NCLAT Delhi: Assured Returns Class Of Creditors Allotted Commercial Space/Unit Constitutes 'Allottee' Under RERA And IBC

The National Company Law Appellate Tribunal (“NCLAT”) New Delhi bench comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra, and Mr. Arun Baroka (Technical Members) held that assured returns class of creditors who are allotted commercial space/unit constitutes an 'allottee' under Real Estate (Regulation and Development) Act, 2016 (“RERA”) and Insolvency and Bankruptcy...

NCLAT Delhi: Lending Institutions Providing Loans To Homebuyers Don't Qualify As Financial Creditors Under IBC

The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha, and Mr. Indevar Pandey (Technical Members) held that lending institutions providing loans to homebuyers do not qualify as 'Financial Creditors' under Insolvency and Bankruptcy, Code 2016 ('IBC'). Background Facts: Two flat buyers availed a...

MCA Issues Circular Launching E-Form MGT-6 And BEN-2 In MCA-21 Version 3.0 From 15.07.2024

The Ministry of Corporate Affairs ('MCA'), Government of India has issued a circular dated 04.07.2024 launching e-Form MGT-6 (Form of return to be filed with the Registrar under section 89) and BEN-2 (Return to the Registrar in respect of declaration under section 90) in MCA-21 Version 3.0 on 15.07.2024. The circular provides that the said e-forms shall not be available...

Special Bench At NCLT Ahmedabad (Court No. I) From 22nd To 26th July 2024

The National Company Law Tribunal ('NCLT') has issued a circular dated 02.07.2024 intimating the constitution of the Special Bench at NCLT Ahmedabad (Court No.I) from 22.07.2024 to 26.07.2024 since Shri Shammi Khan (Judicial Member) is on leave during the said duration. The Special Bench shall attend to the matters listed before Shri Shammi Khan (Judicial Member) and Shri Sameer...

Special Bench At NCLT Mumbai (Court No. V) For 15th And 16th July 2024

The National Company Law Tribunal ('NCLT') has issued a circular dated 02.07.2024 intimating the constitution of the Special Bench at NCLT Mumbai (Court No.V) for 15.07.2024 and 16.07.2024 since Ms. Reeta Kohli (Judicial Member) is on leave during the said duration. The Special Bench shall attend to the matters listed before Ms. Reeta Kohli (Judicial Member) and Smt. Madhu...

NCLT Mumbai: Notice To CD Recalling Loan Facility Doesn't Constitute Demand On Corporate Guarantor

The National Company Law Tribunal ('NCLT') Mumbai bench comprising Justice K. R. Saji Kumar (Judicial Member) and Mr. Sanjiv Dutt (Technical Member) held that notice to Corporate Debtor recalling loan facility doesn't constitute Demand on Corporate Guarantor. Background Facts: State Bank of India (“SBI'), the financial creditor, extended various creditor facilities...

Monthly Digest Of IBC Cases: June 2024

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No.: W.P.(C) 14389/2022 The Delhi High Court bench of Justice Subramonium Prasad held that official liquidators must adhere to ethical principles and...

IBBI Issues Circular Directing Insolvency Professionals To File Forms To Monitor Voluntary Liquidation Processes On Electronic Platform Only

The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 28.06.2024 directing the Insolvency Professionals to file the forms to monitor the Voluntary Liquidation processes under IBC on the electronic platform hosted on IBBI's website at https://www.ibbi.gov.in. only. The circular provides that the Insolvency Professionals shall access the platform with...

IBBI Issues Circular Directing IPs To File Liquidation Process Forms On Electronic Platform Only

The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 28.06.2024 directing the Insolvency Professionals to file the forms to monitor the liquidation process under IBC on the electronic platform hosted on IBBI's website at https://www.ibbi.gov.in. only. The circular provides that the Insolvency Professionals handling the liquidation assignment shall...

Weekly Digest Of IBC Cases: 24th June 2024 To 30th June 2024

HIGH COURTS Indian Courts Are Not Bound By Foreign Insolvency Judgments From Non-Reciprocating Countries: Calcutta High Court Case Title: Uphealth Holdings, INC. vs Dr. Syed Sabahat Azim & Ors. Case No.: C.O. No. 241 of 2024 The Calcutta High Court single judge bench of Justice Shampa Sarkar held that without a comprehensive cross-border insolvency framework, Indian...

Indian Courts Are Not Bound By Foreign Insolvency Judgments From Non-Reciprocating Countries: Calcutta High Court

The Calcutta High Court single judge bench of Justice Shampa Sarkar held that without a comprehensive cross-border insolvency framework, Indian courts do not recognize or enforce moratorium orders from non-reciprocating countries, such as the U.S., and thus are not obligated to stay ongoing suits due to such foreign proceedings. It was held that the Trial Court could consider the...

ZEE-Sony Failed Merger: NCLT Grants Zee Entertainment Permission To Withdraw Merger Implementation

The National Company Law Tribunal (NCLT) Mumbai bench has granted Zee Entertainment Enterprises Limited (ZEEL) permission to withdraw its application seeking the implementation of a merger arrangement with Sony Group Corp-owned Culver Max Entertainment and Bangla Entertainment. This decision follows the termination of the merger agreement by Culver Max and Bangla Entertainment on...