NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

The National Company Law Tribunal ('NCLT'), Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member) held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process ('CIRP') application against the Successful Resolution Applicant ('SRA') on default in payment to Stakeholders/Creditors as per terms of...

NCLT Delhi Approves Resolution Plan of Ramkrishna Forgings Ltd For ACIL Ltd.

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member), has approved the Resolution Plan submitted by M/s Ramkrishna Forgings Limited for ACIL Ltd. The Resolution Plan is valued at Rs. 129.5 Crores, while the total admitted claims of the Corporate Debtor amounts to Rs....

NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations

The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that the Liquidator is entitled to his fee under Section 34 of the Insolvency and Bankruptcy Code, 2016 ('IBC') and Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,...

NCLT Issues Circular For Advocates To File IAs For Resolution Plan, Liquidation And Dissolution In The Proper Section

The National Company Law Tribunal (“NCLT”) has issued a circular dated 01.01.2024, intimating the stakeholders i.e. the Advocates/Litigants must file their IAs of the following categories in the proper Section that pertains to the category with effect from 01.01.2024. (i) Resolution Plan under Section 30 of IBC Code, 2016. (ii) Liquidation under Section 33 of IBC...

IBC - Is Dissenting Financial Creditor Entitled To Minimum Value Of Security Interest? Supreme Court Refers To Larger Bench, Doubts Precedent

The Supreme Court has referred to larger bench the issue whether a dissenting financial creditor is to be paid the minimum value of its security interest as per the Insolvency and the Bankruptcy Code 2016.A bench comprising Justices Sanjiv Khanna and SVN Bhatti, in the case DBS Bank Ltd Singapore v. Ruchi Soya Industries Ltd and another, referred the following question : Whether...

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily

The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) held that decisions of the Committee of Creditors ('CoC') to liquidate under Section 33(2) of Insolvency and Bankruptcy Code, 2016 ('IBC') have to be with reasons and the liquidation cannot be decided...

Prospective Resolution Applicant Has No Locus To Question Promoter's Settlement Proposal Under Section 12A: NCLT Chennai

The National Company Law Tribunal (NCLT), Chennai Bench, comprising of Shri Sanjiv Jain (Judicial Member) and Shri Venkataraman Subramaniam (Technical Member), has held that Prospective Resolution Applicants have no locus to question the settlement proposal of the Promoter under Section 12A of IBC. “It is also pertinent to point out here that the Prospective...

NCLT Kochi Bench Reconstitution Stands Withdrawn, The Earlier Bench To Continue

The National Company Law Tribunal (“NCLT”) has issued a circular dated 25.12.2023, intimating the withdrawal of reconstitution of the NCLT Kochi Bench. Given the acceptance of withdrawal of resignation of Hon'ble Member (J) Justice (Retd.) Krishna Valli by Ministry of Corporate Affairs dated 24.12.2023, the following directions have been issued: a. Order dated 22.12.2023...

Non-compliance Of Regulation 30A Of CIRP Regulations Not A Ground For Rejection Of Section 12A Application: NCLT Chennai

The National Company Law Tribunal (NCLT), Chennai Bench, comprising of Shri Sanjiv Jain (Judicial Member) and Shri Venkataraman Subramaniam (Technical Member), has held that an application under Section 12A of IBC cannot be rejected merely on hyper-technical ground of non-compliance of Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016...

NCLAT New Delhi: Liquidator Is Not Entitled To Charge Fee From Scheme Proponent Submitting Scheme Under S.230 Of The Companies Act

The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that the Liquidator is not entitled to charge any fee from the Scheme Proponent, who has submitted the Scheme under Section 230 of the Companies Act, 2013 read with Regulation 2B of Insolvency and Bankruptcy Board...

Yearly Digest Of IBC Cases: 2023

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. Case No.: CIVIL APPEAL NO.9062/2022 The Supreme Court Bench comprising of Justice Sanjay Kishan Kaul and Justice Abhay S. Oka while adjudicating an appeal has set aside...

Supreme Court Judgements On Insolvency & Bankruptcy Code In 2023

Sabka Vishwas Scheme: Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC MoratoriumThe Supreme Court Bench comprising of Justices M R Shah and Justice B V Nagarathna has remarked that “No one can be expected to do the impossible” while granting relief to a company which could not avail the benefit of settlement of tax dues under “Sabka Vishwas (Legacy...