IBC News
NCLAT Registrar Issues Notice For Oath Ceremony Of Hon'ble Shri Indevar Pandey As Technical Member In NCLAT
The Registrar of the National Company Law Appellate Tribunal (“NCLAT”) has issued a notice dated 27.02.2024, intimating that the Oath taking Ceremony of Hon'ble Shri Indevar Pandey as Technical Member in the NCLAT.The Ceremony shall take place at 10:30 A.M. on 01st March 2024 (Friday) in the Court of Hon'ble Chairperson, NCLAT, 2nd Floor, Mahanagar Doorsanchar Sadan (M.T.N.L. Building),...
NCLAT Delhi: Liquidator Can Pursue Writ Petition On Behalf Of Corporate Debtor When NCLT Has Allowed Liquidator To Prosecute As Per Sec. 33(5) Of IBC
The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that the Liquidator can pursue a Writ Petition on behalf of the Corporate Debtor when the Adjudicating Authority has allowed the Liquidator to prosecute on behalf of the Corporate Debtor as...
Enhancing Transparency And Stakeholder Engagement In Liquidation Process – IBBI Issues Circular
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 22.02.2024 on the enhancement of transparency and stakeholder engagement in the liquidation process via the circulation of progress reports to stakeholders, preparation of the preliminary report and sharing of final report, Form H, and process closure/dissolution order with IBBI. Circulation of...
Flat In Possession Of Allottee Not To Be Included In Liquidation Estate; IBBI Introduces Key Amendments To Liquidation Process Regulations
The Insolvency and Bankruptcy Board of India (“IBBI”) has amended the IBBI (Liquidation Process) Regulations, 2016, with effect from 12.02.2024. The amendments have been introduced to strengthen the regulatory framework of liquidation process by ensure accountability and bolstering the confidence of stakeholders in the liquidation process. Key Amendments The liquidator...
IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 13.02.2024, intimating that when a Financial Service Provider undergoes voluntary liquidation under IBC, then the Liquidator shall declare that: (i) the category of Financial Service Providers has been notified by the Central Government under Section 227 of IBC, and (ii) the corporate person...
IBBI Directs Resolution Professionals To Provide Copy Of Report Prepared Under Section 99 Of IBC To Creditors & Debtor
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 12.02.2024, directing that the Resolution Professional shall provide the report prepared under Section 99 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to both debtor and creditor. The Resolution Professional (RP) in an insolvency resolution process of a debtor under Chapter III of Part III...
Special Bench At NCLT Mumbai From 26th February To 1st March 2024
The National Company Law Tribunal (“NCLT”) has issued a circular dated 22.02.2024, intimating the constitution of Special Bench in NCLT Mumbai (Court VI) for the period of 26.02.2024 to 01.03.2024, since Shri Sanjiv Dutt (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri KR Saji Kumar (Judicial Member) and Shri...
NCLAT Delhi: NCLT Has Jurisdiction To Decide The Issue Of Trademark U/S 60(5)(c) Of IBC
The National Company Law Appellate Tribunal ('NCLAT') New Delhi, comprising Mr. Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) held that NCLT has the jurisdiction to decide the whether Trademark forms part of the assets of the Corporate Debtor under Section 60(5)(c) of Insolvency and Bankruptcy Code, 2016 ('IBC'). Background Facts: While...
Weekly Digest Of IBC Cases: 12th To 18th February 2024
Supreme Court IBC | Resolution Plan Requires Closer Examination If Plan Envisages Use Of Asset Owned By Statutory Authority: Supreme Court Case Title: Greater Noida Industrial Development Authority Versus Prabhjit Singh Soni & Anr. Case No.: CIVIL APPEAL NOS.7590-7591 OF 2023 The Supreme Court bench comprising Chief Justice of India Dr. DY Chandrachud, Justice...
NCLAT Delhi Sets Aside NCLT Order Permitting Suspended Director To Enter Settlement During Pendency Of Plan Approval Application
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has set aside a direction given by the NCLT, whereby the Suspended Director was given opportunity to enter settlement during the pendency of application filed by Resolution Professional...
IBBI Committee Proposes Framework For Voluntary Mediation Under IBC
The Insolvency and Bankruptcy Board of India (“IBBI”) has published a report dated 31.01.2024 on “Framework for Use of Mediation under the Insolvency and Bankruptcy Code, 2016”. The Report has been prepared by an Expert Committee constituted by the IBBI and the Report contains recommendations on framework for introduction of voluntary mediation, as a complementary...
NCLT Mumbai Orders Dream 11's Sports Platform Owner Sporta Technologies Pvt. Ltd. Into CIRP Under IBC
The National Company Law Tribunal ('NCLT') Mumbai, comprising Justice Reeta Kohli (Judicial Member) and Shri. Anil Raj Chellan (Technical Member) allowed the petition and ordered Sporta Technologies Pvt. Ltd. (Corporate Debtor) into the Corporate Insolvency Resolution Process ('CIRP') under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('IBC'). The Corporate Debtor is Dream...