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Application Intentionally Withdrawn By Applicant And Subsequently Filed On The Same Transaction Will Be Barred By Res Judicata.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...

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...