Corporate
Principal And Interest Amount Cannot Be Clubbed To Reach The Minimum Threshold Of Rs. 1 Crore U/S 4, IBC; NCLT Delhi
The NCLT Delhi Bench consisting of Justice Abni Ranjan Kumar Sinha (Judicial Member) and L.N. Gupta (Technical Member) in CBRE South Asia Pvt. Ltd. v. M/s United Concepts and Solutions Pvt. Ltd. held that principal amount and interest cannot be clubbed to reach the threshold of Rs. 1 crore under the Insolvency and Bankruptcy Code 2016, if the debt is an Operational Debt. The...
Advanced License Fee Is An Operational Debt And Notice U/s 138 NIA Is Not A Dispute Under IBC: NCLT, Delhi
The NCLT, Delhi Bench comprising of Justice Abni Ranjan Kumar Sinha (Judicial Member) and Mr. Avinash K. Srivastava (Technical Member) in Ashimara Housing Private Limited v. Vibrus Homes Private Limited has held that advanced deposit towards license fee would be considered as an Operational Debt and issuance of notice under Section 138 of the Negotiable Instruments Act is not a...
Holding The Resolution Plan To Be Discriminatory, The NCLAT Sets Aside The Plan For Piyush Shelters India Pvt. Ltd
The NCLAT in a Bench comprising of Justice Ashok Bhushan (Chairperson), Justice Jarat Kumar Jain (Judicial Member) and Dr. Alok Srivastava (Technical Member) in Amit Goel v. Piyush Shelters India Pvt. Ltd. set aside the Resolution Plan proposed by Maya Group on the ground that there was discriminatory treatment of the 'non-claimant' financial creditors, as compared to the...
After Approval By The Adjudicating Authority, The Resolution Plan Is No More A Confidential Document: NCLAT
The NCLAT in a Bench comprising of Justice Ashok Bhushan (Chairperson) and Dr. Ashok Kumar Mishra (Technical Member) in Association of Aggrieved Workmen of Jet Airways (India) Limited v. Jet Airways (India) Ltd held that after approval of the Resolution Plan, the Plan does not remain a confidential document, so as to deny its perusal to a claimant, who is aggrieved by the...
An Asset Can Be Kept Out Of Liquidation Estate If The Said Asset Is Sub-Judice Before The High Court:NCLAT
The NCLAT in a Bench consisting of Justice Jarat Kumar Jain (Judicial Member) and Dr. Ashok Kumar Mishra (Technical Member) in Sun Pharmaceutical Industries Ltd. v. Sumit Binani held that an asset can be kept out of liquidation estate if the said asset is sub-judice before the High Court. Factual Backgroun: The Gujarat NRE Coke Ltd./Corporate Debtor was classified as an...
Approval Of COC Is Not Mandatory When Seeking Exclusion Of Time Under Regulation 40C. NCLAT
The NCLAT in a Bench comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member) in the case of Indiabulls Housing Finance Limited v. Sandeep Chandna, differentiating between 'exclusion' and 'extension' of time under IBC held that the approval of the Committee of Creditors is not mandatory when seeking exclusion of time in view of Regulation 40C...
Application Intentionally Withdrawn By Applicant And Subsequently Filed On The Same Transaction Will Be Barred By Res Judicata. NCLT Kochi
The Kochi Bench of NCLT in a Bench comprising of Justice Ashok Kumar Borah and Mr. Shyam Baby Gautam in Jose Samuel v. M/s Royal International Trade and Allied Products Pvt. Ltd. has dismissed the application seeking initiation of Corporate Insolvency Resolution Process against the Respondent/ Corporate Debtor, i.e. Royal International Trade and Allied Products Private Limited on the ground...
Ola Has Not Abused Its Dominant Position, Not Used Predatory Pricing: NCLAT
The NCLAT Bench headed by Justice Jarat Kumar Jain and Dr. Alok Srivastava in Meru Travels Solutions Pvt. Ltd. v. CCI refused to set aside the order passed by the Competition Commission of India in 2017 and held that Ola has not abused its dominant position and that it has not entered into anti-Competitive agreements with their drivers, in violation of the provisions of the Competition...
Entries In Balance Sheet Do Not Amount To Acknowledgment Of Debt Under Sec 18 Limitation Act : NCLAT Declines Reference Against 'V Padmakumar' Decision
A five-member Bench of the National Company Law Appellate Tribunal on Tuesday turned down a reference made by a three-member Bench, seeking re-consideration of the decision in V. Padamakumar Vs. Stressed Assets Stabilization Fund (SASF) & Anr where it was held that entries in books of accounts will not amount to acknowledgment of debt under Section 18 of the Limitation Act,...
Kerala High Court Stays NCLT Order Which Held That March 24 Notification Raising IBC Threshold As Rs One Crore Will Apply Only Prospectively
The Kerala High Court on Friday stayed the order of the National Company Law Tribunal (NCLT) Kochi bench which held that the March 24 notification raising the threshold limit for insolvency proceedings as Rupees One Crore will apply only prospectively.In the case M/s Tharakan Web Innovations Pvt Ltd vs Cyriac Njavally, the NCLT held that the March 24 Notification which enhanced the...
Competition Commission of India Approves Reliance-Future Group Deal
The Competition Commission of India has approved the acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited.The move comes amidst the objections raised by US-giant Amazon, which has invested in one of the Future group's holding companies.Commission approves acquisition...
Financier Can't Claim Status Of 'Secured Creditor' If Hypothecation Charge Is Not Registered Under Companies Act 2013 & IBC: NCLAT [Read Order]
Holding that registration of a vehicle with Motor Vehicle Authority under Section 51 of the Motor Vehicles Act, 1988 does not qualify as registered 'charge' for a valid claim before a liquidator, the National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by Volkswagen Finance Pvt Ltd against an order of the National Company Law Tribunal (NCLT). The order by the...