Initiation of CIRP Not Mandatory For Maintainability Of An Application Against Personal Guarantors U/S 95, IBC: NCLT, Kochi

The NCLT, Kochi Bench comprising of Shyam Babu Gautam, Technical Member and Ashok Kumar Borah, Judicial Member in the case of E. Iqbal v. State Bank of India held that when an application for initiation of CIRP is pending before the NCLT, initiation of CIRP against the Corporate Debtor is not a prerequisite for maintainability of an application u/s 95, IBC filed for initiating IRP...

IBBI Has Jurisdiction To Regulate Payment Of IRP And RP: NCLAT

The NCLAT, Principal Bench consisting of Justice Ashok Bhushan, Chairperson and V.P. Singh, Technical Member in the case of Sumit Bansal, Insolvency Professional v. Committee of Creditors of JP Engineers held that the IBBI is clothed with the jurisdiction to regulate payment of remuneration of the RP and IRP both by framing regulations or by issuing executive instructions till...

Entry In Balance Sheet Amounts To Acknowledgment Of Liability: NCLT Kochi

The NCLT, Kochi Bench consisting of Mr. Ashok Kumar Borah, Judicial Member and Mr. Anil Kumar, Technical Member in M/s Pheonix ARC Private Ltd. v. Kerala Chamber of Commerce and Industries reiterated that acknowledgement of debt in the balance sheet of the Corporate Debtor comes within the meaning of acknowledgment u/s 18 of the Limitation Act, 1963 and has the effect of...

In IBC Proceedings, Penalty Can Be Imposed Only Under The Code And Not Under The Companies Act: NCLAT

The NCLAT in Bench comprising of Justice Ashok Bhushan, Chairperson and Dr. Alok Srivastava, Technical Member in Mr. Ashish Chaturvedi v. Inox Leisure Limited held that when proceedings before the Adjudicating Authority are being carried out under the Insolvency and Bankruptcy Code, 2016, penalty can only be imposed under the Code and not under the Companies Act, 2013. The Appeal...

90 Days Period Under Regulation 32A Of IBBI (Liquidation Process) Regulations Directory, Not Mandatory: NCLT Hyderabad

The NCLT Hyderabad Bench consisting of Dr. N. Venkata Ramakrishna Badarinath, Judicial Member and Veera Brahma Rao Arekapudi, Technical Member in Ekambareswara Rao Manne v. Mr. Gonugunta Madhusudhan Rao, dismissed the application filed by the Applicant, who was a Member of the Stakeholders Consultation Committee, filed u/s 60(5) of IBC r/w Rule 11, 13 & 32 of the NCLT Rules...

If Excluding Time From CIRP Helps The Corporate Debtor To Revive Its Operations, Such Exclusion Must Be Allowed: NCLAT

The NCLAT Single Bench consisting of Justice M. Venugopal, Judicial Member in the case of Vinod Tarachand Agarwal held that if exclusion of time of CIRP helps to revive the operations of the Corporate Debtor and thus achieve the objective of the Insolvency and Bankruptcy Code, such exclusion must be allowed. The Appellant filed an appeal against the order of the NCLT, Ahmedabad...

Google Gets A Cut Of 8% Withholding Tax On Its Remittance

The Delhi High Court Bench, comprising of Justices Manmohan and Naveen Chawla, have directed Google Cloud India Private Ltd. (GIC) to withhold only 8% tax while making payment to Google Asia Pacific Pte Ltd, a Singapore based subsidiary of Google LLC. The court reaffirmed that the said order was only an interim measure and it should not be treated as a non-compliance with the impugned...

No Bar On Operational Creditor To Recover Claims If Claims Were Not Entertained In The Resolution Process: NCLAT

The NCLAT Bench comprising of Justice Ashok Bhushan, Chairperson and Dr. Ashok Kumar Mishra, Technical Member in Go Airlines (India) Ltd. v. Sovika Aviation Services Pvt. Ltd. &Ors. held that since the Resolution Plan was withdrawn u/s 12A of the Insolvency and Bankruptcy Code, 2016 and the claims of the Operational Creditor were not entertained, the operational Creditor is at liberty...

Commercial Wisdom of the CoC To Prevail, Unless The Same Is In Contravention Of Any Law, Reiterates NCLAT

The NCLAT, Principal Bench consisting of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member) in Noida Special Economic Zone Authority v. Mr. Manish Agarwal refused to set aside the order passed by the Adjudicating Authority, which approved the Resolution Plan, reiterating that the commercial wisdom of the CoC with respect to viability and financial...

Pre-requisite Of Notice To The Personal Guarantor Is Satisfied On A Service Of Notice As Per Form B: NCLT, Mumbai

The NCLT, Mumbai Bench consisting of Smt. Suchitra Kanuparthi (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member) in the case of Union Bank of India v. Mr. Dheeraj Wadhawan admitted the application filed by the Union Bank of India/Financial Creditor u/s 95 of the Insolvency and Bankruptcy Code, 2016 on the ground that the IBC does not prescribe personal service and...

Mediation Order And Dishonoured Cheque Does Not Imply Extension Of Limitation U/S 9, IBC: NCLAT, Delhi

The NCLAT, Delhi in a Bench comprising of Justice Ashok Bhushan (Chairperson), Dr. Ashok Kumar Mishra and Dr. Alok Srivastava (Technical Members) in the case of Ravi Iron Ltd. v. Jia Lal Kishori Lal & Ors. held that an order of mediation along with dishonoured cheques does not imply an extension of limitation for the purposes of Section 9 of the Insolvency and Bankruptcy...

'Co-Operative Society' Is Not A 'Corporate Person' Under IBC To Which The Code Applies: NCLT Mumbai

NCLT, Mumbai in a Bench comprising of Mr. Rajesh Sharma (Technical Member) and Mr. H.V. Subba Rao (Judicial Member) in the case of The Solapur Dist. Central Co – Operative Bank Limited v. Sangola Taluka Sahakari Sakhar Karkhana Limited dismissed an application filed u/s 7 of the Insolvency and Bankruptcy Code, 2016 against Sangola Taluka Sahakari Sakhar Karkhana Limited/Corporate Debtor...