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...

Recent Legislative And Case Law Developments In Insolvency And Bankruptcy Law

The Insolvency and Bankruptcy Code, 2016 was implemented to provide a time-bound process to resolve insolvency among companies and individuals. Since its inception, the constitutional validity of many provisions of the IBC has been challenged and the government has carried out amendments from time to time to remove the difficulties in the implementation of the Code. Incidentally,...

Bombay HC Orders Exclusion Of Lockdown Duration From 90-Days Period For NPA Declaration [Read Order]

The Bombay High Court has passed an interim order that the lockdown period must be excluded from computing the 90 day period for declaring a loan account as Non-Performing Asset(NPA).The loan account was already on default on March 1, 2020, the date from which the moratorium advised by the Reserve Bank of India as part of COVID-19 relief package is applicable.The petitioner in the case...

Approved Resolution Plan Binding On Govt Authorities : Rajasthan HC Quashes GST Demand Against UltraTech For Dues Of Binani Cements [Read Order]

The Rajasthan High Court has quashed the notices issued by the Goods and Services Tax Department against Ultra Tech Cement claiming the dues of erstwhile Binani Cements Ltd.The Binani Cements had gone into insolvency and was acquired by Ultra Tech through Corporate Insolvency Resolution Process (CIRP) in 2018 for Rs 7,900 crore. It was later renamed as UltraTech Nathdwara Cement.It approached...

RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order]

The intention of RBI is to maintain status quo with regard to the classification of accounts of the borrowers as they existed as on 01.03.2020, observed the Court.

Liquidation Value vis a vis Dissenting Financial Creditors: Aftermath Of Maharashtra Seamless And Orchid Pharma

The Insolvency Bankruptcy Code, 2016 ("Code") has gone through a myriad of changes since its inception and introduction. Although it has been held by the Supreme Court in the case of Embassy Property Developments Pvt. Ltd. vs State of Karnataka, that the IBC is a complete Code by itself and in Innoventive Industries Ltd. vs ICICI Bank that the Code is a single Unified Umbrella, covering the entire gamut of law relating to insolvency resolution of corporate persons and others in a time...