Corporate Debtor Not Responsible For Non-Supply Of Materials By Third Party Being An Agent: Mumbai NCLT

In a crucial decision, the National Company Law Tribunal (NCLT) Mumbai Bench, comprising Justice V.G. Bisht (Judicial Member) and Prabhat Kumar (Technical Member), dismissed a petition filed by JM Steels (Operational Creditor) under section 9 of the Insolvency and Bankruptcy Code (IBC) against Nirav Metals Pvt. Ltd. (Corporate Debtor). The petition sought to initiate...

Successful Resolution Applicant Entitled Benefit Of Protection U/S 32A IBC To Lift ED's Attachment Over Corporate Debtor's Assets: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member), in a crucial judgment observed that the benefit of section 32A of the Insolvency and Bankruptcy Code (IBC) will be extended to the new management of the Alchemist Infra Reality...

Related Party Prohibited From Participating In CoC, Cannot Overcome Bar Merely By Assignment Of Debt: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench , comprising Ms. Reeta Kohli (Judicial Member) and Ms. Madhu Sinha (Technical Member), dismissed an application in which voting rights in the committee of creditors (CoC) was sought in the Corporate Insolvency Resolution Process (CIRP) of Rolta Bi & Big Data Analytics Pvt. Ltd. (corporate debtor). Greenshift Initiatives...

Obtaining Prior NOC From Stock Exchanges/SEBI Not Mandatory Before Submitting Scheme Of Arrangement For Company In Liquidation: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Yogesh Khanna (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), observed that it is not mandatory to obtain No Objection Certificate (NOC) before submitting a scheme of arrangement to revive a company in liquidation under Insolvency and Bankruptcy Code (IBC) before...

Limitation U/S 61 Of IBC Is To Be Calculated From Date Of E-Filing, Rules Prevalent When Application Is Considered To Be Applied: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member) and Mr. Indevar Pandey (Technical Member), held that the period of limitation for appeal should be counted from the date of e-filing and not from the physical presentation. The tribunal condoned the delay of 3...

NCLAT Chennai Upholds Creditors Right To File For Bankruptcy Beyond Threshold Timeline U/S 118 Of IBC

Recently, the NCLAT Chennai dismissed appeals filed by Tummala Sri Ganesh and other applicants. In this case, the issue was with respect to applicants who had furnished personal guarantees for the debt liabilities of Chadalvada Infratech Limited. The principal borrower had defaulted on the repayment of debt and CIRP was invoked in pursuance to which NCLT approved a repayment plan. However,...

Assignee Stepping Into Shoes Of Assignor, Borrower Or Guarantor Cannot Challenge Such Assignment: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member), held that personal guarantee can be invoked even if a put option has not been exercised. The Tribunal dismissed an appeal filed by Paresh Parekh and Manish Patel (personal...

Resolution Applicants Can't Revise Offers Post Approval, CoC's 'Commercial Wisdom' Can't Be Faulted: NCLAT

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) has observed that the 'commercial wisdom' of the Committee of Creditors (CoC), which did not approve a Resolution Plan, which had given the highest money, cannot be questioned. The Tribunal went...

Adjudicating Authority Can Extend Time Limit Of PPIRP Beyond 120 Days: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), held that expiration of 120 days does not lead to automatic termination of Pre Packaged Insolvency Resolution Process (PPIRP) if sufficient cause is shown. In this case, PPIRP of the corporate debtor was initiated by...

Operational Creditor's Failure To Comply With S.69(2) Of Indian Partnership Act Leads To Rejection Of CIRP Petition: NCLT Hyderabad

NCLT Hyderabad in its judgement of Amogh Industrial Products Vs. Mirchi Developers Pvt. Ltd dismissed a Section 9 application filed under the Insolvency and Bankruptcy Code, 2016 by Amogh Industrial Products (Operational Creditors) praying to initiate a Corporate Insolvency Resolution Process (CIRP) against Mirchi Developers Pvt ltd, due to the failure in compliance with Section 69(2) of...

NCLT Hyderabad Declares Stock Brokers As Financial Service Provider, Petition Under Section 9 Not Maintainable

The National Company Law Tribunal Hyderabad Bench, comprising Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member) dismissed insolvency petition filed against Karvy Stock Broking Ltd. (Corporate Debtor/Respondent) by Kapston Facilities Management Ltd. (Operational Creditor) under section 9 of the Insolvency and Bankruptcy Code (IBC). The NCLT held that...

Moratorium Can't Be AShield To Defeat Legitimate Claims Of The Creditors: NCLT Chandigarh

The National Company Law Tribunal (NCLT), Chandigarh Bench, comprising Shri Harnam Singh Thakur (Judicial Member) and Shri Ashish Kumar Verma (Technical Member), admitted an insolvency petition under section 95 of the Insolvency and Bankruptcy Code (IBC) against Ms. Mohita Indrayan, a personal guarantor, for the debts of M/s Indian Clothing League Private Limited (corporate debtor)....