Whether Entries In Balance Sheet Amount To Acknowledgment Of Debt Under Sec 18 Limitation Act? NCLAT Refers 'V Padmakumar' Decision For Reconsideration

A 3-member bench of the National Company Law Appellate Tribunal has doubted the correctness of the decision rendered by a 5-member bench in the case V. Padamakumar Vs. Stressed Assets Stabilization Fund (SASF) & Anr which had held that entries in books of accounts will not amount to acknowledgment of debt under Section 18 of the Limitation Act, 1963.The reference was made by a...

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp

The National Company Law Appellate Tribunal (NCLAT) has set aside an order passed by the National Company Law Tribunal (NCLT), Mumbai bench which had dismissed an application for the initiation of corporate insolvency resolution process (CIRP) against Mittal Corp Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) .The three member...

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]

The National Company Law Appellate Tribunal (NCLAT) allowed an appeal filed by Sushil Ansal, former Director and shareholder of Ansal Properties and Infrastructure Limited (Ansals) setting aside the National Company Law Tribunal (NCLT), Delhi bench March 17 order for the initiation of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). NCLT had allowed...

NCLAT Asks NCLT To Constitute A Two Member Bench To Dispose Matter In Conformity With SC Directions [Read Order]

The National Company Law Appellate Tribunal has ordered the National Company Law Tribunal to constitute a bench comprising of a Judicial Member and a Technical Member for disposal of a matter. The bench comprising of Justice Bansi Lal Bhatt, Justice Jarat Kumar Jain and Justice Ashok Kumar Mishra noted that the matter was identical to the case of SonuCargo Movers (I) Pvt. Ltd. v....

NCLT Initiates Insolvency Process Against Anil Ambani Over Rs 1200 Crores Personal Guarantee To SBI [Read Order]

The National Company Law Tribunal, Mumbai bench, has allowed an application filed by State Bank of India to initiate insolvency proceedings against Reliance Communications Chairman Anil Ambani with respect to personal guarantee to the extent of Rs 1,200 crore.The NCLT ordered the appointment of a resolution professional and asked SBI to take the necessary follow-up action.The State Bank of...

Whatsapp Pay - CCI Dismisses Plea Alleging Abuse Of Dominant Position By Whatsapp & Facebook [Read Order]

The Competition Commission of India has dismissed a plea which sought investigation against Whatsapp and Facebook for alleged abuse of dominant position by rolling out Whatsapp Pay feature.Harshita Chawla, a lawyer, had approached the Commission alleging that Facebook backed WhatsApp, is violating the provisions of Section 4 of the Competition Act, by using its dominance in the internet...

NCLAT Upholds NCLT's Order : No Insolvency Proceedings Against Tata Chemicals [Read Order]

The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Allied Silica Limited challenging the NCLT, Mumbai bench's order that had rejected the insolvency application for initiating Corporate Insolvency Resolution Process against Tata Chemicals Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code'). The three-member...

IBC: Calcutta HC Quashes NCLT Order Mandating Submission Of Record Of Default For Filing Sec 7 Applications [Read Judgment]

The Calcutta High Court has struck down the order passed by the National Company Law Tribunal (NCLT) on May 12, 2020 which mandated submission of record of default from Information Utility in Section 7, Insolvency & Bankruptcy Code (IBC) applications, both prospectively as well as retrospectively. The impugned order passed by the Principle Bench, New Delhi of NCLT read...

NCLAT Sets Aside NCLT's Order For Acquisition Of RICOH By Dharamshi- Jhunjhunwala Consortium [Read Order]

The National Company Law Appellate Tribunal (NCLAT) allowed the appeal filed by Kotak Investment Advisors Limited (KIAL) challenging an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) which had approved the resolution plan submitted by a consortium of Kalpraj Dharamshi and Rekha Jhunjhunwala. KIAL was one of the bidders for Ricoh India Limited...

NCLAT Upholds Takeover Of Dighi Port By Adani group's Adani Ports & Special Economic Zone [Read Order]

NCLAT has upheld the takeover of the debt-ridden Dighi Port by Adani Ports & Special Economic Zone (APSEZ) confirming the order of the Adjudicating Authority (NCLT) which had approved the resolution plan of APSEZ in March, 2020. The said order was impugned by the Director and promoter of Dighi Ports Mr. Vijay Kalantri who assailed the order on grounds that it did not take into...

'Powers Of CCI & Arbitral Tribunal Not Overlapping': Bombay HC Upholds Arbitral Award In Favour Of Mahyco Monsanto Biotech [Read Judgment]

The Bombay High Court has upheld the arbitral award allowing monetary claims of agri-business giant Mahyco Monsanto Biotech Ltd (MMB) against Nuziveedu Seeds Ltd and its associate companies with respect to Sub Licensing Agreements (SLA) concerning the use of Bt Cotton seeds.The arbitral award passed in January 2019 was challenged by Nuziveedu and its associates primarily on the ground that...

'Default' Of Instalments Under Settlement Agreement Not "Operational Debt" Under IBC: NCLT [Read Order]

Whether 'Default' of instalments under a settlement Agreements is an "Operational Debt" under the Insolvency and Bankruptcy Code, 2016 ("the Code")? This question has been answered in negative by the National Company Law Tribunal, New Delhi in its Judgement dated 22.07.2020 passed in the matter of "Brand Realty Services Limited vs Sir John Bakeries India Private Limited,...