faridabad Autocomp System Pvt. Ltd. Case No.: Company Appeal (AT) (Insolvency) No. 370 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok...
NCLT New Delhi Orders Liquidation Of M/S. Hema Automotive Pvt. Ltd Under Section 33 Of IBC
The NCLT New Delhi bench has ordered for Liquidation of M/s. Hema Automotive Pvt. Ltd. (“Corporate Debtor”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) on 08.07.2022. Hero Fincorp Ltd (“Financial Creditor”) was the sole member of the Committee of Creditors (“CoC”). The CoC resolved to Liquidate the Corporate Debtor in its 4th meeting...
Atique Ahmed Murder| NHRC Takes Cognizance, Issues Notices To State DGP, Prayagraj Commissioner Of Police Seeking Detailed Report
The National Human Rights Commission (NHRC) has taken cognizance of complaints concerning the killings of Mafia turned politician Atique Ahmed and his brother Ashraf by miscreants in police custody in the Prayagraj district of Uttar Pradesh on 15th April, 2023.The Commission has issued notices to the Director General of Police, Uttar Pradesh and the Commissioner of Police, Prayagraj calling...
Supreme Court Collegium Recommends Permanent Appointment Of Six Additional Judges Of Punjab & Haryana High Court
The Supreme Court Collegium comprising CJI Dhananjaya Y Chandrachud, Justice Sanjay Kishan Kaul and Justice K.M. Joseph on Monday recommended the names of six Additional Judges of the Punjab and Haryana High Court for appointment as Permanent Judges.The following Additional Judges of the Punjab and Haryana High Court have been recommended by the Collegium:(i) Justice Vikas Bahl(ii) Justice...
Liquor Policy: Delhi Court Reserves Order On Manish Sisodia’s Bail Plea In Money Laundering Case
A Delhi Court on Tuesday reserved its decision on the bail plea moved by Aam Aadmi Party (AAP) leader and former Deputy Chief Minister Manish Sisodia in a money laundering case connected to implementation of the national capital's excise policy of 2021-22.Special judge MK Nagpal of Rouse Avenue Courts will pronounce the order on April 26 at 4 PM.The court earlier heard advocate Zoheb Hossain,...
NCLT Mumbai Approves Mr. Jitendra Bhandari’s Resolution Plan For Trimurti Foodtech Private Limited
NCLT Mumbai has approved a 22 crore resolution plan of Mr. Jitendra Bhandari for Trimurti Foodtech Private Limited (“Corporate Debtor”) under section 31 (1) of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 11.08.2021. The Company initially received and...
A Loan Payable On Demand Becomes Due And Payable On Receipt Of Demand Notice: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Praful Satra vs MD Development Private Limited has held that a loan payable on demand becomes due and payable on the receipt of...
Unlike Section 9, There Is No Scope Of Raising A Dispute In A Section 7 Petition: NCLT Mumbai Reiterates
The National Company Law Tribunal, Mumbai Bench, comprising Shri H. V. Subba Rao (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Idea Lenders & Anr. vs Navdurga Advisory Private Limited has reiterated that there is no scope of raising a dispute under a...
Claim Arising Out Of Partnership Business Which Is Not A Mere Claim Of Supply Of Material Is Not An “Operational Debt”: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Shri Madhu Sinha (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Manoj Stone Infra Private Limited vs Railsys Engineers Private Limited has held that a claim arising out of a mutual business understanding...
Service Of Notice Must Be Properly Established For Demolition Orders: Special Tribunal Grants Relief To Wife Of Jammu & Kashmir's Ex-Deputy CM
The Jammu and Kashmir Special Tribunal on Monday overturned a demolition notice issued by the Jammu Development Authority (JDA) to Mamta Singh, wife of former deputy chief minister Dr Nirmal Kumar Singh. The notice had directed her to demolish their bungalow at Ban in Nagrota area of Jammu district, which the JDA described as an “illegal construction raised in violation of Section 7(3) of...
A Person Who Comes In A Project As A Speculative Investor In Garb Of A Lender Cannot Be Accorded The Status Of A Financial Creditor: NCLT New Delhi
The National Company Law Tribunal, New Delhi Bench, comprising Shri P.S.N Prasad (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Rohit Prasad vs M/s S and N Lifestyle Infraventures Pvt. Ltd. has held that the status of “Financial Creditor” cannot be accorded...