IBC News
NCLT Kolkata: Debt Arising From Foreign Arbitral Awards Can't Be Considered Financial Debt, But Can Be Treated As “Other Debts”
The National Company Law Tribunal (“NCLT”), Kolkata Bench, comprising Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) have partly allowed an application and held that the debt arising out of foreign arbitral awards cannot be considered as Financial Debt, however, it can be treated as “Other Debts”. The Bench further observed that since the claim...
NCLT Mumbai: Insufficiently Stamped Assignment Deed Transferring Loan To Corporate Debtor Is Void And No CIRP Can Be Initiated Under IBC
The National Company Law Tribunal ('NCLT'), Mumbai Bench, comprising of Justice V.G. Bisht (Retd.) (Judicial Member) and Mr. Prabhat Kumar (Technical Member) dismissed the Corporate Insolvency Resolution Process ('CIRP') and held that the Transfer of loan from Principal Borrower to Corporate Debtor through assignment agreement, which is not stamped is a void contract and CIRP under Section 7...
NCLT Mumbai: No Bar On Clubbing Multiple Purchase In A Single CIRP Petition Under IBC
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Ms. Reeta Kohli (Judicial Member) and Ms. Madhu Sinha (Technical Member) held that Multiple Purchase Orders can be clubbed in a single Corporate Insolvency Resolution Process ('CIRP') application under Section 9 of Insolvency and Bankruptcy Code, 2016 ('IBC') and the same is maintainable.Background FactsClean Flow Cooling...
IBBI Issues Revised Guidelines For Insolvency Professionals Willing To Act As IRP, RP, Liquidator & Bankruptcy Trustee
On 08.12.2023, the Insolvency and Bankruptcy Board of India (“IBBI”) has issued the 'Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2023” (“Revised Guidelines”).The Panel of Insolvency Professionals prepared as per the Revised Guidelines dated 08.12.2023 shall...
Mr. Jitesh John Appointed As Executive Director Of Insolvency And Bankruptcy Board Of India
The Insolvency and Bankruptcy Board of India ('IBBI”) has issued a Press Release dated 01.12.2023 intimating the appointment of Mr. Jitesh John as the Executive Director of IBBI.About Mr. Jitesh JohnMr. Jitesh John is an Indian Economic Service ('IES') Officer of the 2001 batch with experience serving 21 years in the Government of India at different posts. Before his appointment at IBBI,...
CCI Closes Complaint Against Lupin Ltd. And Dr. Reddy Laboratories, Citing No Contravention Of Section 3 And 4 Of Competition Act
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 filed by Shri. Nadie Jauhri ('Informant') against Lupin Ltd. ('OP-1') and Dr. Reddy's Laboratories Ltd. ('OP-2') alleging violation of the provisions of Section 3 and Section 4 of the Competition Act,...
NCLT Hyderabad: Airport Authority Of India Being A Statutory Body Does Not Fall Within Scope Of 'Corporate Person' U/S 3(7) Of IBC
The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) has held that no proceedings can be initiated against the Airport Authority of India ('AAI') as it is a statutory body created under the Airport Authority of India Act, 1944, does not fall under the definition of 'corporate person'...
Department Of State Tax Submits Belated Claim To Liquidator Due To Personal Medical Difficulty Of Officer-In-Charge, NCLT Mumbai Condones Delay Of 92 Days
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member), has allowed the belated claim filed by Department of State Tax before the Liquidator, while holding the failure of Officer-in-Charge to file claim within time due to personal medical difficulty to be a 'sufficient cause' for condonation...
NCLT Mumbai: License Agreement Terminated Before Commencement Of CIRP, Security Deposit Can Be Appropriated Against Arrears Of Rent Receivable From Corporate Debtor
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice Shri V.G. Bisht (Judicial Member) and Shri Prabhat Kumar (Technical Member) has partly allowed an application and held that in the case of the license agreement which has been terminated before the commencement of Corporate Insolvency Resolution Process (“CIRP”) proceedings, the security deposit can...
No Provision In IBC For Upfront Payment To Dissenting Financial Creditors On Resolution: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has held that there is no provision under IBC which requires the Successful Resolution Applicant to make upfront payment to Financial Creditors who dissented to the resolution plan. The resolution plan proposed to...
NCLAT New Delhi: Raising Of Amount Via Share Subscription-Cum-Shareholders Agreement Is A Commercial Borrowing And Constitutes 'Financial Debt' Under IBC
The National Company Law Appellate Tribunal ('NCLAT'), New Delhi Bench, comprising of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) dismissed an appeal challenging Corporate Insolvency Resolution Process ('CIRP') petition and held that raising of amount through Share Subscription-cum-Shareholders Agreement is a commercial borrowing and constitutes...
Monthly Digest Of IBC Cases: November 2023
Supreme CourtIBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw (SC) 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency...