NCLT Bangalore: BCCI Files Petition U/S 9 IBC Against Byju’s Over Unpaid Dues.

The Board of Control and Cricket in India (“BCCI”) has moved to the National Company Law Tribunal (“NCLT”) Bengaluru, Bench against edtech major Byju’s over pending dues related to the sponsorship of the Indian cricket team’s jerseys. A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, (“IBC”) against the parent company of Byju’s i.e.,...

IBC | For Rejection Of A Resolution Plan Under Section 31(2), NCLT Must Pass A Reasoned Order: Supreme Court

The Supreme Court has held that when the National Company Law Tribunal (“NCLT”) exercises its power under Section 31(2) of the Insolvency and Bankruptcy Code, 2016 to not approve a resolution plan, then a reasoned order must be passed. It was emphasized that recording of cogent reasons while passing an order is the duty of Courts and Tribunals.The Supreme Court has set aside an order...

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Ms. Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member), has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI (Liquidation Process) Regulations 2016. The Bench has further recommended IBBI to...

Resolution Plan Providing For Extinguishment Of Personal Guarantees & Securities Of Dissenting Financial Creditors Is Not Violative Of Section 30(2) Of IBC: 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 a resolution plan providing for extinguishment of security interest and personal guarantees of dissenting financial creditors is not violative of Section 30(2) of IBC. The Bench has approved the...

NCLT Delhi: Application U/s 7 IBC Cannot Be Initiated Against A Struck-off Company; NCLT cant Suo Motu Restore The Name

The National Company Law Tribunal (“NCLT”), Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr Binod Kumar Sinha (Technical Member) has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) cannot be initiated against a company struck off by Registrar of Company (“RoC”) and the power to restore the...

NCLAT Delhi: Distribution To Secured Creditor Must Be Made As Per Admitted Claim And Not As Per Security Interest Over Assets Of Corporate Debtor

The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra and Mr Arun Baroka (Technical Members) has dismissed an appeal and held that distribution to Secured Creditor must be made as per admitted claim and not as per Security interest over assets of the Corporate Debtor. The Bench further observed that...

Weekly Digest Of IBC Cases: 20th To 26th November 2023

Supreme Court IBC | No Casual Interference With Commercial Wisdom Of CoC: Supreme Court Sets Aside NCLT Direction To Reevaluate Corporate Debtor's Assets Case Title: Ramkrishna Forgings Limited v Ravindra Loonkar & Anr. Citation: 2023 LiveLaw (SC) 1007 The Supreme Court bench comprising Justice Vikram Nath and Justice Ahsanuddin Amanullah, has set aside an order whereby...

NCLAT Delhi Upholds Initiation Of Insolvency Proceedings Against Birla Tyres Ltd., A B.K. Birla Group Company

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), has upheld the order whereby the NCLT had initiated Corporate Insolvency Resolution Process (“CIRP”) against Birla Tyres Ltd. (“Corporate Debtor”). Background Facts Birla Tyres Ltd. is a part of...

Special Bench At NCLT Mumbai From 28th November To 8th December 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 22.11.2023, intimating the constitution of Special Bench in NCLT Mumbai (Court VI) for the period of 28.11.2023 to 08.12.2023, since Shri KR Saji Kumar (Judicial Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri KR Saji Kumar (Judicial Member) and Shri...

Special Bench At NCLT Kochi From 28th November To 1st December 2023, Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 24.11.2023, intimating the constitution of Special Bench in NCLT Kochi for the period of 28.11.2023 to 01.12.2023, since Justice T Krishna Valli (Judicial Member) is on leave in that duration. The matters shall be heard through video conferencing. The Special Bench shall attend to the matters listed before...

No Recovery Towards TAS Can Be Made Towards Deductee Even If Deductor Is Undergoing CIRP: Delhi High Court

The Delhi High Court has held that no recovery towards Tax at Source (TAS) can be made towards the deductee even if the deductor is undergoing the Corporate Insolvency Resolution Process (CIRP).The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the deductee (petitioner) followed the regime framed in the Act for collecting TAS through an agent (Ninex) of...

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance

The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra (Technical Member) has dismissed an appeal and held that the scope of enquiry of the National Company Law Tribunal (“NCLT”) as per Section 31 of Insolvency and Bankruptcy Code, 2016 (“IBC”) is confined to scrutinising whether Section 30(4)...