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Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi
29 Nov 2024

Fraudulent Initiation Of CIRP Can Be Set Aside By NCLAT While Hearing Appeal U/S 61: NCLAT New Delhi

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member),Mr. Naresh Salecha (Technical Member) and Mr. Indevar Pandey (Technical Member) has held that fraudulent initiation of the CIRP can be set aside by the NCLT or as a corollary by NCLAT also as they have jurisdiction to decide whether any proceeding under the code has been initiated fraudulently or not. In this case,...

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT
22 Nov 2024

Since Shareholders Of Corporate Debtor Do Not Fall Within Definition Of “Aggrieved Party”, Appeal Filed U/S 61 Of IBC Not Maintainable: NCLAT

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member),Mr. Naresh Salecha (Technical Member) and Mr. Indevar Pandey (Technical Member) affirmed that a shareholder of the company is not the “aggrieved party” as per the provisions of the Code therefore appeal filed by him under section 61 of the Code would not be maintainable.Brief FactsThis appeal has been filed by...

NCLAT Dismisses Travel Agents Association Of Indias Allegations Of Anti-Competitive Practices Against Union Govts Dept Of Expenditure
28 Oct 2024

NCLAT Dismisses Travel Agents Association Of India's Allegations Of Anti-Competitive Practices Against Union Govt's Dept Of Expenditure

The NCLAT, New Delhi bench comprising Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member) and Mr. Indevar Pandey (Technical Member) has held that the Department of Expenditure, Government of India does not qualify as an "enterprise" under Section 2(h) of the Competition Act, 2002, being a “consumer” of air ticketing services.The Travel Agents Association...

Applications Under Sections 7, 9, Or 10 Of IBC Filed Before 2021 Amendment Act Retain Priority: NCLAT Principal Bench
30 July 2024

Applications Under Sections 7, 9, Or 10 Of IBC Filed Before 2021 Amendment Act Retain Priority: NCLAT Principal Bench

The National Company Law Appellate Tribunal, Principal Bench, New Delhi of Justice Rakesh Kumar Jain (Judicial Member), Naresh Salecha (Technical Member) and Indevar Pandey (Technical Member) has held that if an application under Sections 7, 9, or 10 of the Insolvency and Bankruptcy Code was already in process before 2021 Amendment Act came into force, then the amendments in Section...

NCLAT Delhi: Lending Institutions Providing Loans To Homebuyers Dont Qualify As Financial Creditors Under IBC
11 July 2024

NCLAT Delhi: Lending Institutions Providing Loans To Homebuyers Don't Qualify As Financial Creditors Under IBC

The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha, and Mr. Indevar Pandey (Technical Members) held that lending institutions providing loans to homebuyers do not qualify as 'Financial Creditors' under Insolvency and Bankruptcy, Code 2016 ('IBC'). Background Facts: Two flat buyers availed a...

Supreme Court Expunges Remarks In AP HC Judgment Against SC Collegiums Transfer Proposals, State Govt
9 Feb 2024

Supreme Court Expunges Remarks In AP HC Judgment Against SC Collegium's Transfer Proposals, State Govt

The Supreme Court on Friday (February 9) expunged the controversial observations made in a judgment passed by the Andhra Pradesh High Court in 2020 against the Supreme Court collegium's transfer proposals.“The observations made in the impugned order stands obliterated”, the bench comprising Justices Bela M Trivedi and Pankaj Mithal observed while disposing of a Special Leave Petition filed...

IBC: NCLAT Five Member Bench Lays Down Grounds For Recall Of Judgment
12 Jun 2023

IBC: NCLAT Five Member Bench Lays Down Grounds For Recall Of Judgment

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice Rakesh Kumar (Judicial Member), Justice Rakesh Kumar Jain (Judicial Member), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar...

IBC: NCLAT Has No Power To Review Its Judgment, Rules NCLAT Five Member Bench
12 Jun 2023

IBC: NCLAT Has No Power To Review Its Judgment, Rules NCLAT Five Member Bench

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice Rakesh Kumar (Judicial Member), Justice Rakesh Kumar Jain (Judicial Member), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar...

Home Buyers Have No Right To File Intervention Application Prior To Admission Of Section 7 Petition: NCLAT Delhi
29 May 2023

Home Buyers Have No Right To File Intervention Application Prior To Admission Of Section 7 Petition: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Vikash Kumar Mishra & Ors. v Orbis Trusteeship Service Pvt. Ltd. & Anr., has held that an intervention application filed by the homebuyers in petition under Section 7 of...

S. 66 Of IBC: Fraud Includes A Debt Which Debtor Has No Intention To Repay: NCLAT Delhi
14 April 2023

S. 66 Of IBC: Fraud Includes A Debt Which Debtor Has No Intention To Repay: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Shri Baiju Trading and Investment Private Limited v Mr. Arihant Nenawati & Ors., has held under that ‘fraud’ for the purpose of Section 66 of IBC would consist of debts...

NCLAT Holds Lease Rental As Operational Debt Under The Insolvency And Bankruptcy Code, 2016
6 July 2022

NCLAT Holds Lease Rental As Operational Debt Under The Insolvency And Bankruptcy Code, 2016

A five judge bench of National Company Law Appellate Tribunal comprising of Justice Ashok bhushan, Justice Rakesh Kumar, Justice Rakesh Jain, Mr. Naresh Salecha and Mr. Barun Mitra held that the lease rental qualifies as an operational debt under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) The five judge bench was constituted after a three judge bench of...

Supreme Court Stays Andhra Pradesh HC Order Initiating Contempt Proceedings Against Govt Official For Seeking Recusal Of Judge
10 Feb 2021

Supreme Court Stays Andhra Pradesh HC Order Initiating Contempt Proceedings Against Govt Official For Seeking Recusal Of Judge

The Supreme Court on Wednesday stayed an order passed by the Andhra Pradesh High Court to initiate criminal contempt proceedings against a government official who had filed an affidavit supporting an application seeking recusal of Justice Rakesh Kumar from a division bench.The State of Andhra Pradesh filed special leave petitions against the order passed by the High Court on December 30,...

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