NCLAT Judgment Gives Respite To companies,Eases Way To Exit Insolvency Process [Read Order]

The National Company Law Appellate Tribunal (NCLAT) has paved the way for companies to exit ongoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) even when an interim resolution professional has been appointed and a moratorium period imposed. The Principal bench headed by Acting Chairperson Justice Bansi Lal Bhat, Justice Anant Bijay...

NCLAT Dismisses HDIL's Appeal; Gives Go Ahead To Initiate Insolvency Proceedings

The National Company Law Appellate Tribunal (NCLAT) has upheld the order passed by NCLT, Mumbai Bench, against the real estate giant Housing Development & Infrastructure Limited (HDIL) for initiation of insolvency proceedings under the Insolvency and Bankruptcy Code 2016 (IBC). HDIL had contended that it was not given enough opportunity to put forth its case and hence the order...

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]

The National Company Law Tribunal (NCLT), Chennai Bench has ruled that Section 10A of the Insolvency and Bankruptcy Code, 2016 (IBC), which bars the initiation of insolvency proceedings against a defaulter, will be applicable to pending applications with respect to defaults arising on or after March 25. NCLT also observed that it was 'untenable' to suggest that Sec. 10A would be...

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]

The Chennai Bench of National Company Law Tribunal (NCLT) has held that the Central Government's decision to enhance the minimum threshold for the initiation of insolvency proceedings is prospective in nature. On March 24, 2020 the Centre issued a Notification under Section 4 of the Insolvency & Bankruptcy Code 2016 (IB Code), through which the minimum threshold for a petition to...

NCLAT Substitutes IRP On The Ground That He Was Financial Creditor's Ex-Employee [Read Order]

The National Company Law Appellate Tribunal (NCLAT) in a recent decision upheld the direction of the Adjudicating Authority to substitute the Interim Resolution Professional on the ground that he was an ex-employee of the Financial Creditor. The financial creditor in the present case, State Bank of India (SBI), had initiated insolvency proceedings against one M/s. Metenere Ltd (the...

Filing Of Default Record Necessary For News Sec 7 IBC Filings : NCLT

The National Company Law Tribunal has directed filing of default record from Information utility along with new petitions under Section 7 of the Insolvency and Bankruptcy Code, 2016.The order issued in this regard said :"All concerned are directed to file default record from Information Utility alongwith the new petition being filed under Section 7 of Insolvency & Bankruptcy Code,...

NCLT Notifies Transfer Of 3 Members With Immediate Effect [Read Notification]

The National Company Law Tribunal on Tuesday notified the transfer of three of its Members with immediate effect. The following are the members who have been transferred: 1. HP Chaturvedi, Member (Judicial) - NCLT Ahmedabad to NCLT Mumbai 2. MB Gosavi, Member (Judicial) - NCLT Kolkata to NCLT Ahmedabad 3. Rajasekhar VK, Member (Judicial) - NCLT Mumbai to NCLT Kolkata The...

SC Refuses To Entertain Birla Family Petition Challenging Appointment Of Harsh Vardhan Lodha As Director

While dismissing pleas challenging the re-instatement of Harsh Vardhan Lodha as Director of the MP Birla Group, the top court on Monday directed the matter to High Court of Calcutta for final determination."The learned Single Judge shall decide upon the issue of jurisdiction, together with the applications for interim relief and render a final determination thereof. The learned...

Appeals To Commercial Appellate Division Lie From Orders Passed Under HC Rules : Delhi HC [Read Order]

The Delhi High Court recently had the occasion to examine the scope of Appellate Jurisdiction of the Commercial Courts under Section 13 of the Commercial Courts Act, 2015 (hereinafter "Act") in the case of 'D&H India Ltd. V Superon Schweisstechnik India Ltd.' (hereinafter the "Superon Judgment") [being FAO (OS)(COMM) 237/2019, decided on 16.03.2020]. In a nutshell, the Delhi High...

NCLAT Directs NBCC To Implement Resolution Plan Pending Appeal in Jaypeee Infratech matter

While hearing an urgent petition during the extended lockdown period moved by the NBCC, the National Company Law Appellate Tribunal ('NCLAT') declined to stay the implementation of the modified resolution plan and directed the state - run NBCC to acquire the debt ridden Jaypee Infratech and complete over 20,000 pending flats, but said the direction was subject to its final order.Justice...

Lockdown : Delhi HC Freezes NPA Classification Taking Note Of RBI Advisory On Moratorium [Read Order]

The Court directed restoration of account classification as on March 1

IBBI Exempts Lockdown Period From Time Line Of Activity In Relation To Liquidation Process [Read Notification]

In view of the COVID-19 pandemic, the Insolvency and Bankruptcy Board of India has stated that the period of lockdown imposed by the Central Government shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a liquidation process. The IBBI issued the Insolvency and Bankruptcy Board of India (Liquidation...