NCLAT Delhi: National Financial Reporting Authority Has Overriding Powers To Penalise CAs For Professional Misconduct

The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr Naresh Salecha (Technical Member) has dismissed an appeal and upheld the penalty imposed by the National Financial Reporting Authority (“NFRA/Respondent”) on the auditors of Dewan Housing Finance Corporation Ltd (“DHFL”). The ruling confirms...

NCLAT Delhi: Period Of Limitation For Filing An Appeal U/S 61 Of IBC Starts From Date Of The Rectification Order; Rectification Order Merges With The Original Order.

The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Mr Ajai Das Mehrotra (Technical Member) has allowed an appeal and held that the rectification Order of National Company Law Tribunal (“NCLT”) merges with the Original Order and the period of Limitation for filing an appeal under Section 61...

Special Bench At NCLT Amravati From 4th December 2023 Till Further Orders, Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 04.12.2023, intimating the constitution of Special Bench in NCLT Amravati for the period of 04.12.2023 till further orders. The matters shall be heard through Video Conferencing. The Special Bench shall attend to the matters listed before Shri Rajeev Bhardwaj (Judicial Member) and Ms. Anuradha Sanjay...

Special Bench At NCLT Principal Bench On 6th & 7th December 2023, Matters To Be Heard Through VC On 8th December 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 04.12.2023, intimating the constitution of Special Bench in NCLT Principal Bench (New Delhi) on 06.12.2023 and 07.12.2023, since Justice Ramalingam Sudhakar (President) is on official tour from 05.12.2023 (Noon) to 09.12.2023. Further, on 08.12.2023, the matters listed before the NCLT Principal Bench shall be...

NCLAT Chennai Declares Holiday On 5th December 2023 Due To Cyclonic Storm 'Michaung'

NCLAT Chennai Declares Holiday On 5th December 2023 Due To Cyclonic Storm 'Michaung' The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, has issued a circular dated 04.12.2023, intimating that NCLAT Chennai Bench would not be functional on 05.12.2023. Chennai is experiencing incessant rainfalls due to cyclonic storm “MICHAUNG”. Further, the Tamil...

ESI Dues Not At Par With PF, Pension Or Gratuity Dues; Neither Excluded From Liquidation Estate : NCLT Ahmedabad

The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has held that the dues of Employees State Insurance Corporation (ESIC) are not at par with the dues of Provident Fund, Pension Fund or Gratuity Fund under IBC. Consequently, ESIC dues not being 'workmen dues',...

NCLT Kolkata: Explicit Written Agreement Of Loan Compulsory For NBFC To Establish 'Financial Debt'

The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) dismissing a CIRP petition held that an explicit written agreement of loan is compulsory for the Financial Creditor for being a NBFC to demonstrate whether the amount disbursed constituted a 'financial debt' under Insolvency...

NCLT Kolkata: CIRP Petition U/S 10 Avoiding Income Tax Liability Not Maintainable Under The IBC

The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) has held that a Corporate Insolvency Resolution Process (CIRP) petition filed under Section 10 of Insolvency and Bankruptcy Code, 2016 (IBC) to avoid Income Tax liability is not maintainable. Background Facts On 25.03.2023,...

Weekly Digest Of IBC Cases: 27th November To 3rd December 2023

Supreme Court IBC | For Rejection Of A Resolution Plan Under Section 31(2), NCLT Must Pass A Reasoned Order: Supreme Court Case Title: Ramkrishna Forgings Limited v Ravindra Loonkar & Anr. Citation: CIVIL APPEAL No.1527 OF 2022 The Supreme Court bench comprising Justice Vikram Nath and Justice Ahsanuddin Amanullah, has held that when the NCLT exercises its power under...

NCLAT Chennai: Amount Paid As Part Of Business Transfer Agreement, Not A Financial Creditor.

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal Hotel...

Special Bench At NCLT Chennai From 4th To 8th December 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 01.12.2023, intimating the constitution of Special Bench in NCLT Chennai for the period of 04.12.2023 to 08.12.2023, since Shri Jyoti Kumar Tripathi (Judicial Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Jyoti Kumar Tripathi (Judicial Member) and...

IBBI To Regularly Share Public Announcement Details With Nodal Officer At The GST Commissionerate: Kerala GST Dept.

The Kerala GST Department has issued Standard Operating Procedure (SOP) for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (NCLT).The Insolvency and Bankruptcy Board of India (IBBI) is expected to regularly share the details of the public announcement with an identified officer designated as the Nodal Officer at the Commissionerate. The...