IBC News
IBC | When Matter Heard But No Order Pronounced On The Same Day, Limitation To Commence From The Date When Order Gets Uploaded: Supreme Court
The Supreme Court has held that when the National Company Law Tribunal (“NCLT”) hears a matter on a particular date but does not pronounce the order on the same date, then the limitation for filing an appeal from such order before the National Company Law Appellate Tribunal (“NCLAT”) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), would commence from the...
IBC | When Matter Heard On A Particular Date But Order Pronounced Later, NCLT Not To Affix Date Of Hearing On Order: Supreme Court
The Supreme Court has held that when a matter is heard by the National Company Law Tribunal (“NCLT”) on a particular date but the order is pronounced on another date, then NCLT must refrain from affixing the date of hearing on the order. The requirement of pronouncement of order cannot be dispensed with, since under the NCLT Rules, 2016 there is a distinction between 'hearing'...
NCLT New Delhi & NCLT Chandigarh Benches Re-Constituted W.E.F 18th December 2023
The National Company Law Tribunal (“NCLT”), has issued a Circular dated 12.12.2023, intimating that the NCLT New Delhi (Court No. II) and NCLT Chandigarh (Court No. I) benches have been re-constituted with effect from 18.12.2023. The reconstitution is being made in reference to the Office Order dated 11.12.2023, whereby Shri L.N. Gupta (Technical Member) has been posted to...
Special Bench At NCLT Principal Bench From 18th To 20th December 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 12.12.2023, intimating the constitution of Special Bench in NCLT Principal Bench (New Delhi) from 18.12.2023 to 20.12.2023, since Shri Avinash Kumar Srivastava (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Justice Ramalingam Sudhakar (President)...
Sec 240A IBC | Even If MSME Registration Obtained Post Commencement Of CIRP, Promoter Eligible To Submit Resolution Plan: Supreme Court
The Supreme Court has held that the Promoter of a Corporate Debtor is eligible to submit a resolution plan in terms of Section 240A of the Insolvency and Bankruptcy Code, 2016 (“IBC”), even if the Corporate Debtor was registered as Micro Small Medium Enterprise (“MSME”) after commencement of Corporate Insolvency Resolution Process (“CIRP”).The Bench comprising Justice Sanjay...
IBC | Cut-Off Date To Determine Resolution Applicant's Eligibility Under S.240A Is Date Of Submitting Resolution Plan : Supreme Court
The Supreme Court has held that for the purpose of Section 240A of Insolvency and Bankruptcy Code, 2016 (“IBC”), the cut-off date to determine the eligibility of a resolution applicant to submit a resolution plan, is the date on which the resolution plan was submitted and not the date on which Corporate Insolvency Resolution Process (“CIRP”) commenced.The Bench comprising Justice...
NCLT New Delhi: Date Of Default Or Pleadings Can Be Amended At Any Stage Of The Matter Under IBC
The National Company Law Tribunal (NCLT), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member) allowed the application of the Applicant for amendment of the date of default and held that the amendment of pleadings (including date of default) in a Corporate Insolvency Resolution Process (CIRP) application filed...
For Deciding Preliminary Issue Of Maintainability In Section 9 Petition, Not Necessary To Seek Written Response From Corporate Debtor: NCLT Delhi
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), has held that it is not necessary to seek written response of the Corporate Debtor at the stage of deciding maintainability of petition under Section 9 of IBC.“However, in this regard, this Adjudicating Authority is of the...
Weekly Digest Of IBC Cases: 4th To 10th December 2023
NCLAT No Provision In IBC For Upfront Payment To Dissenting Financial Creditors On Resolution: NCLAT Delhi Case Title: Puro Naturals JV v Warana Sahakari Bank & Ors. Case No.: Company Appeal (AT) (Insolvency) Nos.661-663 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun...
In Absence Of Privity Of Contract, Servicer Of Aircraft Lessors Has No Locus Standi To File Insolvency Proceedings Against SpiceJet: NCLT Delhi
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), has held that a Servicer of Aircraft Lessors, who is neither a party in Aircraft Lease Agreements nor the issuer of invoices, has no locus standi to seek initiation of insolvency proceedings against Spicejet Ltd. in the capacity...
CCI Closes Complaint Against Survey Of India: Procurer Free To Prescribe Technical Conditions Under Tender
The Competition Commission of India ('CCI') comprising Ms. Ravneet Kaur (Chairperson), Mr. Anil Agrawal (Member), Ms. Sweta Kakkad (Member), and Mr. Deepak Anurag (Member) closed the complaint against Surveyor General of India, Survey of India ('OP-1') and Technical Committee for Purchase of Plotter, Survey of India ('OP-2'). The complaint was filed alleging contravention of the provisions...
NCLAT New Delhi: Workers' Claim Through Sub-Contractor Can't Be Treated On Par With Corporate Debtor's Workmen
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) held that the Claim of workers employed through sub-contractor filed through sub-contractor as Operational Debt cannot be treated as workmen of Corporate Debtor.Background FactsThe Appeal has been filed...