NCLT Replaces Resolution Professional In Subhash Chandra's Personal Insolvency Case

The National Company Law Tribunal (NCLT), New Delhi bench of Justice Ashok Kumar Bhardwaj and Subrata Kumar Dash has replaced Raj Kamal Saraogi as the Resolution Professional (RP) in the insolvency proceedings involving Subhash Chandra, the Chairman Emeritus of Zee Entertainment Enterprises Limited (ZEEL) Chandra, serving as the personal guarantor for certain unresolved...

Once Statutory Requirements Of Amalgamation Scheme Are Met, NCLT Has Supervisory Role, Can't Change Appointment Date: NCLAT

The National Company Law Appellate Tribunal, Principal Bench of Justice Yogesh Khanna (Judicial Member), and Ajai Das Mehrotra (Technical Member) held the appointed date in a scheme of arrangement cannot be changed by the NCLT. The bench held that once the statutory requirements have been met, and there are no violations of the law or any aspects of the proposed scheme that are...

NCLAT Delhi: NCLT Rule 49 Gives Ample Authority To Adjudicating Authority To Proceed “Ex Parte” As “Appearance” Refers To Appearance By CD Or By Authorised Representative

The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that Rule 49 of NCLT Rules, 2016 gives ample jurisdiction to the Adjudicating Authority to proceed for ex parte as the corporate debtor does not appear. “Appearance” as contemplated under Rule 49(1)...

NCLAT Issues Notice For Sittings Of NCLAT Principal Bench, New Delhi During Of Annual Summer Vacation

The Registrar of the National Company Law Appellate Tribunal (“NCLAT”) has issued a notice dated 27.05.2024, intimating that NCLAT, Principal Bench, New Delhi, the Registry shall function during the period of Annual Summer Vacation from 03.06.2024 to 30.06.2024. The e-Filing of cases shall be operational and urgent matters may be taken up for hearing as per the decision of...

NCLT Kolkata: Limitation Period To Enforce Scheme Under Companies Act Is 12 Years Given In Article 136 Of Limitation Act

The National Company Law Tribunal ('NCLT') Kolkata, comprising Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member) held that the limitation period for enforcing a scheme under the Companies Act, 2013 is 12 years as prescribed under the Article 136 of the Limitation Act, 1963. Brief Background: In 2021, MTPL had preferred a petition under Section 231 of...

NCLAT Delhi: Set-Off With Refund Of Claim Between Expiry Of CIRP And Before Passing Liquidation Order Amounts To Violation Of Moratorium Under IBC

The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that the set-off/adjustment of demand with refund by Income Tax Department during the intervening period when the Corporate Insolvency Resolution Process ('CIRP') timeline period has expired but...

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA

The National Company Law Appellate Tribunal (NCLAT) confirmed the resolution plan proposed by Suraksha Realty Limited for Jaypee Infratech Limited (JIL) as part of its Corporate Insolvency Resolution Process (CIRP). The NCLAT's bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, held that Suraksha Realty must pay ₹1,334.31 crore to...

Weekly Digest Of IBC Cases: 20th To 26th May 2024

High Court Resolution Professional Not To Be Hauled Up In Criminal Case Against Company: Kerala High Court Stays ED Notice To RP Case Title: M/s Kerala Chamber Of Commerce And Industry vs. Directorate of Enforcement Case Number: CRL.MC No. 3605 of 2024 The Kerala High Court stated that prima facie, a Resolution Professional appointed under the Insolvency and Bankruptcy...

NCLT Hyderabad Holds Port Authority Officers Guilty Of Contempt Of Court, Imposes Month Imprisonment And Fine

The National Company Law Tribunal ('NCLT') Hyderabad, comprising Justice Rajeev Bhardwaj (Judicial Member) and Mr. Sanjay Puri (Technical Member) held Mr. Ravi Kiran Saladi Konda, Deputy Traffic Manager, New Mangalore Port Authority and Mr. Sriman Nayan Mishra, Senior Assistant Traffic Manager, Paradip Port Authority ('Respondents') guilty of contempt for disobeying the directions of...

Winding Up Proceedings On Nascent Stage , To Be Transferred To NCLT: Delhi High Court

The Delhi High Court bench of Justice Dharmesh Sharma held that winding up proceedings pending before High Courts, which are at a nascent stage and have not progressed to an advanced stage, ought to be transferred to the NCLT. The bench held that: “It is but evident that the present company petition has not yet reached an advanced stage and no substantive orders have been...

[IBC] Party Must Be Provided With All Requisite Documents That Form Basis Of Show Cause Notice: Delhi High Court

The Delhi High Court bench of Justice Mini Pushkarna held that the concerned party must be provided with all requisite documents that form the basis of Show Cause Notices (SCNs) by the banks. It held that this enables the party to submit a proper reply and address all allegations effectively. Without access to these underlying documents, the procedure of issuing an SCN and filing...

Resolution Professional Not To Be Hauled Up In Criminal Case Against Company: Kerala High Court Stays ED Notice To RP

The Kerala High Court stated that prima facie, a Resolution Professional appointed under the Insolvency and Bankruptcy (IB) Code for carrying the Corporate Insolvency Resolution Process (CRIP) of the Company cannot be hauled up in a criminal proceeding initiated against the Company.The plea, filed by the first petitioner (Company) and the second petitioner (Resolution Professional of...