NCLT Notifies Vacation Benches; Matters To Be Heard Through VC & Registry To Remain Functional

The National Company Law Tribunal (“NCLT”) has issued a circular dated 22.12.2023 notifying the Vacation Bench for NCLT benches having vacation from 26th to 29th December 2023. Further, only urgent matters would be heard during the vacation period, on the dates convenient to Hon'ble Member(s). Matters are to be heard through Video Conferencing and the Registry would remain...

NCLT Chennai Terminates Insolvency Proceedings Against Appu Hotels Ltd., Approves Settlement Proposal By Promoter

The National Company Law Tribunal (NCLT), Chennai Bench, comprising of Shri Sanjiv Jain (Judicial Member) and Shri Venkataraman Subramaniam (Technical Member), has terminated the Corporate Insolvency Resolution Process (“CIRP”) against Appu Hotels Ltd. while allowing an application filed under Section 12A of IBC by the Resolution Professional. The Committee of Creditors have...

NCLAT New Delhi: Inter-Corporate Deposit In A Joint Venture Can't Be Construed As A 'Financial Debt' Under IBC

The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that financial assistance given by one party to another in a Joint Venture Agreement ('JVA') by way of an Inter-Corporate Deposit ('ICD') to develop a real estate project jointly cannot be construed as a 'Financial Debt' in...

NCLT Directs Compliance Of 'Mandatory Pre-Requisite For E-Filing' Effective From 1st January 2024; Issues Detailed Instructions

The National Company Law Tribunal (“NCLT”) has issued an order dated 22.12.2023, directing all the Litigants/Advocates/Parties to follow the 'Mandatory Pre-Requisite on E-filing' on formatting, paper book marking of pleadings, use of electronic signatures, retention of originals etc., at the time of e-filing in NCLT portal https://efiling.nclt.gov.in with effect...

NCLAT New Delhi: Barter Agreements Don't Constitute 'Operational Debt'

The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that the Corporate Insolvency Resolution Process ('CIRP') cannot be initiated under Section 9 of Insolvency and Bankruptcy Code, 2016 ('IBC') based on Barter Agreement/Transactions. Background Facts AG8 Ventures...

NCLAT New Delhi: RERA Has Locus To Appeal Against CIRP Initiation Order And Is An “Aggrieved Person” U/S 61 Of IBC

The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) has held that the Real Estate Regulatory Authority ('RERA') has locus to challenge Corporate Insolvency Resolution Process ('CIRP') initiation Order in Real Estate Insolvency in appeal under Section 61 of Insolvency and Bankruptcy...

Weekly Digest Of IBC Cases: 18th To 24th December 2023

Supreme Court IBC- Properties Sold In Auction Sale Before Declaration Of Moratorium Can't Be Treated As Liquidation Asset: Supreme Court Case Title: Haldiram Incorporation Pvt. Ltd. v Amrit Hatcheries Pvt. Ltd. Citation: 2023 LiveLaw (SC) 1029 The Supreme Court bench comprising Justices Aniruddha Bose and Justice Vikram Nath, has observed that the properties of...

NCLAT Delhi: Auction Purchaser In Liquidation Proceedings Entitled For Certain Consequential Reliefs

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra (Technical Member) has dismissed an appeal. The appeal was filed against order of the National Company Law Tribunal (“NCLT”), Mumbai Bench. The Bench held that the Successful Auction Purchaser can be given certain reliefs and...

NCLAT Invites Application For Position Of Law Research Associates, 7th March 2024 Last Date To Apply

The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 13.12.2023, inviting applications for engagement of Law Research Associates (“LRA”) on contractual basis for NCLAT Benches in New Delhi and Chennai. The last to apply is 07.03.2024. VACANCY There is vacancy for 20 Law Research Associates at the NCLAT Principal Bench (New Delhi) and for...

When Creditor Proposes Name Of RP In Proceedings U/S 95 Of IBC, RP Must Give Declaration In Part IV Of Form C To Creditor: IBBI Clarifies

The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 21.12.2023, providing clarification regarding submission of particulars and declaration by Insolvency Professional (“IP”), in instances where a creditor proposes name of such IP to act as a Resolution professional in proceedings under Section 95 of Insolvency and Bankruptcy Code,...

NCLT Mumbai Approves Resolution Plan For Reliance Communications Infrastructure Ltd., Valued At Rs 455.9 Crores As Against Total Admitted Claim Of Rs 47,251 Crores.

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice Virendrasingh G. Bisht (Retd.) (Judicial Member) and Shri Prabhat Kumar (Technical Member), has approved the Resolution Plan submitted by Reliance Projects & Property Management Services Ltd. (wholly owned subsidiary of Mr. Mukesh Ambani promoted Reliance Industries Ltd.) for Reliance...

NCLT Kolkata Approves Resolution Plan For McNally Bharat Engineering Company Ltd

The National Company Law Tribunal (“NCLT”), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), has approved the Resolution Plan submitted by BTL EPC Limited (part of Shrachi Group) for McNally Bharat Engineering Company Limited. The Resolution Plan is valued at Rs. 441.11 Crores, while the total admitted claims of the...