NCLT Grants Approval For Viacom18 And Star India Merger Scheme

The National Company Law Tribunal (NCLT) in Mumbai has taken the first step towards the completion of merger deal involving Reliance Industries Ltd's Viacom18, its subsidiary Digital18, and Walt Disney's Star India. The tribunal's Mumbai bench has admitted the merger scheme. The merger scheme entails a multi-stage process. Firstly, Viacom18's TV and streaming assets will...

NCLT Defers Hearing On Go First's Insolvency Case To July

The National Company Law Tribunal (NCLT), New Delhi division bench of Justice Mahendra Khandelwal and Dr. Sanjeev Ranjan has postponed the hearing on the insolvency plea of Go First, the grounded airline, to July 11, 2024. This decision came among concerns regarding the future of the airline. The tribunal stated it needed time for further examination of the...

NCLAT Seeks Google's Response On Appeals Against Play Store Billing Policy

The National Company Law Appellate Tribunal (NCLAT), New Delhi bench of Justice Yogesh Khanna (Judicial Member) and Ajai Das Mehrotra (Technical Member) admitted appeals filed by several prominent entities, including Kuku FM, Shaadi.com, Indian Broadcasting and Digital Foundation (IBDF), and People Interactive India Pvt. Ltd. This move follows their dissatisfaction...

Record Approval Of Resolution Plans Under IBC in FY2024 By NCLT

The National Company Law Tribunal (NCLT) achieved a record number of approvals for resolution plans under the Insolvency and Bankruptcy Code (IBC) in the financial year 2023-24 (FY24). According to an analysis by ICRA, the NCLT approved 269 resolution plans, a significant increase from the previous high of 189 plans in FY23. This notable rise in approvals is attributed to the...

Weekly Digest Of IBC Cases: 13th To 19th May 2024

NCLAT NCLAT Delhi Evokes Doctrine Of 'Approbate & Reprobate', Imposes Rs. 1 Lakh Cost On Creditor, Allowing Action For Contempt Case Title: Premjayanti Enterprises Pvt. Ltd. vs. Shivam Water Treaters Pvt. Ltd. Case No.: Comp. App. (AT) (Ins) No. 124 of 2023 The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Rakesh Kumar Jain (Judicial...

NCLAT Delhi: Dispute On Contractual Conditions Concerning Place Of Delivery And Obligation Towards Transport Of Goods Qualifies As “Pre-Existing Dispute” Under IBC

The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member), and Mr. Indevar Pandey (Technical Member) held that the dispute between the parties regarding contractual conditions relating to place of delivery and obligation of parties for transport of goods is a “pre-existing dispute”...

Undated Certificate Of Bankers Book Evidence Act Valid Under IBC: NCLT Chandigarh

The National Company Law Tribunal (“NCLT”), Chandigarh Bench, comprising Mr. Harnam Singh Thakur (Judicial Member) and Mr. L.N. Gupta (Technical Member) has held that an undated certificate of Bankers Book Evidence Act, 1891, (“Act”) constitutes a valid certificate for regulation 2A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate...

NCLAT Delhi Evokes Doctrine Of 'Approbate & Reprobate', Imposes Rs. 1 Lakh Cost On Creditor, Allowing Action For Contempt

The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member), and Mr. Indevar Pandey (Technical Member) evokes the Doctrine of 'Approbrate and Reprobrate' imposing a cost of Rs. 1 Lakh with allowing appropriate proceedings under the provisions of the Contempt of Court...

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of 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 if no Goods and Services Tax (“GST”) refund/ Input Tax Credit (“ITC”) claim has been included in the Demand Notice under Section 8 of Insolvency and Bankruptcy Code, 2016 (“IBC”) or in...

When Claims And Counter Claims Are Involved, Liquidator Cannot Decide The Same: NCLAT Chennai

The National Company Law Appellate Tribunal, Chennai Bench, comprising Shri Justice Venugopal M. (Judicial Member) and Shri Jatindranath Swain (Technical Member), while adjudicating an application under Section 61 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s. FLSmidth Private Limited vs Lanco Infratech Ltd. has held that when claim and counter claims are...

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising Mr. Kuldip Kumar Kareer (Judicial Member) and Mr. Anil Raj Chellan (Technical Member) has held that Corporate Insolvency Resolution Process (“CIRP”) can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 (“Code”) even if the Corporate Debtor had been acting as...

Weekly Digest Of IBC Cases: 06th To 12th May 2024

Supreme Court Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? Supreme Court To Decide Case Title: Ayush Agarwal vs Jaypee Infratech Ltd. & Ors. Citation: Civil Appeal No. 5185/2024 The Supreme Court of India is set to determine whether the non-filing of a claim during the insolvency resolution process of...